I attended a foreclosed home property auction hosted by Hudson & Marshall in Ventura last evening. Fortunately, my client was successful in his bid so it was worth the trip down for both of us. He was also able to save about $80,000 off the list price of the property. It was an exciting event and we were both still on a high while we waited with the other winners to sign contracts. All the winning bids are subject to investor/bank approval which will take about 5-7 days to obtain, so we will know if the deal will stick in about a week.
Wondering what the market for home and condo foreclosures is like in Nipomo? Here is your market snap shot answer:
List of Nipomo Homes and Condos $100,000 – $200,000
List of Nipomo Homes and Condos $200,000 – $300,000
List of Nipomo Homes and Condos $300,000 – $400,000
List of Nipomo Homes and Condos $400,000 – $500,000
Nipomo, California foreclosure activity: There are 189 active and pending homes and condos in Nipomo. Of those 189 properties, 16 are foreclosures (8%) and 34 are short sales (17.9%). Looking back six months, there have been 122 sales in Nipomo with an average listing price of $440,781 and an average selling price of $429,203, so sellers are getting about 97.3% of their asking prices in Nipomo indicating that there is some bargaining room for buyers in the Nipomo real estate market. Average days on market were a little over three months, at 108 days with $220 per square foot paid.
Of the 122 property sales in the past six months, 24 were foreclosures (16.2%) and 16 were short sales (10.8%). So, about one quarter of the sold homes and condos in Nipomo were either a foreclosure or a distress sale. Looking at sold foreclosures, the average selling price for foreclosures at $321,268 and $191 per square foot paid with 40 days on the market in much lower than the averages for Nipomo overall. It does appear that the majority of the foreclosure activity in Nipomo at this time is at the lower end of the market. Bank owned properties are selling for 98.7% of their asking prices; short sales are selling for a significantly higher average of $392,312 with 172 days on market at $207 per square foot paid, and they are also selling for about 98.9% of their asking prices.
Wondering how to get the most for your home in a foreclosure driven market? Already tried to sell your home and failed? Call Mint Properties today for a consultation to get your home sold today. (805) 878-9879. If you are searching for foreclosures in the central coast area, feel free to search on my websites:www.iLovetheCentralCoast.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.