Luis Cano's Monterey County Real Estate Blog

A quick review of January: New Listings 468, Current inventory 1433, Closed Sales 231, Days on The Market 69, Average Sales Price $390,863. Median Sales Price $250,000. Percentage of List Price Recieved 97.56%. Total Sales Volume $90,289.461. and all this happened in January 2010.

Until February, I will try to simplify it.

Thanks,

Luis

The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:

How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.

Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.

Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.

Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.

Source: USA Today, Sandra Block (11/24/2009)

For Seaside, CA. As of June 10^th there are currently 107 homes for sale with 34 Active and 73 pending and the average list price is $364,810. 5 homes sold this week with an average sales price of $234,600. And the average market time is 107 days. Also this week 8 new homes came on the market and most the homes on the market are Bank Owned and Short Sales…. This is a weekly report.

The average list price for all homes for sale in Marina is $356,626. There are currently 58 homes for sale. This week 3 homes were sold and 3 new homes came on the market. The average sales price for the last four weeks is $356,166. and the average days on the market is 71. (This is a weekly report)

The total inventory of homes for sale in Marina is 60 homes (38 pending and 22 active) 2 homes were sold this week and 1 new home came on the market. Average list price is $365,772 and average sales price is $280,000. (This is a weekly report) Low inventory and stable prices best describes the state of the market in Marina.