The last segment of the market that we will look at for this report on the homes sold in San Jacinto, CA during the period of 6/21/2009 - 7/20/2009 are for the homes that were financed with a loan for our veterans - either VA or CalVet. These loans are unique in that the Veteran is not suppose to use any of their own money to buy the home - and that includes closing costs.
VA Loans are a very small section of the market - the 5 VA Loans that closed escrow during this period in San Jacinto only amount to 4.5% of the overall sales activity. 4 of the 5 closed sales were for bank owned REO Sales - the 5th was a Standard Sale.
What can be said for VA Loans is they will typically but the biggest, newest and most expensive homes on the market. While the average home in the market that closed escrow was 2,135 sq ft those closing with VA Loans were significantly larger with an average size of 2,339 square feet of living space that included 4.6 Bedrooms and 2.4 baths in comparison to the average home that only had 3.76 bedrooms and 2.3 baths.
The lost size was also significantly larger, measuring 8,015 sq ft, on average, compared to the average sold home that had a lot size of 7,669.
Additionally, VA Buyers preferred the newest homes on the market, with an average year Built of 2006, which is a big difference to 1979, which was the year the Average Sold Home, was built.
The homes that Sold with VA Loans sat on the market longer than any other home financed any other way, with an Average Days on Market of 101 in comparison to the 64.38 Average DOM. Surprisingly, escrows went quickly, only being tied up for 39 days in escrow in comparison to the average 48.32. These larger and newer homes also had more marketing as the listing agents average 8.8 photos per MLS Listing in comparison to the 6.63 for the Average Sold Home.
The Average List Price to Sold Price Ratio is unusual for this report in that the VA Loans have the lowest numbers in the entire market. This is caused by there being only a small pool of VA Loans. Of the 5 VA Loans, 4 of them all closed for 100% or greater than List price (These were all bank owned REO Sales.) There was also a single Standard Sale, where the seller dropped their price, after 114 days on the market to accept an offer that was only 89.48% of the List Price (LP-$189,990 | SP-$170,000). As a result of the small sample, the actual LP/SP Ratio for VA Loans is only 98.49% in comparison to the Market Average of 101.86%.
The Average List Price was $163,020 compared to the Market Average of $126,312. The SOLD Price Average for VA Loans was $160,560 compared to the Average $128,971 for all homes that closed escrow during this period.
BE SURE TO READ THE OTHER SEGMENTS OF THIS SPECIAL MARKET REPORT ON SOLD LISTINGS IN SAN JACINTO, CA
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | The Average Home
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | Averages by Type of Sale
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FINANCING by TYPE of SALE
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CASH SALES & THE MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | CONVENTIONAL LOANS in the Market
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | FHA LOANS in the MARKET
San Jacinto, CA MARKET REPORT: SOLDS | 6/21/2009 - 7/20/2009 | VA LOANS in the MARKET
If you want to Track the Market, then please read more about the preceding period at any of these links:
Financing - CASH
Financing - CONVENTIONAL
Financing - FHA
Financing - VA
Financing - LAND CONTRACT
FINANCING OBSERVATIONS
Market Summary - Why local is Important
Blessings to all who read,
John Occhi, REALTOR®
www.JohnOcchi.Com
Hemet - San Jacinto Valley
951-6564-5550
Servicing THE REO Needs of Asset Managers, Servicers, Banks and Lending Institutions in the Hemet - San Jacinto Valley, Temecula, Murrieta, Winchester, Wildomar, Menifee, Sun Valley, Perris, Moreno Valley, Romoland, Homeland, Nuevo, Banning, Beaumont, Cherry Valley, Yucaipa, Redlands, Mentone, Loma Linda and throughout South West Riverside County and The Pass Areas of The Inland Empire in Southern California. If you are a buyer, investor, first time home buyer or are just interested in REO real estate, please contact us at the above phone number.
Serving California and Riverside County zip codes of 92501, 92503 , 92551, 92555 , 92562, 92563, 92504, 92505, 92557, 92553, 92506, 92507, 92590 92591, 92508, 92509, 92570, 92571, 92592, 92399 , 92584 , 92596, 92820 , 92571 , 92543, 92544, 92545, 92583, 92582, 92879, 92580 , 92530, 92532, 92881, 92882, 92567, 92518, 92883 , 92549, 92561, 92220, 92223, 92028, 92088
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