Single Family Residential
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Actives:
San Benito County-200 of which REO/Bank Owned-33 or 17%
Hollister-140 of which REO/Bank Owned-24 or 17%
Pendings:
San Benito County-198 of which REO/Bank Owned-35 or 18%
Hollister-161 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-1.01 month’s supply of inventory
Hollister-.88 month’s supply of inventory or 26 days
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Solds for the week: 4 (Actually 2 are late reporting’s)
High:$425,000 REO/Bank Owned, New Conv. 1st
Low: $210,000 REO/Bank Owned, FHA Loan
Full-Price/Over-Asking: 1 or 25%
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Sale Type
REO/Bank Owned: 3 or 75%
Equity Sale: 1 or 25% (Investor Flip)
Short Sale: None
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Financing Type
FHA Loan: 3 or 75%
New Conv. 1st: 1 or 25%
All CASH: None
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Wow! Another anemic week for the Sold’s.
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!
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….
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!
