The Santa Maria market is definitely experiencing a shift. Inventory is low in Santa Maria, Orcutt and Lompoc and the banks aren't releasing the REO properties. January sales for Santa Maria valley were 95 with 30 of those being REO properties.
The Lompoc market in January saw 40 sales with 21 of those being REO properties.
The entire Santa Barbara county is seeing a shift in the number of Notice of Trustee Sale filings. February 2010 had 186 Notice of Trustees Sale (NOTS) filed compared to February 2009 of 105 filings for the entire Santa Barbara county.
Notice of Default (NOD) filings for county in February 2010 were 240 compared to February 2009 of 334 filings.
Short Sales are the main transactions these days and I anticipate short sales increasing in the coming months and well into 2011.
Feel free to contact me with any questions you may have.
Cheryl Tolan 805.614.2608
Fidelity Title & Escrow