29 Jan 2010

2009 Orcutt CA Real Estate & Foreclosure Market Update

Posted by tnileblanc

Entrance of Elkhorn Estates in Orcutt, CA

There were a total of 509 homes and condos sold in 2009 in the Orcutt area. Included in these figures are homes in the 93455 zip code which includes some homes and condos in Santa Maria that are south of Betteravia. 439 of the sales were single family homes and 70 were condos/PUDs. The average list price was $339,181, and the average sales price was $332,989 at $182 per square foot with 73 days on market. For condos and PUDs, the average list price was $185,185, and average sales price was $179,203 at $132 per square foot with 89 days on the market. Short sales are skewing the days on market information as they do not accurately portray the speed of the current market, or the bidding wars that buyers are experiencing. In the Orcutt area, the least expensive home sale was a 3 bedroom, 2 bath home on Telephone Road which sold for $189,000 at auction. I represented the buyer in purchasing this home. The most expensive was a 4000 sq. ft. Tuscan style home built in 2006 in Lake Marie Estates which sold for $865,000 on November 20, 2009.

There were 205 REO (foreclosure) sales in Orcutt in 2009, and 97 successfully closed short sales. So, approximately 59% percent of the sales in the 93455 zip code were foreclosures or pre-foreclosures. This percentage is slightly lower than when looking at the Santa Maria and Orcutt area overall where that figure is 73%. Looking at just the foreclosure inventory in Orcutt, the average foreclosure sales price was $ 261,962 at $160 per square feet with 41 days on market. So, much of the foreclosure activity in Orcutt in 2009 was at the lower end of the price range. Short sales closed at a slightly higher price in the Orcutt area. The average sale price for short sales was $285,223 at $162 per square foot with 166 days on market.

If you are interested in buying or selling property in the Orcutt area, feel free to search for properties on my website www.iLoveOrcutt.com, or give me a call and set up a buyer consultation today to take advantage of low interest rates and the first time buyer tax credit which expires on April 30, 2010. I can be reached at (805) 878-9879.

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveOrcutt.com
www.SellMyOrcuttHome.com
www.BuySantaMariaForeclosures.com

*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.

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