SANTA MARIA / ORCUTT MARKET SNAPSHOT SOLD REO PROPERTIES MARCH 29, 2008
| Active: 0 | Pending: 0 | Sold: 98 | Other: 0 | Total: 98 |
| Bedrooms | Bathrooms | Square Feet | List Price | Selling Price | Days on Market | |
| Minimum | 2 | 1.00 | 800 | $179,900 | $125,000 | 2 |
| Average | 3 | 2.24 | 1,618 | $307,256 | $656,173 | 53 |
| Median | 3 | 2.00 | 1,470 | $303,750 | $300,500 | 27 |
| Maximum | 5 | 4.00 | 3,400 | $630,500 | $35,500,000 | 353 |
| Total Dollar Value | $64,304,927 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: | ||||||
| 0-30 Days | 31-60 Days | 61-90 Days | 91-120 Days | 120+ Days | |
| No. of Listings | 51 | 16 | 11 | 9 | 11 |
| Breakdown % | 52.04 | 16.33 | 11.22 | 9.18 | 11.22 |
| Avg % SP/LP | 317.44 | 96.54 | 94.92 | 96.11 | 91.69 |
INTERPRETATION: The information above is gathered from central coast MLS statistic on 3/29/08 for sold REO properties in Santa Maria and Orcutt since 1/1/08. During this period, 98 REO homes sold with median list price at $307,256, 3 bed/ 2 bath, 1470 square feet, median sell price of $300,500, and 27 days on market.
Out of 98 sold REO properties, about 50% of the above REO listing sold in the first 30 days, 16 sold in less than 60 days, 11 sold in 90 days or less, 9 sold in less than 120 days, and 11 sold in 120+ days. This means over half the REO properties sold within 30 days or less confirming the importance of a timely escrow closing and importance of having your finances in order.
The longer the REO properties stays on the market, selling price decreases. For example 30 to 60 days average selling to listing price is 96.54%; compare to 120+ days on the market is 91.69% selling to listing price percentage. Using $300,000 for example, in 60 days or less average selling price is $289,620; 120+ days is $275,070, a $14,550 discount if a house is on the market longer than 120 days. Since the market is saturated with unsold properties, including REO and short sales, prices will most like continue downward for the near future.
Call me at 805.264.1646 for a free email list of bank own properties or email at cesarbautista@kw.com. Include you name, email address, property type, location, price range and I'll email you this information free to your email address within 48 hours.
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