Lori Uhl McClelland's Blog

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Single Family Residential

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Actives

San Benito County-217 of which REO/Bank Owned-41 or 19%

Hollister-152 of which REO/Bank Owned-35 or 23%

Pendings

San Benito County-145 of which REO/Bank Owned-31 or 21%

Hollister-117 of which REO/Bank Owned-27 or 23%

Absorption Rate

San Benito County-1.49 months supply of inventory or 45-Days

Hollister-1.29 months supply of inventory or 39-Days

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Solds for the week: 14

High:$550,000 REO/Bank Owned, New Conv. 1st

Low: $154,800 REO/Bank Owned, New Conv. 1st

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

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Sale Type

REO/Bank Owned-7 or 50%

Equity Sale-5 or 36%

Short Sale-2 or 14%

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Financing Type

New Conv 1st- 6 or 43%

VA Loan-3 or 21%

FHA Loan-2 or 14%

All CASH-2 or 14%

USDA Loan-1 or 7%

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New week of numbers…same story as last week. Our absorption rate continues to expand. Prices seem essentially stable for the most part. Rates remain awesome. Home affordability is at a 40 year high! It is now cheaper to buy vs rent….right on

Single Family Residential

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Actives

San Benito County-218 of which REO/Bank Owned-41 or 18%

Hollister-150 of which REO/Bank Owned-35 or 23%

Pendings

San Benito County-145 of which REO/Bank Owned-31 or 21%

Hollister-119 of which REO/Bank Owned-27 or 23%

Absorption Rate

San Benito County-1.5 months supply of inventory or 45-days

Hollister-1.26 months supply of inventory or 38-days

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Solds for the week: 10

High: $515,000 Short Sale, VA Loan

Low:  $130,000 Short Sale, New Conv. 1st

Full-Price/Over-Asking: 4 or 40%

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Sale Type

Short Sale: 6 or 60%

REO/Bank Owned: 3 or 30%

Equity Sale: 1 or 10% (New Construction)

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Financing Type

New Conv. 1st: 5 or 50%

All CASH: 2 or 20%

FHA Loan: 1 or 10%

VA Loan: 1 or 10%

USDA Loan: 1 or 10%

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Our absorption rate continues a slowwwww march up.  Our absorption rate has tripled from one year ago. By the numbers it is a “Sellers Market” however due to the economy etc. buyer’s are not behaving as such.

Single Family Residential

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Actives:

San Benito County-222 of which REO/Bank Owned-40 or 18%

Hollister-154 of which REO/Bank Owned-35 or 22%

Pendings:

San Benito County-137 of which REO/Bank Owned-28 or 20%

Hollister-109 of which REO/Bank Owned-23 or 21%

Absorption Rate:

San Benito County-1.62 months supply of inventory or 48-days

Hollister-1.41 months supply of inventory or 42-days

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Solds for the week: 9

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

Low- $175,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 6 or 67%

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Sale Type

REO/Bank Owned-6 or 67%

Short Sale-3 or 33%

Equity Sale-none

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Financing Type

New Conv. 1st-5 or 56%

FHA Loan-3 or 33%

All Cash-1 or 11%

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Our absorption rate continues a slow march upward!

Single Family Residential

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Actives:

San Benito County-215 of which REO/Bank Owned-32 or 15%

Hollister-142 of which REO/Bank Owned-29 or 20%

Pendings:

San Benito County-139 of which REO/Bank Owned-31 or 22%

Hollister-116 of which REO/Bank Owned-26 or 22%

Absorption Rate:

San Benito County-1.55 months supply of inventory or 46-days

Hollister-1.22 months supply of inventory or 37-days

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Solds: 17 (2-are late reportings or 12%)

High-$500,000 REO/Bank Owned All Cash

Low- $140,000 REO/Bank Owned All Cash

Full-Price/Over-Asking: 11 or 65%

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Sale Type

REO/Bank Owned: 8 or 47%

Short Sale: 6 or 36%

Equity Sale: 3 or 18% (1 investor flip)

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Financing Type

New Conv. 1st: 7 or 41%

FHA Loan: 6 or 35%

All Cash: 3 or 18%

USDA Loan: 1 or 6%

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Holy Moly our absorption rate continues it march upward. Since last spring our absorption rate has now tripled!! Still by the numbers a seller’s market however buyer’s are not behaving as such.

Single Family Residential

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Actives

San Benito County- 202 of which REO/Bank Owned-32 or 16%

Hollister-134 of which REO/Bank Owned-29 or 22%

Pendings

San Benito County-150 of which REO/Bank Owned-33 or 22%

Hollister-126 of which REO/Bank Owned-28 or 22%

Absorption Rate

San Benito County-1.35 months supply of inventory or 40-days

Hollister-1.06 months supply of inventory or 32-days

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Solds for the week: 9 (2 late reportings)

High: $410,000 Equity Sale, VA Loan

Low:  $228,000 Short Sale, New Conv. 1st

Full-Price/Over-Asking: 5 or 56%

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Sale Type

REO/Bank Owned: 4 or 44%

Equity Sale: 3 or 33% (1 investor flip)

Short Sale: 2 or 22%

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Financing Type

New Conv. 1st: 5 or 44%

FHA Loan: 2 or 22%

VA Loan: 2 or 22%

All CASH: 0

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Our market activity continues to show signs of slowing as evidenced by an increasing absorption rate.

 Just a FYI ~ saw a news story this week that talked about the lack luster success of the latest government intervention into the housing market ~ the HAFA Short Sale Program. The program is now 8 months old and has only closed 400 short sales! Note to the government: Butt OUT!

Single Family Residential

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Actives

San Benito County-194 of which REO/Bank Owned-33 or 17%

Hollister-127 of which REO/Ban Owned-30 or 24%

Pendings

San Benito County-153 of which REO/Bank Owned-33 or 24%

Hollister-129 of which REO/Bank Owned-28 or 22%

Absorption Rate

San Benito County-1.27 months supply of inventory or 38-days

Hollister-.98 months supply of inventory or 29.5-days

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Solds for the week: 12 (2 late reporting’s or 17)

High-$525,000 REO/Bank Owned, New Conv. 1st

Low- $140,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 9 or 75%

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Sale Type

REO/Bank Owned-7 or 58%

Short Sale-3 or 25%

Equity Sale-2 or 17%

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Financing Type

New Conv. 1st-5 or 42%

FHA Loan-3 or 25%

All CASH-3 or 25%

VA Loan-1 or 8%

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 There you have it. 2010 is in the record books!

Single Family Residential

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Actives

San Benito County-201 of which REO/Bank Owned-31 or 15%

Hollister-132 of which REO/Bank Owned-28 or 21%

Pendings

San Benito County-158 of which REO/Bank Owned-35 or 22%

Hollister-134 of which REO/Bank Owned-29 or 22%

Absorption Rate

San Benito County-1.27 months supply of inventory or 38-days

Hollister-.99 months supply of inventory or 30-days

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Solds for the week: 16

High-$590,000 REO/Bank Owned, New Conv. 1st

Low- $195,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 7 or 44%

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Sale Type

REO/Bank Owned-6 or 38%

Equity Sale-7 or 44%

Short Sale-3 or 19%

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Financing Type

New Conv 1st-8 or 50%

FHA Loan-4 or 25%

USDA Loan-2 or 12%

VA Loan-1 or 6%

All Cash-1 or 6%

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 Ho Ho Ho!

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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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%