market report: San Jacinto CA | 7/21/2009 - 8/20/2009 | CONVENTIONAL 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 21 of the 126 homes that closed escrow that were bought with CONVENTIONAL FINANCING- representing 16.67% 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 25 CONVENTIONAL FINANCING transactions of the 110 that closed escrow; or 22.72% of all closed transactions. In this report the number of closed real estate transactions in San Jacinto, CA decreased to 21, representing only 19.09% of all real estate sold in the city from 7/21/09 through 8/20/09.
Back to the current period...
Homes sold with CONVENTIONAL FINANCING, on average for $138,271 which represented 108.51% of the List Price of $127,422. The median Sale Price was $132,000 and the median List Price of only $119,900. These homes being reviewed in this section of my report ranged in List Price from $61.900 to $169,800. The Sale Price ranged for $51,000 all the way to $190,000.
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 CONVENTIONAL FINANCING reported in at $61.87 per square foot. The median value was slightly less per square foot at $60.34 (only a 2.5% difference). The median, 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 $97.86 per square foot. On the other end of the spectrum, homes started at only $41.26 per square foot. There were 2 single-family homes that sold for less than $50 a square foot. Of the 21 homes analyzed in this category, 14.29% of them (3) 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, with CONVENTIONAL FINANCING, in this period was 7,90200 sq ft. The Average home was built in 1999. The average home has 4.1 Bedrooms, 2.43 baths and provided the homeowner with 2,234.86 square feet of living space
I always find the marketing data the most interesting. On Average, homes that sold CONVENTIONAL FINANCING only sat on the MLS for a total of 73.95 days with another 46.33 days in escrow before the title transferred to the new homebuyer. The number of photos posted to the MLS, on average was 7.00.
The reason for the nearly 47 DOM (Days on Market) had 5 homes posted to the MLS for over 180 days, 3 for over 232 days - with the longest at 269. There were 6 homes that closed escrow after being marketed for less than a week. The Median DOM was only 20.
There were 2 CONVENTIONAL LOAN Escrows that closed in 2 weeks or less and 4 that closed in 30 days or less. While the traditional escrow today is opened for 45 days, there 12 of the 21 (57.14%) took longer than that, with the longest clocking in at 84 days and another 4 that reached 60 days or more. While the Average Escrow with Conventional Financing Closed in 46.33 days The Median Days in Escrow took 49 days.
When it comes to buying San Jacinto Real Estate, Cash is King. When buyers, primarily investors, are not using cash for 100% of the purchase price the next strongest offer is with CONVENTIONAL FINANCING, which typically requires 25% cash into the deal. CONVENTIONAL FINANCING was used almost exclusively on Bank Owned Properties (REO). Of the 21 Closed Escrows during this period, 20 of them (95.24%) were sold directly by the bank with the last remainder being a Short Sale.
The last important stat that I'll look at for the AVERAGE SOLD HOME, financed with a CONVENTIONAL LOAN 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. Of the 21 properties represented they each averaged 7 photos per MLS listing. Two of them had only one picture and only one listing had the maximum 20 that the MLS makes room for, while the median was 6 pictures per MLS Listing.
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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.