MARKET UPDATE 7/1/2007
We are half way through the year and sales are definitely picking up in certain areas, at least for homes. Sales of lots continue to be way below normal market rate. The Sea Ranch has had 2 wonderful straight months of sales approaching the average for the first part of the 2005 market (just before the bottom fell out of the market in Aug. 2005). Currently there are only 32 homes for sale on The Sea Ranch and sales for May totaled 9 and for June 8. At that rate our present inventory of 32 homes would be gone in 3.5 months, close to a ratio that might be indicating the return of a "seller's market". For the first half of 2007 other areas have not faired so well, Irish Beach saw only 1 sale, Elk had 2, Point Arena 4, Timber Cove 4 Gualala 10, but the winner was The Sea Ranch with 34!
The real estate activity for the month of June 2007 is as follows;
Home Sales: Elk- 1 ($1,499,000), Gualala-2 ($375,000 - $600,000), The Sea Ranch- 9 ($716,500 - $1,495,000) Timber Cove- 1($1,495,000).
Home Pendings: Elk- 1 ($1,975,000), Gualala-2 ($$449,000 - $699,000), Point Arena-1 ($450,000), The Sea Ranch- 5 ($675,000 - $1,250,000).
New Listings: Anchor Bay-1 ($685,000), Elk-1 ($1,499,000), Gualala- 3 ($317,000 - $695,000), Manchester- 1 ($553,500) Point Arena-3 ($650,000 - $1,350,000), The Sea Ranch- 7 ($475,000 - $1,525,000).