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Foreclosures a Big Part of SLO Market in 2009

REOs (Bank-owned) and Short Sale Homes continue to affect the San Luis Obispo County real estate market.

In 2009, here’s the breakdown of foreclosure vs. non-distressed home sales for SLO County (out of a total of 2194 homes sold):

60.39% – Non-distressed Home Sales
27.76% – REO Sales
11.85% – Short Sales

The chart below shows the number of REO home sales per month in 2009. There’s no sign that REOs are going away as we saw an upturn in REO sales in the last quarter of 2009. While SLO County has a smaller percentage than most other ares in California, they still impact the prices of neighborhoods.

(click charts/tables for larger views)

The majority of REO home sales are at the lower-end of the pricing scale. The median home price for REO sales in SLO County for 2009 was $310,000. The median home price for Short Sales was $341,000 and for non-distressed homes it was $472,250.

As for what cities in SLO County had the most REOs, the table below shows that the majority of sales were in the North County.

And for those of you that really want to see the price range breakdown of REOs sold…here ya go!

If you compare the Days On Market (DOM) for REOs with the DOM chart for all home sales I blogged about yesterday, you’ll see that most REOs don’t stay on the market that long.

The table below further shows this (click on it to get a larger one you can read). It shows that almost half of REOs sold went in the first 30 days of coming on the market and the average list price was higher than what it was listed at (the Avg is the percentage of the last list price the home was at before it went Pending Sale).

Written by Keith Byrd - Go to Keith's Website/Profile