The first half of 2010 has been pretty dramatic with the $8000 federal tax credit extension and the introduction of the $10,000 California new home and first time home buyer credit. Buyers were on a roller coaster with the first two months having moderate activity, then a blaze of activity in March and April followed by low activity in May and June. Overall sales for the 6 month period were high with 123 properties being sold in the Nipomo area.
The average selling price in Nipomo for homes, PUDs and condos was $435,478 with 105 days on market and $219 per square foot paid. Looking at just single family homes during this same time period, the average was higher at $449,750 with 106 days on market and $224 per square foot paid. Average price for condos was $263,163 with 101 days on market and an average of $189 per square foot paid. Overall, sellers are receiving 97.8% of their asking price, and foreclosure sellers in Nipomo are receiving slightly over asking on average.
Taking a look at just the bank owned property (REO) market during this same time frame, you see a much lower average at $348,819, from the 27 foreclosure properties sold with $199 per square foot paid and only 36 days on market (about one third the average days on market). So, buyer’s perceptions that foreclosures offer better bargains are correct. Overall, REOs are selling for about 19% or about $76,659 less in the Nipomo real estate market.
Importantly, the average list price for REOs was $346,298 and the average selling price was $348,819 indicating that it is still routine for buyers to bid over list price for a foreclosure. The 19 short sales during this period are slightly lower with $340,417 being the average selling price with 136 days on market and $188 per square foot paid. So, short sales do offer significant bargains in the Nipomo real estate market.
If you are interested in buying or selling a home in the Nipomo market, please contact my office at (805) 938-9950 and set up an appointment. I handle first time buyers, short sales, and foreclosure purchases. If you are searching for foreclosures in the central coast area, feel free to search on my websites: www.iLoveNipomo.com and www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
Arroyo Grande, California foreclosure activity: There are 233 active and pending homes and condos in the city of Arroyo Grande. Of those 233 properties, 28 homes are foreclosures (12%) and 45 are short sales (19.3%). Looking back six months, there have been 153 sales in Arroyo Grande with an average listing price of $559, 854 and an average selling price of $534,838, so sellers are getting about 95.5% of their asking prices in Arroyo Grande indicating that there is some bargaining room for buyers in the Arroyo Grande market.
The California Association of Realtors has announced the creation of a Mortgage Protection Plan for first time home buyers. This program was developed to give first time buyers some incentive to buy homes in an uncertain economy. Although buyers don't seem as if they need any further incentive to buy right now, with bidding wars and multiple offers the usual situation in the Santa Maria and Lompoc markets, when this program was conceived buyers were very hesitant to enter the housing market.
If you are considering selling your Arroyo Grande home and you would like a comparative market analysis, feel free to contact my office at (805) 938-9950 and set up an appointment. I specialize in short sales and distress sales. If you are interested in buying a home in Arroyo Grande, I will be happy to assist you and provide a list of available homes in Arroyo Grande and the surrounding area.
