As a Realtor, the most common question I get is “What’s going on with the market?” Of course people want to know. Sometimes it’s very easy to answer that question, other times it’s not. Like now.
I just got done looking over the Zillow market report for Salinas. It’s full of “mixed” news. Here’s some key data:
Good stats include single family homes purchased in 2009 have 50,814 in equity for median owners. Compare that to median owners who purchased in 2006 (they are minus 214,305). Homes purchased in 2009 with negative equity stand at 22%. Homes purchased in 2006 with negative equity stand at 83%.
While those are good stats, there are also some bad ones to look at.
Single family homes lost 37.3% value over last year in Salinas. The last time the market was at this value was the second quarter of 2000. The percentage of homes losing value the past 12 months is 93.3%
The foreclosure transactions the past 12 months have increased by 46%. Salinas has lost more value than any other town in Monterey County this past year. The zip with the highest value lost is 93906 (46.8%)
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