market report: San Jacinto CA | 7/21/2009 - 8/20/2009 | Cash Sales and The Market
During the period between July 21st, 2009 and August 20th, 2009 there were 126 Single Family Residential Homes that closed escrow. My previous report in this series, market report UPDATE - San Jacinto CA Real Estate Data detailed the specifics of the market in overall terms. This segment of the San Jacinto Real Estate Market Report will look exclusively at the 40 of the 126 homes that closed escrow that were bought with CASH - representing 30.95% of the entire market.
This information is to be considered useful, but please do not rely on it for any financial decisions without verifying the data for yourself. There are, of course, no guarantees to its accuracy.
This report covers both the 92582 and 92583 zip code - the only two zip codes in San Jacinto, CA which is located in the South West Riverside County area of the Inland Empire region of Southern California.
In the proceeding period (6/21/09 - 7/20/09), there were only 29 CASH transactions of the 110 that closed escrow; or 26.36% of all closed transactions. In this report the number of closed real estate transactions in San Jacinto, CA increased to 40, representing 30.95% of all real estate sold in the city from 7/21/09 through 8/20/09.
Back to the current period...
Homes sold with CASH, on average for $110,717 that represented 101.74% of the List Price of $108,829. The median Sale Price was $121,000 and the median List Price of only $114,900. These homes being reviewed in this section of my report ranged in List Price from $26.500 to $189,900. The Sale Price ranged for $27,100 all the way to $185,000.
An important indicator to gauge the value of a home is the cost per square foot. In this case, the AVERAGE Cost, for homes purchased with CASH has dropped to just $54.62 per square foot. The medium value was slightly less per square foot at $51.98 (nearly a 5% difference). The medium, of course, refers to the point where half of the values are above and half are below. In this case, we have one home that sold for a high of $86.94 per square foot. On the other end of the spectrum, homes started at only $31.37 per square foot. There were 5 single-family homes that sold for less than $36.01 a square foot and 15 total that came in under $50 a square foot. Of the 40 homes analyzed in this category, only 10% of them (4) were sold for over $75 per square foot. Regardless if the prices are going up or not, the value in San Jacinto CA cannot be disputed!
The Average Lot size for the Average San Jacinto, CA home that sold, for CASH, in this period was 7,600 sq ft. The Average home was built in 1991. The average home has 3.58 Bedrooms, 2.28 baths and provided the homeowner with 2,027 square feet of living space
I always find the marketing data the most interesting. On Average, homes that sold for CASH only sat on the MLS for a total of 32.35 days with another 22.93days in escrow before the title transferred to the new homebuyer. The number of photos posted to the MLS, on average was 6.88.
The reason for the nearly 33 DOM (Days on Market) had 3 homes posted to the MLS for over 100 days - with the longest at 180. There were 11 homes that closed escrow after being marketed for less than a week. The Medium DOM was only 8.
There were 7 CASH Escrows that closed in 2 weeks or less and only 10 that took over 30 days with the longest being only 40 days. The Medium Days in Escrow was only 22 days.
CASH is the preferred weapon of choice when battling for REO's in the San Jacinto Real Estate market. 34 of the 40 closed Cash Transactions were for bank owned homes in San Jacinto, CA. 3 Each were for Short Sales and good old fashioned Standards Sales.
The final stat that I'll look at for the AVERAGE SOLD HOME in San Jacinto CA from the period starting 7/21/2009 and ending 8/20/2009 is the number of pictures found in each MLS Listing. It should be noted that it is a MLS Violation NOT to have at least 1 picture posted. So why does it not surprise me that there was 8 listings with only the mandatory 1 photo. What also is no surprise is that the homes that did not have sufficient photos to properly represent a property sold for 59 cents less, per square foot than the Average Home.
Do You Like this Report?
I hope that you find this snapshot interesting. This is data that is not readily available anywhere else. I spend hours each month downloading and analyzing the data based on what I feel is the most relevant. This way, when The Excellence in Real Estate Team and myself are representing a buyer we can provide factual data that applies to their personal situation and not rely on the general statistics that are published by numerous resources. If you want to watch market trends on a weekly basis - just visit the home page of my personal website - JohnOcchi.Com and subscribe to the report generated each Monday, compiled by Altos - great stuff when you get the report sent straight to your email box each week.
As is my pattern, I will generate a full series of articles based on this data where I get deep into it - looking at what is happening by both the different ways homes are financed (FHA, VA, CASH, etc) as well as the different types of transactions (Bank Owned, Short Sales, etc) that are taking place.
If you have made it this far, please leave a comment telling me what you like about this series and how you plan on using this data.