Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-211 of which REO/Bank Owned-32 or 15%

Hollister-143 of which REO/Bank Owned-29 or 20%

Pendings:

San Benito County-161 or which REO/Bank Owned-34 or 21%

Hollister-133 of which REO/Bank Owned-28 or 21%

Absorption Rate:

San Benito County-1.31 months supply of inventory or 40-days

Hollister-1.08 months supply of inventory or 32-days

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Solds for the week: 13 (3 late reportings-23%)

High- $455,000 Short Sale, All Cash

Low-  $185,000 Short Sale, FHA Loan

Full-Price/Over-Asking- 4 or 31%

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Sale Type

Short Sale-6 or 46%

Equity Sale-4 or 31% (flippers are busy)

REO/Bank Owned-3 or 23%

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Financing Type

New Conv. 1st-5 or 38%

FHA Loan-5 or 38%

USDA Loan-2 or 15%

All CASH-1 or 8%

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Our market continues to cooling as our absorption rate continues a slow march up.

Here’s a note to buyer’s~~~just my opinion~~~you better make sure your agent knows the market! The highest priced Sold this week was a short sale all cash and again in my opinion that buyer paid about $100,000 over market value for it. I sure hope he couldn’t live without it!

Single Family Residential

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Active:

San Benito County-201 of which REO/Bank Owned-32 or 16%

Hollister-133 of which REO/Bank Owned-29 or 22%

Pending:

San Benito County-172 of which REO/Bank Owned-33 or 19%

Hollister-138 of which REO/Bank Owned-25 or 18%

Absorption Rate:

San Benito County- 1.20 months supply of inventory or 36days

Hollister-.96 months supply of inventory or 29days

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Solds for the week: 12 (4 or 33% late reportings)

High- $545,000 REO/Bank Owned, VA Loan

Low-  $181,000 Equity Sale, FHA Loan

Full-Price/Over-Asking-3 or 25%

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Sale Type

REO/Bank Owned: 5 or 42%

Equity Sale: 5 or 42%

Short Sale: 2 17%

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Financing Type

New Conv 1st: 6 or 50%

FHA Loan: 5 or 42%

VA Loan: 1 or 8%

All CASH: 0

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Our market continues to show signs of slowing. Hard to say of it’s the holidays or the economy or a combination of both. The market is just not behaving as one would expect.

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.

Single Family Residential
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Active:
San Benito County-203 of which REO/Bank Owned-27 or 13%
Hollister-132 of which REO/Bank Owned-23 or 17%

Pendings:
San Benito County-179 of which REO/Bank Owned-38 or 21%
Hollister-149 of which REO/Bank Owned-29 or 19%

Aborption Rate:
San Benito County-1.13 months supply of inventory or 34-days
Hollister-.88 months supply of inventory or 26-days
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Solds: 11 (2 were late reportings or 18%)
High-$348,000 Short Sale, VA Loan
Low- $139,000 REO/Bank Owned, New Conv. 1st
Full-Price/Over-Asking: 3 or 27%
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Sale Type

REO/Bank Owned: 6 or 55%
Short Sale: 3 or 27%
Equity Sale: 2 or 18% (1 was investor flip)
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Financing Type

New Conv 1st- 5 or 45%
VA Loan- 2 or 18%
USDA Loan- 2 or 18%
FHA Loan- 1 or 9%
All CASH-1 or 9%

Single Family Residential

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Actives:

San Benito County-213 of which REO/Bank Owned-30 or 14%

Hollister-136 of which REO/Bank Owned-23 or 17%

Pendings:

San Benito County-176 of which REO/Bank Owned-40 or 23%

Hollister-151 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.21 months supply of inventory or 36-days

Hollister-.90 months supply of inventory or 27-days

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Solds for the week: 8 (4 of which are late reportings)

High: $485,000 Short Sale, New Conv 1st

Low:  $201,000 REO/Bank Owned, FHA Loan

Full-Price/Over-Asking: 7 or 88%

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Sale Type

Short Sale: 5 or 63%

REO/Bank Owned: 3 or 38%

Equity Sale: none

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Financing Type

FHA Loan: 4 or 50%

New Conv 1st: 2 or 25%

VA Loan: 1 or 13%

All Cash: 1 or 13%

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Our market is dramatically slow….the true number of closings for the week is really 4. Half of the reported solds are late reporting….that just makes me NUTS! One of them all the way back to 12/31/09…unbelievable!!! What is wrong with people..they are supposed to be professionals

Single Family Residential

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Actives:

San Benito County-208 of which REO/Bank Owned-25 or 12%

Hollister-134 of which REO/Bank Owned-21 or 16%

Pendings:

San Benito County-175 of which REO/Bank Owned-41 or 23%

Hollister-149 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.19 months supply of inventory or 36-days

Hollister-.90 months supply of inventory or 27-days

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Solds for the week: 7 (1 was late reporting)

High-$770,000 REO/Bank Owned, New Conv. 1st

Low- $115,000 REO/Bank Owne, All CASH

Full-Price/Over-Asking- 6 or 86%

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Sale Type:

REO/Bank Owned-5 or 71%

Equity Sale-2 or 29%

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Financing Type:

New Conv. 1st-4 or 57%

FHA Loan-2 or 29%

All CASH-1 or 8%

Single Family Residential

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Actives:

San Benito County-208 of which REO/Bank Owned-26 or 13%

Hollister-134 of which REO/Bank Owned-22 or 17%

Pendings:

San Benito County-175 of which REO/Bank Owned-41 or 23%

Hollister-151 of which REO/Bank Owned-34 or 23%

Absorption Rate:

San Benito County-1.19 months supply of inventory or 36 days

Hollister-.89 months supply of inventory or 27 days

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Solds for the week:17 (5 or 30% are late reportings-irks me!!!!)

High: $629,900  REO/Bank Owned, FHA Loan

Low:  $170,000  Short Sale, FHA Loan

Full-Price/Over-Asking: 6 or 35%

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Sale Type:

REO/Bank Owned-8 or 47%

Short Sale-5 or 30%

Equity Sale-4 or 24%

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Financing Type:

FHA Loan-8 or 47%

New Conv 1st-6 or 35%

All Cash-3 or 18%

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The market appears to continue to slow. Cash buyers continue to right low ball offers and asset managers on bank owned properties continue to counter them back at full-price. Not sure who is more out of touch. That’s my soapbox for this week!

Single Family Residential
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Actives:
San Benito County-204 of which 24-REO/Bank Owned or 12%
Hollister-136 of which 18-REO/Bank Owned or 13%

Pendings:
San Benito County-185 of which 45-REO/Bank Owned or 24%
Hollister-158 of which 39-REO/Bank Owned or 25%

Absorption Rate:
San Bentio County-1.1 months supply of inventory or 33-days
Hollister-.86 months supply of inventory or 26-days
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Solds for the week: 9
High-$520,000 Short Sale, All CASH
Low- $150,400 REO/Bank Owned, New Conv. 1st
Full-Price/Over-Asking-5 or 56%
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Sale Type:
REO/Bank Owned-4 or 44%
Short Sale-3 or 33%
Equity Sale-2 or 22%
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Financing Type:
FHA Loan-4 or 44%
New Conv. 1st-3 or 33%
VA Loan-1 or 11%
All CASH-1 or 11%

Single Family Residential

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Actives:

San Benito County-209 of which REO/Bank Owned-25 or 12%

Hollister-144 of which REO/Bank Owned-20 or 14%

Pendings:

San Benito County-188 of which REO/Bank Owned-44 23%

Hollister-156 of which REO/Bank Owned-37 or 24%

Absorption Rate:

San Benito County-1.11 months supply of inventory or 33-days

Hollister-.92 months supply of inventory or 28-days

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Solds for the week: 14 (5 late reportings or 36%)

High: $611,250  Equity Sale, New Conv. 1st

Low:  $145,000 REO/Bank Owned, All CASH

Full-Price/Over-Asking: 10 or 71%

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Sale Type:

REO/Bank Owned-8 or 57%

Short Sale-5 or 36%

Equity Sale-1 or 7%

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Financing Type:

FHA Loan-8 or 57%

New Conv. 1st-4 or 29%

All CASH-1 or 7%

USDA Loan-1 or 7%

****These numbers are for the last 14-days since I missed last Saturday due to travel****

Single Family Residential
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Actives:
San Benito County-207 of which REO/Bank Owned-29 or 14%
Hollister-148 of which REO/Bank Owned-24 or 16%

Pendings:
San Benito County-185 of which REO/Bank Owned-42 or 23%
Hollister-152 of which REO/Bank Owned-35 or 23%

Absorption Rate:
San Benito County-1.11 months supply of inventory or 33-days
Hollister-.97 months supply of inventory or 29-days
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Solds for the last 14 days: 13
High- $470,000, REO/Bank Owned, New Conv. 1st
Low-  $155,000, REO/Bank Owned, FHA Loan
Full-Price/Over-Asking: 9 or 69%
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Sale Type:
Short Sale-7 or 54%
REO/Bank Owned-5 or 38%
Equity Sale-1 or 8%
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Financing Type:
New Conventional 1st-7 or 54%
FHA Loan-5 or 38%
All CASH-1 or 8%
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Pretty consistant numbers for the last 2 weeks however the Short Sales made a big showing coming through with 54% of the solds.  Another note ~ our Aborption Rate has gone up by about 50% since summer came on….