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Fresno – California’s Real Estate Hotbed!

Posted by Harold Penner on Tuesday, July 13th, 2010 at 7:02pm.

February 2009 --

Sales Rising

One of the first signs for improving markets is increased sales activity. Nationally, real estate sales have flattened since September 2007 across the country. California, however, is a different story. During this same period, California sales rose by 102%. Sales hit a low in 2007 in the state and since that point have continued to rise.

 

Fresno County is even more interesting. According to the California Association of Realtors (CAR), between 2007 and 2008 sales of existing detached homes rose 149.1% in Fresno County vs. 84.9% in California. Leslie Appleton-Young, an economist with CAR stated that due to these numbers Fresno County is currently considered a "hotbed" for real estate in California. Out of town investors are returning to buy investment properties and home prices are once again within reach for first time buyers.  

Click here for complete CAR Report

 Luxury Home Sales

There appears, however, to be a current misconception that these sales numbers only apply to lower priced homes. While, there are fewer luxury homes ($500,000+) in the Fresno market today, that does not mean that these homes don’t sell quickly.

 As an example, here is a sampling of homes currently in escrow through our office:

3689 W. Alluvial – Priced at $655,000
Sold in 1 Day

508 E. Balfour – Priced at $900,000
Sold in 16 Days

7663 N. Charles – Priced at $1,150,000
Sold in 6 Days

JANUARY 2009 MARKET STATISTICS - Fresno and Madera Counties

• Average Price of Sold Homes in January '08 vs. '09 - $276,174 vs. $155,509
  (56% Decrease)
• Sold Homes in January '08 vs. '09 - 398 vs. 783 (Nearly 200% increase)
• # of Foreclosures and Pre-Foreclosures Sold in January '08 vs. '09 - 125 vs. 638 (Increased over 5 times)
• Avg. Loan Percentage Rate in January '09 – 5.0% (30 Year Fixed)

*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties. 

FEATURED LISTING   1104 N. College Avenue $278,000 3 Bedrooms 1.75 Bathrooms 2,292 sq. ft. Tower Charmer! Completely remodeled in 2005, this 1916 Craftsman style bungalow retains it's old world charm. Located on a 1/4 acre lot, the home includes detached garage with upstairs studio apartment. A beautiful, historic home located in the Tower District that should not be missed!

PENNER TEAM NEWS! Aaron's a Licensed Engineer! Aaron Quaresma and his wife Christy (Harold's daughter) moved to Fresno about a year ago. For about six months of that time, however, he was sorely missed at Penner family events as he committed to studying for his structural engineering license. This sixteen hour exam is offered once a year in California and is the final stage to becoming a licensed structural engineer. Only about 200 engineers qualify each year to take the exam and there is typically a 20-30% passing rate. So, needless to say, we are quite proud to announce that our Aaron passed! Though as a high school valedictorian, Cal Berkeley graduate and all around wonderful person, we can't say that we were surprised at his latest success. We are certainly blessed to have him as a part of the Penner family!

 

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