There were a total of 400 homes sold in the Lompoc and Vandenberg Village areas in 2008. 346 were detached dwellings, and 54 were attached residences. Of the 400 sold, 226 were REOs (bank owned) and 31 were short sales. So, a total of 257 out of 400, or 64% were foreclosure related sales. Thus, the Lompoc market is thoroughly dominated by foreclosure activity; it is the primary force moving the market.
On average homes sold for $278,000 with 78 days on market. Average price for REOs was about $234,000 with 48 days on market. Closed short sale average was about $286,000 with 112 days on market. So, short sales stay on the market over twice the amount of time as REOs, and this reflects the additional time needed to obtain lender consent to the sale.
Currently, there are 128 active listing with an average asking price of about $315,000 and 152 days on market, 64 of those listings are short sales, and 23 are REOs. In Vandenberg Village, there are 28 active listings with an average asking price of approximately $396,000.
If you would like a list of forelcosure properties in the Lompoc or Vandenberg Village area, just send me an email at tni@MintProp.com, or search the MLS on my sites: www.iLoveLompoc.com, www.VAFBRealEstateSearch.com, or a map based search at www.BuyCentralCoastForeclosures.com. If you are ready to jump into the market, give me a buzz at (805) 878-9879 and I’ll set up a personalized tour of Lompoc CA and Vandenberg Village CA properties. Those interested in selling can send me a request at www.SellMyLompocHome.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 & Lompoc Valley 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.