Finished up with clients and personal stuff for the day. Spent the last few minutes looking at the stats and thought is was time to share again.
As of this posting in our lovely Santa Clarita Valley we have 1222 active properties available for sale. Yes, that includes Single Family Dwellings, Condos and Townhouses. From Acton to Stevenson Ranch and Newhall in the south up to Castaic in the north.
Of those, and I make no guarantees regarding the listing agent input in our MLS, 539 are Short-Sales, or in some point of Pre-Foreclosure. 151 are REO's, Real Estate Owned by banks or investors. Presuming the remaining are standard sellers. Sounds pretty familiar doesn't it? Yes, about 60% is still bank involved.
We have 831 properties under contract, 831! Meaning a buyer and seller have come to negotiated terms of purchase. Of course....there are seller and buyer contingencies. Right now, the most common being the approval of terms by the Short-Sale lender. So, it makes sense that 491 of those are SS, and only 147 are of the REO type.
Wonder what the number of properties that sold in the month of March, 2011 was? 275. Yep, 275. That would mean we have about four and a half month inventory. That's nice. Of those 275, 77 were REO's and 94 were SS's. Hmmm.......what's that mean?
Well, this is the proof in the pudding. The DOM, Days On Market is important here. The average was 156 days on market. An average of just over 5 months to close a purchase on a SS. The longest was 557. Sheesh. I've avoided that but by the grace of god as they say!
So, while yet again, we would consider this to be a healthy inventory market. And, only 123 properties were taken off the market in that month of March. It still requires dedication and patience to make a house a home in 2011.
But, some of us are doing it And, with interest rates still low, it's best to keep that patience and hold onto that dedication. You will have a home......but I certainly can't say sooner than later at this point in history.
1 comment:
Thanks for your update Lauren! I did close a short sale in March and although we did not negotiate for 500 plus days, my negotiator battled with ING for 15 months. To date they are the worst lender/servicer that I have had to deal with. Who do you think is the best & worst lender/servicer to work with?
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