San Jacinto, CA MARKET REPORT: SOLDS | 10/1/2009 - 10/31/2009 | VIDEO

By
Real Estate Agent with Mason Real Estate CA BRE 01444168

Once again it is time to take a look at the Closed Sales for San Jacinto, CA.  For this report, I'll be looking at the entire month of October, 2009.  My objective is to not only provide the typical numbers that can be found almost anywhere, but to once again break them down into the very critical subcategories of Sale Type and then again by Type of Financing.  In other words I'll be looking at REO Sales independently of Short Sales and FHA Loans differently than Cash Sales.

In addition to the Bedroom count, Bathroom count and the Living Space Square Footage I like to take it a step further and analyze the List Price to Sold Price ratio; not only will we look at the Days on Market (DOM) I will also present data that shows how long the typical escrow takes to close for each of these categories.

The BEST part of this report is I am not going to bore you with just a lot of facts and figures.  This month I'll be streamlining the report and share with you a series of fast passed video that actually let you visualize they types of homes found ion each sub-category.

BEFORE WE LOOK AT SOLD - LETS LOOK AT WHATS ACTIVE


Active Listings - 11/21/2009

192

 

REO Listings

51

26.60%

SHORT SALE Listings

115

59.90%

STANDARD SALE Listings

26

13.50%

 

 

 

REO AVG DOM

39

 

SHORT SALE AVG DOM

135

 

STANDARD SALE AVD DOM

88

 

 

 

 

REO AVG LIST PRICE

$135,449

 

SHORT SALE AVG LIST PRICE

$131,688

 

STANDARD SALE AVG LIST PRICE

$169,303

 

 

 

 

REO AVG SQ FT

1,937

 

SHORT SALE AVG SQ FT

2,043

 

STANDARD SALE AVG SQ FT

2,104

 



So, lets get started...

  

            100% of TOTAL TRANSACTIONS

TOTAL PROPERTIES SOLD:

125

 

Average Square Foot:

2,272.50

 

Average Number of Bedrooms:

4

 

Average Number of Bathrooms:

2.47

 

Average Year Built:

1999

 

Average Lot Size (Sq Ft):

8,436.32

 

Average List Price (LP)

$144,218.99

 

Average Sold Price (SP)

$145,957.41

 

Average LP/SP Ratio:

101.21%

 

Average Days In Escrow (DIE):

48.83

 

Average Days on Market (DOM)

50.14

 

Average Number of Pictures per Listing:

7.44

 

Number of Cash Sales:

38

30.40%

Number of Conventional Loan Sales:

26

20.80%

Number of FHA Loan Sales

54

43.20%

Number of VA/CalVet Loan Sales:

7

5.60%



            REO 68% of TOTAL TRANSACTIONS

TOTAL PROPERTIES SOLD:

85

 

Average Square Foot:

2,274

 

Average Number of Bedrooms:

4.06

 

Average Number of Bathrooms:

2.27

 

Average Year Built:

1999

 

Average Lot Size (Sq Ft):

8,178.62

 

Average List Price (LP)

$132.131.58

 

Average Sold Price (SP)

$139,162.07

 

Average LP/SP Ratio:

105.32%

 

Average Days In Escrow (DIE):

42.42

 

Average Days on Market (DOM)

30.82

 

Average Number of Pictures per Listing:

7.55

 

Number of Cash Sales:

25

29.41%

Number of Conventional Loan Sales:

14

16.47%

Number of FHA Loan Sales

42

49.41%

Number of VA/CalVet Loan Sales:

4

4.71%



            SHORT SALES 19.2% of TOTAL TRANSACTIONS

TOTAL PROPERTIES SOLD:

24

 

Average Square Foot:

2,359

 

Average Number of Bedrooms:

4.04

 

Average Number of Bathrooms:

2.54

 

Average Year Built:

2000

 

Average Lot Size (Sq Ft):

8,221.63

 

Average List Price (LP)

$154,654.17

 

Average Sold Price (SP)

$156,708.33

 

Average LP/SP Ratio:

101.33%

 

Average Days In Escrow (DIE):

74.04

 

Average Days on Market (DOM)

130

 

Average Number of Pictures per Listing:

6.33

 

Number of Cash Sales:

8

33.33%

Number of Conventional Loan Sales:

4

16.66%

Number of FHA Loan Sales

10

41.66%

Number of VA/CalVet Loan Sales:

2

8.33%



STANDARD SALES 12.8% of TOTAL TRANSACTIONS

TOTAL PROPERTIES SOLD:

16

 

Average Square Foot:

2,153.13

 

Average Number of Bedrooms:

3.63

 

Average Number of Bathrooms:

2.38

 

Average Year Built:

1998

 

Average Lot Size (Sq Ft):

10,127.38

 

Average List Price (LP)

$192,780.63

 

Average Sold Price (SP)

$165,931

 

Average LP/SP Ratio:

86.07%

 

Average Days In Escrow (DIE):

45.06

 

Average Days on Market (DOM)

33.25

 

Average Number of Pictures per Listing:

8.5

 

Number of Cash Sales:

5

31.25%

Number of Conventional Loan Sales:

8

50%

Number of FHA Loan Sales

2

12.50%

Number of VA/CalVet Loan Sales:

1

6.25%



THE BIG BREAKDOWN

In this Section, I am going to go ahead and take a closer look at each SALE TYPE and look closer at the Financing to spot specific trends that will help in organizing an offer

This is where you can look at the numbers that are specific to you.  Say you are a cash buyer and you want to know where you are going to get the best deal for your money.  First look under each sale type - starting with REO, Then SHORT SALE followed by STANDARD SALE.  Find the CASH Section for each type.

You'll find that the AVERAGE Cash REO was listed at $119,002.20 and sold for 104.2% of the list price or $124,004.  Do your own math and divide the square feet (2,311.36) into the sale price and breaks down to $53.65 per sq ft.

Using the same formulas, you'll find that the AVERAGE CASH SHORT SALES sold for $86.44 per sq ft...despite the fact that the LP/SP Ratio was lower at 102.5%.  Meanwhile the STANDARD SALES appear to be the best deal as they closed escrow at only  69.74% of the price listed in the MLS - yet they still closed at a higher cost per square foot than CASH SALES, coming in at a higher $58.33 per sq ft.


REO SALES

These are the properties that have been foreclosed on by the bank and are now referred to as REO, or Real Estate Owned as they are bank owned.

By looking at the data above, you will realize that the REO Inventory only accounts for 26.6% of all ACTIVE Listings in the MLS (as of 11/21/09) yet for the Month of October the REO Sales accounted for 68% of all the residential real estate sold in San Jacinto, CA.

CASH SALES 29.41% of TOTAL REO TRANSACTIONS

TOTAL PROPERTIES SOLD:

25

29.41%

Average Square Foot:

2311.36

 

Average Number of Bedrooms:

3.96

 

Average Number of Bathrooms:

2.6

 

Average Year Built:

1995

 

Average Lot Size (Sq Ft):

8,119.16

 

Average List Price (LP)

$119,002.20

 

Average Sold Price (SP)

$124,004.00

 

Average LP/SP Ratio:

104.20%

 

Average Days In Escrow (DIE):

28.76

 

Average Days on Market (DOM)

24

 

Average Number of Pictures per Listing:

7.24

 

Here is a Short Video that Allows you to see a sampeling of the REO Homes that Sold For Cash in October, 2009:

 

CONVENTIONAL 16.47% of TOTAL REO TRANSACTIONS

TOTAL PROPERTIES SOLD:

14

16.47%

Average Square Foot:

21.21.93

 

Average Number of Bedrooms:

4

 

Average Number of Bathrooms:

2.5

 

Average Year Built:

2000

 

Average Lot Size (Sq Ft):

8,058.21

 

Average List Price (LP)

$132,082.07

 

Average Sold Price (SP)

$135,000.00

 

Average LP/SP Ratio:

102.21%

 

Average Days In Escrow (DIE):

41.36

 

Average Days on Market (DOM)

36.14

 

Average Number of Pictures per Listing:

6.71

 


FHA LOANS 49.41% of TOTAL REO TRANSACTIONS

TOTAL PROPERTIES SOLD:

42

49.41%

Average Square Foot:

2337.76

 

Average Number of Bedrooms:

4.19

 

Average Number of Bathrooms:

2.4

 

Average Year Built:

2002

 

Average Lot Size (Sq Ft):

8,411

 

Average List Price (LP)

$140,499.05

 

Average Sold Price (SP)

$149,444.67

 

Average LP/SP Ratio:

106.37%

 

Average Days In Escrow (DIE):

48.47

 

Average Days on Market (DOM)

33.86

 

Average Number of Pictures per Listing:

7.95

 

VA/CALVET LOANS 4.71% of TOTAL REO TRANSACTIONS

TOTAL PROPERTIES SOLD:

4

4.71%

Average Square Foot:

1,903.50

 

Average Number of Bedrooms:

3.5

 

Average Number of Bathrooms:

2.25

 

Average Year Built:

2001

 

Average Lot Size (Sq Ft):

6,533

 

Average List Price (LP)

$126,505

 

Average Sold Price (SP)

$140,500

 

Average LP/SP Ratio:

111.06%

 

Average Days In Escrow (DIE):

68

 

Average Days on Market (DOM)

23

 

Average Number of Pictures per Listing:

8.25

 

SHORT SALES

Short Sale Properties are those in the transition of foreclosure.  Foreclosure is a process that starts with the homeowner missing mortgage payments and being in default of their home loans.  The bank then files a "Notice of Default" (in California) as the first official step in the foreclosure process.

Short Sale Listings in the MLS more often than not are in the foreclosure process.  The homeowner has recognized that they cannot keep the home, for whatever reason and want to sell if for less than what is owed, requiring the banks permission. 

The Short Sale process is very time consuming, as there is no urgency on behalf of the bank until the end of the foreclosure process looms closer.

Short Sales traditionally have the longest days on market and the longest time in escrow, making it unlikely that the original buyer will be the one to actually close the escrow, especially if it is a buyer who wants to occupy the real estate as their primary residence.

The inventory levels in the MLS for sale vs. the SOLD Short Sales is almost a complete flip of what is taking place with the REOs.  Where the REOs only occupy 26.6% of the Active Inventory compared to the 59.9% of Short Sales in the MLS...Sold Short Sales only account for 19.2% of the total residential real estate transactions last month while the REOs were up to 68%.


CASH SALES 33.33% of TOTAL SHORT SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

8

33.33%

Average Square Foot:

1,966.75

 

Average Number of Bedrooms:

3.38

 

Average Number of Bathrooms:

2.38

 

Average Year Built:

1994

 

Average Lot Size (Sq Ft):

8,894

 

Average List Price (LP)

$165,850

 

Average Sold Price (SP)

$170,000

 

Average LP/SP Ratio:

102.50%

 

Average Days In Escrow (DIE):

79.88

 

Average Days on Market (DOM)

103.75

 

Average Number of Pictures per Listing:

3.13

 



Here is a short video I put together that shows what the Short Sale homes purchased with CASH look like:





CONVENTIONAL LOANS 16.66% of TOTAL SHORT SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

4

16.66%

Average Square Foot:

2,370.75

 

Average Number of Bedrooms:

4

 

Average Number of Bathrooms:

2.5

 

Average Year Built:

2002

 

Average Lot Size (Sq Ft):

7,296

 

Average List Price (LP)

$159,925

 

Average Sold Price (SP)

$152,000

 

Average LP/SP Ratio:

95.04%

 

Average Days In Escrow (DIE):

95

 

Average Days on Market (DOM)

172

 

Average Number of Pictures per Listing:

4.25

 



FHAL LOANS 41.66% of TOTAL SHORT SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

10

41.66%

Average Square Foot:

2,500.70

 

Average Number of Bedrooms:

4

 

Average Number of Bathrooms:

2.5

 

Average Year Built:

2003

 

Average Lot Size (Sq Ft):

8,232.40

 

Average List Price (LP)

$142,120

 

Average Sold Price (SP)

$145,700

 

Average LP/SP Ratio:

102.52%

 

Average Days In Escrow (DIE):

59.8

 

Average Days on Market (DOM)

119

 

Average Number of Pictures per Listing:

9.4

 



VA/CALVET LOANS 8.33% of TOTAL SHORT SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

2

8.33%

Average Square Foot:

3,193

 

Average Number of Bedrooms:

7

 

Average Number of Bathrooms:

3.5

 

Average Year Built:

2003

 

Average Lot Size (Sq Ft):

6,959.50

 

Average List Price (LP)

$162,000

 

Average Sold Price (SP)

$168,000

 

Average LP/SP Ratio:

103.70%

 

Average Days In Escrow (DIE):

80

 

Average Days on Market (DOM)

204

 

Average Number of Pictures per Listing:

8

 



STANDARD SALES

When we had a traditional market where homeowners would sell their current residence for a profit and then buy another home, nearly all of the real estate transactions were referred to as a "Standard Sale".  Today, they are the exception to the rule.

With 13.5% of the Active Listings and 12.8% of the Sold homes for sale, Standard Sales play an important part of our market but not significant.

When looking closer at the 10 Standard Sales that were recorded last month, I found two that were sold by seniors in 55+ communities.  This could be anything, from seniors wanting to relocate closer to family to becoming ill and moving into an assisted living facility.  Perhaps even death had something to do with it...as I said, it could be anything.

Several others were new construction that had been sitting on the shelf for a long time.  Othere were unclear of what motivated the sale or how the sale was actually structured.

Two more were obvious ‘flips' where an investor bought the property for a bargain price and then sold it for a profit to the end user.  In one instance, the buyer held onto the property for a few months and rehabbed the home that he bought for $81,000 and sold for $120,000.  Another was a ‘simultaneous double closing' where the investor purchased the home for sale for $118,000 and as he was closing escrow had another buyer closing on the same home - with zero improvements for $160,000.  This is the stuff that late night Infomercials were made for...but please realize this is the exception -1 out of 125 closed transactions - not impossible but unlikely


CASH SALES 31.25% of TOTAL STANDARD SALE TRANSACTIONS



Here is a quick video showcasing several of the homes that were listed in the MLS and Closed Escrow as a Standard Sale with Cash to purchase. all homes are located in San Jacinto, CA.



TOTAL PROPERTIES SOLD:

5

31.25%

Average Square Foot:

2,630.60

 

Average Number of Bedrooms:

4.6

 

Average Number of Bathrooms:

3.2

 

Average Year Built:

2004

 

Average Lot Size (Sq Ft):

6,359

 

Average List Price (LP)

$219,960

 

Average Sold Price (SP)

$153,400

 

Average LP/SP Ratio:

69.74%

 

Average Days In Escrow (DIE):

16.6

 

Average Days on Market (DOM)

15

 

Average Number of Pictures per Listing:

6

 

CONVENTIONAL LOANS 50% of TOTAL STANDARD SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

8

50%

Average Square Foot:

2,032.88

 

Average Number of Bedrooms:

3.25

 

Average Number of Bathrooms:

2

 

Average Year Built:

1997

 

Average Lot Size (Sq Ft):

14,048

 

Average List Price (LP)

$203,411.25

 

Average Sold Price (SP)

$194,500

 

Average LP/SP Ratio:

95.62%

 

Average Days In Escrow (DIE):

60.5

 

Average Days on Market (DOM)

38.25

 

Average Number of Pictures per Listing:

11.5

 

FHA LOANS 12.5% of TOTAL STANDARD SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

2

12.50%

Average Square Foot:

1,538.00

 

Average Number of Bedrooms:

3

 

Average Number of Bathrooms:

2

 

Average Year Built:

1995

 

Average Lot Size (Sq Ft):

5,663

 

Average List Price (LP)

$114,950

 

Average Sold Price (SP)

$106,450

 

Average LP/SP Ratio:

92.61%

 

Average Days In Escrow (DIE):

41.5

 

Average Days on Market (DOM)

48

 

Average Number of Pictures per Listing:

2.5

 

VA/CALVET LOANS 6.25% of TOTAL STANDARD SALE TRANSACTIONS

TOTAL PROPERTIES SOLD:

1

6.25%

Average Square Foot:

1,670

 

Average Number of Bedrooms:

3

 

Average Number of Bathrooms:

2

 

Average Year Built:

1984

 

Average Lot Size (Sq Ft):

6,534

 

Average List Price (LP)

$127,500

 

Average Sold Price (SP)

$119,000

 

Average LP/SP Ratio:

93.33%

 

Average Days In Escrow (DIE):

71

 

Average Days on Market (DOM)

53

 

Average Number of Pictures per Listing:

9

 

 

Posted by

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

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This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


I am proud to be a full time REALTOR® who is proud to be a contributing member of the ActiveRain community.

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