The first half of 2010 has been pretty dramatic with the $8000 federal tax credit extension and the introduction of the $10,000 California new home and first time home buyer credit. Buyers were on a roller coaster with the first two months having moderate activity, then a blaze of activity in March and April followed by low activity in May and June. Overall sales for the 6 month period were high with 123 properties being sold in the Nipomo area.
The average selling price in Nipomo for homes, PUDs and condos was $435,478 with 105 days on market and $219 per square foot paid. Looking at just single family homes during this same time period, the average was higher at $449,750 with 106 days on market and $224 per square foot paid. Average price for condos was $263,163 with 101 days on market and an average of $189 per square foot paid. Overall, sellers are receiving 97.8% of their asking price, and foreclosure sellers in Nipomo are receiving slightly over asking on average.
Taking a look at just the bank owned property (REO) market during this same time frame, you see a much lower average at $348,819, from the 27 foreclosure properties sold with $199 per square foot paid and only 36 days on market (about one third the average days on market). So, buyer’s perceptions that foreclosures offer better bargains are correct. Overall, REOs are selling for about 19% or about $76,659 less in the Nipomo real estate market.
Importantly, the average list price for REOs was $346,298 and the average selling price was $348,819 indicating that it is still routine for buyers to bid over list price for a foreclosure. The 19 short sales during this period are slightly lower with $340,417 being the average selling price with 136 days on market and $188 per square foot paid. So, short sales do offer significant bargains in the Nipomo real estate market.
If you are interested in buying or selling a home in the Nipomo market, please contact my office at (805) 938-9950 and set up an appointment. I handle first time buyers, short sales, and foreclosure purchases. If you are searching for foreclosures in the central coast area, feel free to search on my websites: www.iLoveNipomo.com and www.CentralCoastRealEstateSearch.com
Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.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.