The year of 2009 ends with “Active” listings increasing for the first time in four months
from 103 to 107 units for single-family residences and condos on the market in Cambria
and San Simeon – one unit less than what was on the market as “Active” in October.
My figures are for single-family-residences and condos only – they do not include the
three mobile homes currently for sale.
CURRENTLY ACTIVE
Listing Price Range: $199,000 to $5,100,000
Median Price: $795,000
Average Days on Market: 202
Average Combined Days on Market: 234
Average Current Listing Price vs. Original Listing Prices: -8%
Number of Bank Owned (REO)/Short Sales Active Listings: 7
(Median Price $369,900).
There are currently three Short Sales that are Contingent.
CURRENT “ACTIVE” PRICE RANGE BREAKDOWN
<$500K | 26 |
$501-$700K | 21 |
$701K-$900K | 21 |
$901K-$1,000K | 7 |
$1,001K-1,300K | 11 |
$1,301K-$1,500K | 3 |
$1,501K-$2,000K | 3
|
$2,001K-$3,000K | 10 |
$3,001K + | 5 |
"ACTIVES" COMPARISON TO THE PREVIOUS MONTH
The Active Median Price remains at $795,000, for the fourth month in a row. The Average Days on Market increases from 193 to 202. The Average Combined Days on Market increases from 226 to 234. The Average Current Listing Price vs. Original Listing Price remains at -8%.
SOLD IN DECEMBER
The trend in December Sold prices remained at the lower and mid-priced home sales dominating the market. Sales ranged from $239,590 to $645,000. The Average Sales Price was $421,598.
Six homes Sold in December. Sold Prices ranged from $239,590 to $645,000. The Median Sales Price dramatically decreased from November’s $614,333 to $392,500. Average Sales Price vs. Listing rose from 91% to 97%.
PENDING IN DECEMBER
There were 12 homes in escrow at the end of December and the Median Price is $632,000 an increase from November’s $489,000. Pendings range in Listing Price from $369,000 to $1,279,000 and the Average Square Footage is up from November’s 1,811 to 2,016. There are also three Contingent Short Sales listed in addition to the 13 Pending.
MY BRIEF ON THE CURRENT MARKET AND IN TO 2010
End of Year 2009 Sales were UP 16% (+14 units) over 2008;
Average Sales price DOWN 22%;
Average Days on Market DOWN 26%;
Average Sales Price vs. Listing Price UP to 97%
The key numbers tell a lot: Sales up...Days on Market down...Sales Price vs. Listing Price up. And, probably more importantly...mortgage lenders are lending again! After all, the lenders can only make so much money holding Treasuries...they've been hoarding reserves waiting for the market to turn around and the price of their assets are starting to turn up. Since these are trending up and the risk-adjusted return on making loans is rising, they have begun to pursue more aggressive lending. Even Jumbo Loans are coming back!
Cambria and San Simeon sales also continue to trend up (even with the normal December drop). For the twelve months of 2009 our total for homes Sold exceeds last year by 14 units…and buyers are still getting good deals when comparing the Average Price per square foot with 2008. As I’ve mentioned the last seven months, I’m still seeing a continued stabilization in the numbers for 2009 through December – Sales UP – Average Days on Market DOWN – and a dramatic INCREASE of sellers getting a higher percentage of their Current Listing Price.
For the eighth month in a row, a very, very small percentage of those units coming on the
market appear to be “distressed” sales. As stated above, bank-owned (REO) listings continue to stay low. Add in Short Sales and the number only sits at seven properties. Even though interest rates have continued to gyrate, a historical perspective still shows that they are historic lows. This is a market for buyers to take the advantage! Even more importantly…is this the type of real estate market that two years from now everybody is going to be saying,
“I wish I had bought then.”
I think that for the Cambria, San Simeon, Cayucos and Morro Bay markets,
that's a good possibility.
Call me for details at (805) 909-1177.
Information is from the Central Coast Rapattoni Multiple Listing Service and is
deemed reliable but not verified or guaranteed. My comments are just that:
Comments of my own personal opinion!