~ Hollister, San Benito County Real Estate Market Update, May 2nd 2009 ~

Single Family Residential

Actives: SBC~190 of which REO~36 or 19%

          HO~111 of which REO~33 or 30%

Pendings: SBC~215 of which REO~89 or 41%

           HO~191 of which REO~80 or 42%

Absorption Rate: SBC~.88  HO~.58 months supply of inventory

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Sold’s for the week: 14

High: $619,500 REO, New Conv. 1st

Low: $159,000 REO, FHA Loan

Full-Price or Over-Asking: 8 or 57%

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Sale Type:

REO~9 or 64%   

Short Sale: 3 or 21%

Equity Sale: 2 or 14%

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Financing Type:

New Conv. 1st~8 or 57%

FHA Loan~5 or 36%

Cash~1 or 7%

There you have it.

The REO inventory is very low right now due to the pause in foreclosure activity over the holidays. The notices of sale are back in the paper and more inventory is on the way.

The Short Sales that managed to close escrow this week number 21% of the Sold’s. I found that interesting as the national statistic for closing a short sale is 20%.  Most agents view Short Sale Listings as phantom inventory as there is an 80% chance they’ll end up as REO inventory in the long run.

If you are a buyer shopping in the lower price ranges ….multiple offer’s are the order of the day. You need to be prepared to write a highest and best offer or you’ll lose every time.  The low inventory, low prices and low interest rates has stimulated demand.