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San Lorenzo Short Sale Update, Housing Stats for November 2012

San Lorenzo short sale and other real estate stats are in for November, 2012. In November of 2011, there were 48 active listings in San Lorenzo. If we look, fast forward one year to November of 2012, there were only eight active listings. So we went from 48 active listings, and one year later only eight active listings, a huge change. That’s pretty indicative of what we’re seeing in the East Bay right now. Not a lot of properties on the market for sale. When they do come on the market, we’re getting multiple offers, a lot of times above asking price, and we’re seeing inventories continue to go down a little bit. The number of properties sold in November of 2011 was 17 versus the number of properties sold in November of 2012 was 19, so a couple more properties sold in November of 2012. These stats include San Lorenzo short sale properties and other types of sales, including REO and equity sales.

The month’s supply, which basically means if we stopped having new listings come on the market, how long would it take to exhaust all the inventory and get those off the books? In November of 2011, it was 1.6 months of inventory. November of 2012, not even one month, 0.4 months. So, just a couple weeks it would take to get everything off the market if there were no new listings. The median sale price, $245,000 in November of 2011, up just a couple thousand dollars to $248,000 in November of 2012. Average days on the market is 99 days and, again, a lot of those properties in San Lorenzo are short sales. So we’re seeing a lot of those properties still take a long time to be able to close. So the average days on market is a little bit longer there than we were seeing quite a few years back. So if you have any questions on San Lorenzo short sale properties, regular sales, bank owned properties, anything like that, contact us.

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San Lorenzo Short Sale Update | Housing Stats for November 2012

San Lorenzo Short Sale Update | Housing Stats for November 2012

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