Gonella Realty blog says median sale price in Merced area rose 17% August to August

Gonella Realty’s Market Update blog said that from August 2009 to August 2010, the median-for-sale price in the Merced area increased to $122,500 from $105,000, a 17 percent increase year-over-year.

The available inventory continues to remain slim this year over last year, falling 14 percent to 776 properties for sale in August 2010 from 904 properties for sale in August 2009. The time a property remains on the market until it is sold rose slightly to an average of 53 days in August 2010 from 46 days in August 2009.

Interest rates continue to stay below 5 percent, the blog reported, in some cases at or near 4.5 percent, “which is at or near historic lows.”Overall, with prices still very low, and interest rates at or near historic lows, the blog said this is “an excellent time to buy.”