2012 Santa Maria CA Mid-Year Condo Real Estate Market Update
Looking at the first half of 2011 versus 2012, more condos were sold in 2012, in fact the increase is substantial — a one third increase. It could be that the decrease in average list prices 17%, and the corresponding decrease in average sales prices 16.8%, knocked some buyers off the fence. Sellers are getting 97.4% of their list price, so although prices have gone down, it appears most sellers are getting the prices they are asking. Of course, I believe the difficulty of financing condos has contributed to some of the decline in condo pricing. FHA guidelines have made purchasing in many condo developments difficult, and although other financing avenues do exist, much of the condo inventory has been selling to cash buyers for the sake of expediency.
Days on market tightened to 87 days, and of course, days waiting for short sale approval are included in that figure, so it is a bit skewed. The number of foreclosures sold jumped 80%, and the number of short sales also increased 40%. So previously 69% of the condos sold could be categorized as distressed sales in 2011, and that figure jumped to 85% in 2012 — so the decrease in average prices could also be attributed to that decrease in price as well. Either way, clearly this is a market that continues to be be dominated by distress sales.
If you are considering selling your Santa Maria CA condo 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 condo in Santa Maria CA, I will be happy to assist you and provide a list of available condos in Santa Maria CA and the surrounding area.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent, Certified HAFA Specialist (CHS), and Certified Distressed Property Expert (CDPE) and Short Sale and Foreclosure Resource Agent (SFR) serving Santa Maria, Orcutt, Lompoc, Nipomo, and Arroyo Grande on the Central Coast of California.
* Condos & PUDs. Zip codes 93454 & 93458. Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor 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 real estate market. School district boundaries are subject to change and must be verified with the appropriate authority. Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice and is for information purposes only. Information deemed reliable but not verified or guaranteed by broker. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright © 2012 Tni LeBlanc *2012 Santa Maria CA Mid-Year Condos Real Estate Market Update*
