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%
****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….
Single Family Residential
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Actives:
San Benito County-178 of which REO/Bank Owned-26 or 15%
Hollister-111 of which REO/Bank Owned-19 or 17%
Pending:
San Benito County-179 of which REO/Bank Owned-29 or 16%
Hollister-148 of which REO/Bank Owned-26 or 18%
Absorption Rate:
San Benito County-1 month supply of inventory
Hollister-.75 months supply of inventory or 23 days
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Solds for the week: 18 (couple of later reporting’s skew #’s)
High Sold: $700,000 Equity Sale, New Conv. 1st
Low Sold: $55,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 7 or 39%
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Sale Type:
REO/Bank Owned-11 or 61%
Equity Sale-4 or 22%
Short Sale-3 or 17%
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Financing Type:
New Conv. 1st-7 or 39%
All Cash-5 or 28%
FHA Loan-4 or 22%
VA Loan-1 or 6%
USDA Loan-1 or 6%
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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!
Single Family Residential
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Actives:
San Benito County-173 of which REO/Bank Owned-29 or 17%
Hollister -106 of which REO/Bank Owned-24 or 23%
Pendings:
San Benito County-196 of which REO/Bank Owned-36 or 18%
Hollister-156 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-.88 months supply of inventory or 26-days
Hollister-.68 months supply of inventory or 14-days
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Solds for the weeks: 10
High-$357,950 Short Sale, FHA Loan
Low- $105,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking-8 or 80%
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Sale Type:
REO/Bank Owned-6 or 60%
Short Sale-3 or 30%
Equity Sale-1 or 10%
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Financing Type:
FHA Loan-7 or 70%
All Cash-2 or 20%
New Conv. 1st-1 or 10%
Single Family Residential
____________________________________________________________
Actives:
San Benito County-176 of which REO/Bank Owned-28 or 16%
Hollister-106 of which REO/Bank Owned-25 or 24%
Pendings:
San Benito County-207 of which REO/Bank Owned-38 or 18%
Hollister-170 of which REO/Bank Owned-31 or 18%
Absorption Rate:
San Benito County-.85 months supply of inventory or 26-days
Hollister-.62 months supply of inventory or 19-days
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Solds for the week: 12
High-$445,000 Equity Sale, New Conv. 1st
Low- $157,000 REO/Bank Owned, New Conv. 1st
Full-Price/Over-Asking: 9 or 75%
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Sale Type
REO/Bank Owned: 5 or 42%
Equity Sale: 4 or 33% of those 3 were Flips or 25% of total
Short Sale: 3 or 25%
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Financing Type
New Conv 1st: 7 or 58%
FHA Loan: 5 or 42%
No CASH deals this week!
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Wow! 25% of the total Solds were Investor Flips! There’s a new seller in the neighborhood….better pay attention!
Single Family Residential
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Actives:
San Benito Couny-167 of which REO/Bank Owned-26 or 16%
Hollister-99 of which REO/Bank Owned-24 or 24%
Pendings:
San Benito County-206 of which REO/Bank Owned-38 or 18%
Hollister-170 of which REO/Bank Owned-32 or 19%
Absorption Rate:
San Benito County-.81 months supply of inventory or 24-days
Hollister-.58 months supply of inventory or 17-days
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Solds for the week: 9
High-$530,000 Equity Sale-All CASH
Low- $145,000 Equity Sale-Seller carried New 1st
Full-Price or Over-Asking-2 or 22%
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Sale Type:
Equity Sale-6 or 67%
Short Sale- 2 or 22%
REO/Bank Owned-1 or 11%
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Financing Type:
New Conv. 1st-3 or 33%
FHA Loan- 2 or 22%
All CASH- 3 or 22%
VA Loan- 1 or 11%
Seller Financing-1 or 11%
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Wow! Equity Sales still rule the day and a new one….Seller Financing!
