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Single Family Residential
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Actives:
San Benito County-199 of which REO/Bank Owned-38 or 19%
Hollister-141 of which REO/Bank Owned-30 or 21%
Pendings:
San Benito County-191 of which REO/Bank Owned-34 or 18%
Hollister-158 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-1.04 months supply of inventory
Hollister-.89 months supply of inventory or 27 days
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Solds for the week: 11 (4 late reportings-1 back to 8-5-10)
High: $690,000 REO, New Conv. 1st
Low: $156,000 REO, All CASH
Full-Price/Over-Asking: 5 or 45%
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Sale Type
REO/Bank Owned: 5 or 45%
Equity Sale: 4 or 36%
Short Sale: 2 or 18%
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Financing Type
New Conv 1st: 3 or 27%
All CASH: 3 or 27%
VA Loan: 3 or 27%
FHA Loan: 1 or 9%
USDA Loan: 1 or 9%
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A bit of an improved week on the closings however there were 4 late reportings ~ one as far back as 08-05-10. Come on people….what is wrong with agents not being able to reports sales in a timely fashion…….
REO/Bank Owned homes and Equity Sales continue to dominate. The Short Sales remain strangely absent. I’m still thinking the government HAFA program has only made more of a mess of the Short Sale market. This program is now 5 months old. I would think that if it was everything they had it cracked up to be…the short sales would be dominating the closed sales in the market and they are not!
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Single Family Residential
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Actives:
San Benito County-197 of which REO/Bank Owned-33 or 17%
Hollister-136 of which REO/Bank Owned-25 or 18%
Pendings:
San Benito County-195 of which REO/Bank Owned-32 or 16%
Hollister-159 of which REO/Bank Owned-28 or 18%
Absorption Rate:
San Benito County- 1 month supply of inventory
Hollister-.86 month’s supply of inventory or 26 days
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Solds for the week: 8 (1 late reporting from the week before)
High-$449.500 Short Sale, New Conv. 1st
Low- $149,539 REO/Bank Owned, All CASH
Full-Price/Over-Asking-3 or 38%
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Sale Type:
REO/Bank Owned-4 or 50%
Short Sale-2 or 25%
Equity Sale-2 or 25%
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Financing Type:
FHA Loan-3 or 38%
New Conv. 1st-2 or 25%
All CASH-2 or 25%
VA Loan-1 or 12%
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Little better numbers this week! At least our absorption rate is not continuing to climb but it has gone up by about 30% over the summer. We’ll see if there’s the typical pickup in the market as the kids are starting to go back to school. Interest rates remain fabulous!
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Single Family Residential
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Actives:
San Benito County-198 of which REO/Bank Owned-30 or 15%
Hollister-127 of which REO/Bank Owned-23 or 18%
Pendings:
San Benito County-198 of which REO/Bank Owned-32 or 16%
Hollister-160 of which REO/Bank Owned-27 or 17%
Absorption Rate:
San Benito County-.95 months supply of inventory or 29 days
Hollister-.79 months supply of inventory or 24 days
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Solds for the week: 2
High-$665,000 Equity Sale-FHA Loan
Low- $195,000 REO/Bank Owned-All CASH
Full-Price/Over-Asking-1 or 50%
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Sale Type:
REO-1 or 50%
Equity Sale-1 or 50%
Short Sales-none
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Financing Type:
FHA Loan-1 or 50%
All CASH- 1 or 50%
Conv. 1st-none
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Whoa! Just when you think it can’t get worse…2 closed sales this week….the short sales are suspiciously absent…what could that be? Another new ineffective government program? HAFA was rolled out the beginning of April…it’s August! Short Sale closings ought to be rockin and rollin by now 4 months, please a regular Short Sale can get done in that amount of time…just a thought…have no proof except the last 2 weeks the short sales closings have vanished….
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Single Family Residential
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Active:
San Benito County-188 of which REO/Bank Owned-27 or 14%
Hollister-123 of which REO/Bank Owned-20 or 16%
Pending:
San Benito County-186 of which REO/Bank Owned-29 or 16%
Hollister-153 of which REO/Bank Owned-26 or 17%
Absorption Rate:
San Benito County-1.01 months supply of inventory
Hollister-.80 months supply of inventory or 24 days
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Solds for the week: 4 (are you kidding…thats pathetic)
High-$289,000 REO/Bank Owned, New Conv. 1st
Low- $175,000 REO/Bank Owned, FHA Loan
Full-Price or Over-Asking-4 or 100%
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Sale Type:
REO/Bank Owned-4 or 100%
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Financing Type:
New Conv. 1st-2 or 50%
FHA Loan-2 or 50%
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What is going on in the market? Is it the mid-summer dull-drums….does the economy sucks much worse than we’re lead to believe…our absorption rate has doubled in recent months….that being said we still technically have a shortage of listings. Our absorption rate is at 1 month a normal supply of inventory would be 3-6 months. Less than 3 is a seller’s market and more than 6 is a buyer’s market. Rates are incredible! I had a buyers loan get locked 2 days ago at 4.375 on a 30 year fixed….There’s no other way to put it…that’s a kick *** rate!
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Single Family Residential
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Actives:
San Benito County-178 of which REO/Bank Owned-26 or 15%
Hollister-111 of which REO/Bank Owned-19 or 17%
Pending:
San Benito County-179 of which REO/Bank Owned-29 or 16%
Hollister-148 of which REO/Bank Owned-26 or 18%
Absorption Rate:
San Benito County-1 month supply of inventory
Hollister-.75 months supply of inventory or 23 days
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Solds for the week: 18 (couple of later reporting’s skew #’s)
High Sold: $700,000 Equity Sale, New Conv. 1st
Low Sold: $55,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 7 or 39%
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Sale Type:
REO/Bank Owned-11 or 61%
Equity Sale-4 or 22%
Short Sale-3 or 17%
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Financing Type:
New Conv. 1st-7 or 39%
All Cash-5 or 28%
FHA Loan-4 or 22%
VA Loan-1 or 6%
USDA Loan-1 or 6%
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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!
