Oh my, January was an awesome month for our company. In fact, we had more transactions close escrow (which included several homes in Fresno) than any previous January in memory. With that being said, the number of SOLD properties in Kingsburg was down from 6 in December to 5 in January. The ACTIVE listings went up by 11 and the price per square foot on SOLD listings went down from $130 PSF to $113 PSF. The majority of the SOLD listings were either short sales or foreclosures, which again, pulls property values down. So the real estate market is still in somewhat of a roller coaster ride, however we are anticipating a bountiful spring!
In our endeavor to provide you with information relevant to our community, as well as the state of the real estate market here in Kingsburg, periodically we will be providing insight from local experts on different topics and issues. This month Kingsburg City Manager, Don Pauly, was gracious enough to provide an outlook on 2010.
“VIEW FROM KINGSBURG by Don Pauley, City Manager
The last 2 years have been a challenge for the City of Kingsburg, but the staff and City Council have been up to the challenge. In January of 2009 the City Council anticipated the need to reduce expenses and implemented budget cuts in mid-year. The Fiscal Year 2009/2010 budget also anticipates a lean year with the City Council adopting a budget that continued to reduce operating costs without reducing essential services. The mid-year budget report confirms the foresight of the City Council and staff by projecting a year end General Fund deficit of less than one-half of one percent. We are just now beginning to work on the Fiscal Year 2010/2011 budget and we continue to anticipate a less than robust economy.
Like the rest of the country Kingsburg has experienced a significant downturn in the construction industry particularly single family housing. For the first time in over a year we are seeing new homes being built albeit less than a dozen. Commercial construction has also slowed dramatically. After the projected opening of the Fairfield Inn in March no new construction is expected to get underway although the City continues to work with the developers of La Quinta and Microtel hotels to secure their starts yet this fiscal year. City staff has focused its efforts on recruiting businesses to fill vacancies and will continue to do so until the economy picks up and all of our store fronts are occupied.”