~ Hollister, San Benito County Real Estate Market Update May 23, 2009 ~

Single Family Residential

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Actives:  SBC~178 of which REO~30 or 17%

                       HO~97 of which REO~25 or 26%

Pendings: SBC~217 of which REO~78 or 36%

                         HO~193 of which REO~72 or 37%

Absorption Rate:  SBC~.82  HO~.50 months supply of inventory

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Solds for the week: 20

     High: $925,000  New Conv. 1st,  Equity Sale

     Low:  $90,000   FHA Loan,  REO

Full-Price or Over-Asking: 14 or 70%

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Sale Type

REO~17 or 85%

Short Sale~1 or 5%

Equity Sale~2 or 10%

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Financing Type

New Conv. 1st~8 or 40%

FHA Loan~7 or 35%

CASH~5 or 25%

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Wow….our inventory has come down by almost 2/3 from the peak of nearly 500.  If you further breakdown the inventory and look at the REO inventory which makes up the bulk of the activity…it explains why 70% of the solds are at full price or over asking price.  One agent noted in the agent comment section of the MLS that she received over 20 offers on a listing in Sunnyslope Village.  That property closed at almost $35,000 over asking price.

An agent from another local office commented to me that at her office meeting it was mentioned that there are 500 homes in San Benito County that are in some stage of foreclosure. The second wave it coming…it appears.

Yesterday on Fox News they ran a story that 70% of the loan modifications that had been completed were now in default again.

Things that make you go hummmmmmmm…..