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Clovis Real Estate Market Data
January 24th, 2010
Clovis Real Estate Market Data
If you’re looking to buy or sell a Clovis home in 2010 you undoubtedly have read or heard a lot about the Clovis real estate market. It’s no secret that Clovis homes have fallen in value over the past several years. So should you continue to wait to sell or buy a Clovis home, or is the worst over? Rather than give you our professional opinion this time, we thought we’d present you with some housing facts and let you be the judge.
Sold homes in Fresno County the last 5 years:
- 2010: ?
- 2009: 9,328
- 2008: 6,781
- 2007: 4,865
- 2006: 6,503
- 2005: 8,997
As the data above indicates, when the market was at its peak in 2005 — nearly 9000 homes were sold in Fresno County. Back then, if a Clovis home was listed it pretty much sold. Surprisingly, despite the recent real estate woes in Clovis and Fresno, in 2009 more homes were sold than when the market was at its peak. In fact, buying Clovis homes priced under $250,000 is increasingly difficult because of the competition from investors and other Clovis buyers (we wrote about this in our article: Clovis Foreclosures – Why They’re Selling So Fast). In other words, the number of sold Clovis homes in 2009 and Fresno County is overwhelming evidence that if Clovis homes are priced right, they will sell. What this data doesn’t show, however, is that while Clovis homes sales are strong, Clovis home prices continue to fall.
Clovis Home Prices
The primary reason why Clovis homes are decreasing in value is foreclosures. Clovis and Fresno have experienced record number of foreclosures the past several years. However, in Fresno county, the sale of foreclosures dropped from 74% of the total sales in February 2009 to just 43% by December 2009. That’s a positive sign for the Clovis real estate housing market. The more non-foreclosed homes that sell the sooner the Clovis market will stabilize (read more about Clovis foreclosures).
The second drag on Clovis home prices are Clovis short sales. The number of closed short sales in Fresno county rose from 9% of sold homes in February to a high of 15% in December 2009. The good news is the monthly median sold price has been in the $150,000-$156,700 range for the last 6 months after hitting a low of $127,500 in February 2009. Housing experts hope that the fact that February 2009 keeps popping is a sign that the Clovis real estate market may have hit the bottom.
Clovis Real Estate
Had we all known Clovis home prices were going to go through the roof in the late 1980’s and again in 2005, we would have all purchased Clovis homes and sold them right before the downturns. Unfortunately, there’s no crystal ball in real estate. The market has a mind of its own. But that doesn’t mean you have to go into buying or selling a Clovis home blindly. There are signs that indicate when a market it strong or becomes weak. Clovis home sales are one of these signs. When Clovis homes sales are brisk, it’s a very good sign for Clovis sellers. When the Clovis home sales decline, it quickly turns into a Clovis buyer’s market. What’s different this year from all other years in the Clovis real estate market, however, are Clovis foreclosures and Clovis short sales. They continue to pull down the market. Until those homes are cleared off the books the Clovis real estate market will continue to shed home prices.
Clovis Real Estate in 2010
Want more information? Read our full Clovis Homes – 2009 Market Report and then our Clovis Homes – 5 Reasons to Buy in 2010 report and decide if buying or selling a Clovis home is right for you. At Clovis Real Estate, we mean it when we say we specialize in Clovis homes. Every day we help people sell or buy a Clovis home at the very best possible price. If 2010 is the year you hope to sell or buy a Clovis home, let us know. Just fill out the form below and let us help you reach your home goals.
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