Hollister, San Benito County Real Estate Market Update for December 4th, 2010

Seal of San Benito County, California
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Single Family Residential

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Actives:

San Benito County-206 of which REO/Bank Owned-28 or 14%

Hollister-137 of which REO/Bank Owned-25 or 18%

Pendings:

San Benito County-178 of which REO/Bank Owned-37 or 21%

Hollister-144 of which REO/Bank Owned-27 or 19%

Absorption Rate:

San Benito County-1.16 months supply of inventory or 40-days

Hollister-.95 months supply of inventory or 29-days

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Sold’s for the week: 8

High-$600,000 Equity Sale, New Conv. 1st

Low- $195,000 Short Sale, All Cash

Full-Price/Over-Asking- 2 or 25%

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Sale Type

REO/Bank Owned-3 or 38%

Short Sale-3 or 38%

Equity Sale-2 or 25%

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Financing Type

New Conv. 1st-4 or 50%

FHA Loan-3 or 38%

All CASH-1 or 13%

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The market continues to slow. By the numbers….the market is not behaving as you would expect. The other day I showed a lovely foreclosure property, priced right, only on the market 10 days ~ when I called to check status with the listing agent I would have thought she would have had at least 2 or 3 offer’s on it ~ but no offer’s on the table. Interest rates continue to be incredible in the 4’s. I’m thinking the economy is much worse off than the government would like us to believe. The unemployment rate went up to 9.8% but that doesn’t include those that have given up looking and the “under-employed etc…” I’m thinking their cookin the numbers to keep the rate under 10%. Just look around…there are no indicators that things are improving. That being said….if you qualify to buy today….the interest rates are awesome and there’s a 58% discount built in to todays prices. O.K. that’s my soapbox.

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