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2010 Snapshot – Orcutt Foreclosure Market Update

September 27, 2010

Wondering what the market for home and condo foreclosures is like in Orcutt California?  Here is your market snap shot answer:

 

Las Brisas Community in Orcutt CA

There are 295 active and pending homes and condos in the Orcutt zip code of 93455.  Of those 295 properties, 41 homes are foreclosures (13.8%) and 113 are short sales (38.3%).  So currently, over 50% of the Orcutt market is either a bank owned property or a short sale.  Average asking price overall was $337,392, asking prices for foreclosures was significantly lower at $256,678, and for short sales it was $269,678.  Looking back six months, there have been 233 sales in Orcutt with an average listing price of $308,966 and an average selling price of $302,707.  So sellers are getting about 97.9% of their asking prices in Orcutt indicating that there is some (but not a lot of) bargaining room for buyers in the Orcutt market.   Average days on market were just shy of three months at 80 days and an average of $173 per square foot paid by buyers. 

Of the 233 property sales in the past six months, 70 were bank owned properties (17.1%) and 55 were short sales (23.6%).   So, 40% of the sold homes and condos in the Orcutt 93455 zip code were either a foreclosure or a distress sale.  Looking at current listings, the average asking price ($337,392) is about 10% higher than the asking prices of homes that actually sold in Orcutt in the last 6 months ($308,966), which indicates either that buyer appetite is in the lower end of the market, or that they are simply ignoring higher priced listings. 

The days on market for Orcutt foreclosures was much shorter at 45 days than the overall average of 80 days, and predictably short than the short sale average of a stunning 184 days.  Selling prices for foreclosures ($251,725) are also much lower than the overall averages ($302,707) and short sales ($290,014), indicating that the best deals in Orcutt right now are in the foreclosure market.  Across all categories sellers are getting about 98% of their asking price, also indicating that homes much be priced competitively in order to sell. 

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.iLoveOrcutt.com and www.SantaMariaRealEstateSearch.com

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.MintProperties.net
www.iLoveOrcutt.com
www.SantaMariaCAHomes.com
www.SantaMariaRealEstateSearch.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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