Today I’d like to share a comparison between closed sales in the Santa Maria/Orcutt market during the first six months of 2010 vs. 2011.

January 01, 2010 through June 30, 2010: 550 Total Sales.

Average List Price: $251,212.  Price/Sq. Ft., List Price: $153.

Average Sale Price: $249,410. Price/Sq. Ft., Sale Price: $152.  Average Days on Market: 83.   99% List-to-Sale Ratio.

Of the total 550 sales, approximately 64% (349) were distressed sales (short sales, REOs, HUD) and 36% (201) were traditional sales.

January 01, 2011 through June 30, 2011: 515 Total Sales.

Average List Price: $241,884.   Price/Sq. Ft., List Price: $142.

Average Sale Price: $235,582.  Price/Sq. Ft., Sale Price: $139.  Average Days on Market: 103.  97% List-to-Sale Ratio.

Of the total 515 sales, approximately 67% (342) were distressed sales (short salesl, REOs, HUD) and 33% (173) were traditional sales.

Considering the first-time home buyer tax credit of last year, which created a surge in home purchases in the first half of the year — a decrease in sales of 6% is not that devastating.   Sale prices declined 6% as well.

Current inventory of homes (single family, condos and PUDs) in the Santa Maria/Orcutt market area, as of 07/15/11, is 331 Active Listings.  Of those, 142 are traditional sales (43%) and 189 are distressed (57%).  The Average List Price is $288,312 and the Average Days on Market is 129.  There are currently 146 Pending Sales (under contract in escrow), and an additional whopping 161 Contingent Short Sales!  That status reflects listings that are awaiting bank approval of the short sale before the contract can go to escrow and close.

An interesting side note regarding the short sale listings: there are 5 of the 161 that are still waiting for approval from 2010, with the oldest one dating to 10/05/2010 — over 9 months!!  And they are called “short” sales??  That buyer must be extremely patient, and very willing to wait for that specific home!

If you have any questions about our market, or short sales, please give me a call at 937-5777 — I’m always happy to help!

*Source: Central Coast Regional Multiple Listing Service