2010 Clovis Property Trends!
Posted by Harold Penner on Saturday, July 17th, 2010 at 9:31pm.Originally Published - January 2010
I have had an increasing number of buyers seeking suburban (over an acre) residential property on the outskirts of Clovis. They are primarily move-up buyers eager for space and privacy, but still desiring a closer proximity to the Clovis resources. Since there are fewer typically for sale (less than 100 sold per year) these types of property historically retain value longer than traditional properties. Judging from recent trends this may be one of the best times in recent history to buy suburban residential land in Clovis.
Pricing Changes?
2006 was the height of the market for suburban properties with a median price of $684,450. 87 homes were sold that year and it was rare to find anything below $400,000 in the area. Over the past four years the number of sold homes remained relatively steady with 97 homes sold in 2009. But the median price has reduced by 47% to $376,650 making it now possible to buy a Clovis suburban property in the $300,000 range!
Seller Changes
In addition to price, one notable change is the type of seller in these homes. In 2006, 99% of suburban Clovis homes sold were seller owned. By 2009, that number decreased to less than half (47%) of suburban properties being sold by sellers. Of the remaining homes, 47% were bank-owned sales and 6% were short sales. Since bank owned and short sale properties are sold at below-market prices, this change was a primary reason for the plummeting prices.
2010 Pricing Expectations
One interesting trend at the moment is the lack of bank owned or short sale listings in Clovis suburban properties. Of the 73 homes currently active (as of 01/27/10), there are only 6 bank owned and 10 short sales. Foreclosures have been declining throughout Clovis, but this trend appears to be slightly higher in the suburban market. Unless there is a large influx of foreclosures to skew the numbers and drive prices lower, pricing in Clovis acreage should remain steady and begin to increase over 2010.
Active Homes for Sale:
Here’s an example of a home that can be purchased at the median pricing of today:
8447 N. Chamise, Clovis, Ca 93611 –
- $374,000
- 2,959 Square Feet
- 3 Bedrooms
- 3 Bathrooms
Over 3 Acres! A rare find with over 3 acres of land, this home is situated on the Academy Hills with sweeping views of the Fresno city lights and surrounding mountains. The property features a pool as well as horse stalls, fenced pastures with arena and access to miles of trails. Three bedrooms, office, and den allow for ample living space.
DECEMBER 2009 MARKET STATISTICS* - Fresno and Madera Counties
- Average Price of Sold Homes in December '08 vs. '09 - $178,048 vs. $164,644 (7% Decrease)
- Sold Homes in December '08 vs. '09 -847 vs. 910 (7% Increase)
- # of Foreclosures and Pre-Foreclosures Sold in December '08 vs. '09 - 543 vs. 497 (8% Decrease)
- Avg. Loan Percentage Rate in January 2010 – 4.88% (30 Year Fixed)
*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.
FEATURED LISTING
794 W. Brittany Lane, Clovis, CA 93619
- $199,000
- 3 Bedrooms
- 3 Bathrooms
- 1,601 sq. ft.
Gated Community! This updated European Quarters home features warm cherry cabinets with open kitchen layout. There is a downstairs guest suite and loft with home office workstation. Additional features includes a long driveway allows for additional parking and privacy block wall in the backyard.
PENNER TEAM NEWS!
Thailand Tales!
Jesse and Allie recently spent an intensive 3 weeks serving in remote villages in Thailand. Allie comes from a rich family tradition of medical missionaries in Thailand and shares her parent's heart for the people in that region. She was able to work as a nurse and assist the team in treating 280 patients during the trip.
She also joined Jesse in the intensive task of preparing a foundation for a future dining hall building. With no power tools or machinery, the team dug holes in hard clay for the support columns of the building, mixed cement by hand, and twisted endless amounts of ri-bar. It brought a whole new meaning to the term, "labor of love!"
During the trip they also saw cobras in the villages, rode elephants, and posed next to dozing tigers! Eating was also an adventure with villagers cooking for the crew. The available cuisine included snake, rat, and dog! And of course, rice!
The two returned exhausted but encouraged by the tangible impact that three weeks can make in someone's life. Bringing electricity, sustainable agriculture and medical assistance to these areas in Thailand was extremely fulfilling. Sponsoring a child in Thailand (funding their food, education and health care) is another way to support from home.
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