Wednesday, September 3, 2008

Santa Maria Home Sales Are Still Hot!

CORT has reported 148 properties transferring in the Santa Maria area in July. Once again that is a very good number. Historically, that certainly beats the numbers posted in July for the last couple years.

Many of the sellers again are banks and that is more terrific news. As the inventories of foreclosed properties continue to be sold off there will be less of those properties competing with other home sellers.

The lenders that appear to be active in this area selling off their properties are Bank of New York, HSBC Bank, Indymac, US Bank Nat Assoc, Wachovia, Washington Mutual, Wells Fargo, and the big winner with 22 properties sold was Deutsche Bank.

There were a couple of properties that sold for over 1 million, and a handful of properties that actually sold for less than $100,000. The median price was right around $250,000. I have to think buying a home in the Santa Maria area for that price is a bargain.

The conforming loan products that are out there as well as the lower price point are what is fueling this recovery. Personally, I'm glad to see it. This area got hit very hard, and it isn't completely over yet, but it does appear that the prices aren't going any lower.

No comments: