San Jacinto, CA: Market Snapshot - 3 Bedroom 2 Baths

The San Jacinto, CA Real Estate market is very similar to every other local real estate market in the country - it is local and has it's own unique nuances.

In this Market Snapshot I am going to examine the market for 3 Bedroom 2 Bath Single Family Residential homes, across the entire city of San Jacinto and cover current statistical data and looking at sales in the city, spanning the last 90 days, only.

QUANTITY

ACTIVE - Currently there are 57 ACTIVE real estate listings in San Jacinto that range in size from 924 square feet to 2,481 sq feet with an average size of living space of 1,544 square feet.

These homes are listed for sale in the MLS from $59,900 ($44.53 per sq ft) to $359,000 ($227.23 per sq ft.)  The average List Price for ALL Active real estate listings in San Jacinto, CA is $131,369 ($86.54 per sq ft).

The AVERAGE DAYS ON MARKET (DOM) is 89 with the newest listing being added to the MLS just 2 days ago.  (This data was compiled on a Saturday evening - no, I don't have a life, so leave me alone.)  The oldest listing has been aged like a fine wine for 466 days on the market (that's over 15 months ago!).

PENDING & BACK UP.  First let me explain that in the current real estate market conditions I do not believe there is much of a difference between these two statuses.  On the surface, a PENDING transaction sounds much stronger than a BACK-UP.  However, the reason I choose Back-Up for my listings once I have an accepted offer is because the various Internet sites will continue to market the homes for sale, as if they are ACTIVE real estate listings in the MLS.

There are currently 18 BACK -UP OFFERS and 54 PENDING SALE listings in the MLS.  The BACK-UPS range in size from 1,119 square feet to 2,210 sq ft with an average size of 1,593 square feet.  The PENDING properties start off smaller at 924 sq ft and range up to 2,255 sq ft with an average size of 1,490 sq ft.

Back-Up homes for Sale in San Jacinto, CA were listed in the MLS for sale starting at $67,900 ($50.11) and went up to $185,000 ($94.58) with an Average List Price of $114,983 (71.96 per sq ft).

Pending Listings were priced in the MLS for a low of $49,900 ($41.38 per sq ft) all the way to $310,000 ($199.10 per sq ft).  The Average List Price of $115,118 ($77.29 per sq ft) for all Pending properties for sale in the MLS.

The Average DOM for the Back Up listings ranged from 19 days to 361 days with 120 being the average.  Pending Listings were considerably less with zero days on market for the quickest sale to 253 for the longest and an average of 42 days on the market before an offer was accepted.

SOLD REAL ESTATE over the last 90 days only accounted for 56 closed escrows.  Considering there are only 57 Active Listings, all that is on the market for 3 bedroom 2 bath homes in San Jacinto CA is three months worth of homes for sale in the MLS.

Now, those homes that did sell were on the market as quick as zero days and as long as 186 day on the market.  The Average DOM for all the 3 bedroom 2 bath homes that sold in San Jacinto CA in the last 90 days was only 31 days.

The List Price of the Sold Homes in San Jacinto ranged from $40,600 ($42.80 per sq ft) to $275,000 ($215.31 per sq ft.).  The Average home that sold in San Jacinto over the last 90 day was listed in the MLS for $113,011.  Sale Price ranged from $44,000 to $275,000 with the average at $118,714 or 105.05% of List Price.

The Ratio between the List Price and the Sold Price is very important when studying the nuances of a market.  In San Jacinto, CA, over the last 90 days 10 of the 57 properties that closed escrow were for less than list price.  Three of these were with CASH, three were with FHA Financing and the remaining four used conventional financing. 

The lowest percentage of List Price to Sold Price was a 2467 sq ft home built in 2002 that was listed for sale at $159,900 and was sold after only 30 days on the market for 78.8% of the list price...or only $126,000 with Cash to purchase the home.

The Highest List Price to Sold Price of the homes that sold and closed escrow in San Jacinto over the last 90 days was up to 152.13% on a home built in 1978 with 1,448 sq ft.  It was listed at $53,900 and Sold 6 days later for $82,000.

SPECIAL CONDITIONS

Over the last 90 days we already determined that 56 homes sold throughout the entire city of San Jacinto, CA.  What I find extremely relevant and helpful for my buyers is that 46 of them were owned by the bank as an REO Listing.  Of the remaining 10, 7 were short sales and the last 3 were all Standard Sales - most likely flips.

Looking just at the 46 closed REO (Bank Owned) homes that were listed in the MLS as Closed Transactions, 20 of them sold with CASH and 8 more with Conventional Financing that requires significant cash down (typically 20% to 25% - as low as 10%).

16 REO homes for sale were financed by the FHA and 1 was a VA Loan and another a CAL Vet loan.

REO - BANK OWNDE HOMES

The Balance of this report will look at some of the same numbers but exclude all real estate sales that were not REO bank owned homes in San Jacinto, CA.

Of the 46 of the Closed REO Transactions, 20 of them or 43.48% were paid for with CASH money at an average of 104.37% of the List Price which averaged a List Price of $88,193 and a SOLD Price of $92,049. 

These CASH REO Transactions closed Escrow in only 22 days, on average after spending only an average of 22.5 days on the market before going into escrow.

Conventional Financing of the 8 transactions represented 17.39% of all REO Sales for an average of 105.44% of the List Price, with average list price of $124,781 and a SOLD Price of $131,575.

San Jacinto CA real estate that was purchased with Conventional financing was on the market in the MLS for an average of 44 days and took 61 days to close escrow.

Buyers of San Jacinto, CA real estate who relied of FHA loans ended up paying the highest percentage over List Price than any other buyer of bank owned homes paying, on average, 110.8% of the list price, which averaged $115,381 with a Sold Price of $127,838.

The FHA Financed homes were only on the market (DOM) an average of 30.4 days and took an average of 56 days to close escrow.

WHAT DOES THIS MEAN?

The market has been such a difficult place to pinpoint overall trends which is why it has become critical to look at very narrow segments of the market, as they apply to each individual situation.

The first conclusion I make is that although the best deals are found with Cash - it is no longer the norm for a buyer with Cash to expect to receive a significant discount when purchasing San Jacinto real estate.