EUREKA AREA HOME SELLING TRENDS

 

Eureka real estate expert, Dean Kessler of The Kessler Real Estate Team is reporting home sales in the greater Eureka area remains consistent.

 

Kessler notes “The trend of 1st time home buyers driving our real estate market continues.  Each month since the beginning of the new year the 1st time home buyer group have been the largest group of home buyers actively pursuing and buying homes in our market. Demand for entry level priced homes remains high. The 1st time homebuyers are taking advantage of record low interest rates, tax incentives, and attractive home prices to invest in their financial future.”

 

Kessler went onto say “The average sales price of a single family home in Eureka decreased 6.6% to $241,922 from February’s average of $258,909.  The $8,000 tax rebate being offered by the government just about covers the complete down payment needed for an FHA loan. And the FHA loan is the most popular loan product used by 1st time homebuyers. And the news keeps getting better. Factor in an additional $10,000 tax rebate being offered for purchasing a newly constructed home and one can see how1st time home buyer’s are realizing a smart home purchase now, and a sizeable income tax return in 2009/2010.”

 

The chart below shows real estate activity for the Eureka area as compared to the same time last year.

 

 

March 2009

% Change

March 2008

Active Listings

232

-18.9

286

Sales

25

+0

25

Short

Sales

1

+100

0

Bank Owned Sales

3

+150

2

Average Sales Price

$241,922

-24.9

$322,058

Time Supply of Inventory (months)

9.3

-18.4

11.4

 

A quick look at the least and most expensive homes sold in the Eureka area include a $155,000 2bed/1bath home “Bank-owned” sale in Myrtletown and a $441,000 3bed/2bath “New Construction” sale in Cutten.

 

The top 3 categories of Home Buyers last month include:

 

· 44% were 1st time homebuyers

· 24% were buyers relocating to the area

· 8% were investors

 

 

Dean Kessler is the Broker/Owner of RMK Realty, Inc and The Kessler Real Estate Team. He holds the Realtor, Accredited Buyers Representative (ABR), Certified Distressed Property Expert (CDPE), and Certified Residential Specialist (CRS) designations.

 

All statistics courtesy HMLS.