Number of Properties for Sale in Santa Maria, CA in 2009.The average price for a home in Santa Maria and Orcutt edged up only slightly from $250,000 in December 2008 to $252,000 in December 2009, reflecting the fact that the market appears to be stabilizing. Also, the average price for condos has gone up significantly from $120,000 to $168,500. A large influx of foreclosed homes has been predicted since March 2009, but they have not appeared in the marketplace. The number of homes for sale has continued to march downward as depicted by the graph above. There just still aren’t enough homes on the market in Santa Maria and Orcutt.
From December 2008, the number of homes for sale is down 56%, from 865 to 384 properties offered for sale. Keep in mind that we still had bidding wars in 2008. Average days on market is also down from 85 to 47. Overall, due to interest rates and the first time home buyer credit, it is an excellent time to buy. Our local market in Santa Maria and Orcutt is competitive though and buyers should be prepared for a bit of hurry up and wait to find the perfect home. If you are interested in buying or selling and need a Realtor in Santa Maria, call me today at (805) 878-9879. I will be happy to provide even more information to you about the Santa Maria and Orcutt market at our initial consultation.
*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.
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
