Hollister, San Benito County Real Estate Market Update for August 7th, 2010

Seal of San Benito County, California
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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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