Hollister, San Benito County Real Estate Market Update for February 23, 2013

Solds for the Week of 02-23-13

Official seal of County of San Benito
Official seal of County of San Benito (Photo credit: Wikipedia)

 

Single Family Residential

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Actives
San Benito County-47 of which REO/Bank Owned-NONE, Short Sales-4 or 8.5%
Hollister-23 of which REO/Bank Owned-NONE, Short Sales-4 or 17%
Pendings
San Benito County-137 of which REO/Bank Owned-10 or 7%, Short Sales-77 or 56%
Hollister-114 of which REO/Bank Owned-9 or 6%, Short Sales-67 or 59%
Absorption Rate
San Benito County-.34 months supply of inventory or 10-Days
Hollister-.20 months supply of inventory or 6-Days
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Solds for the Week: 6
High: $570,000 Traditional Sale, New Conv 1st
Low:  $125,000 REO/Bank Owned, New Conv 1st
Full-Price/Over-Asking: 2 or 33%
Average Sales Price: $340,000
Average Square Footage: 1765sf
Average Price/SF: $196
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Sale Type
Traditional Sale: 5 or 83%
REO/Bank Owned: 1 or 17%
Short Sales: None
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Financing Type
New Conv 1st: 4 or 66%
USDA Loan: 1 or 17%
All CASH: 1 or 17%
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Wow! For the first time in at least 6 years there are NO ACTIVE REO/BANK OWNED HOMES!
Do I believe we are past the distressed property market…absolutely not! Do I think government intervention and lawsuit agreements with the banks have successfully ground the market to halt? You decide…..Think about this…low inventory, low interest rates, high buyer demand=raising prices….recipe for????
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