Focus On South Side Lompoc

Let's take a look at activity on Lompoc's South Side. I did a post on this area back in April, so check that out for a definition of this area, and a description of the homes here.

The South Side has been a pretty active area in recent months. As of this evening, we have 7 active and 4 contingent listings in this area. REO's currently have a somewhat disproportionate share of the active listings. 4 of the 7 active listings are REO's, one is a short sale, and 3 are traditional sellers. Of the 4 contingent listings, 2 each are REO's and short sales. We only have 3 pending sales here at the moment (probably soon to change with at least a couple of the contingent listings). 2 of the pending listings are REO's and the other is a traditional seller.

We've had more sales in this area over the past few months than you might expect from what has been a slower quarter for sold units in our market as a whole. We've had 12 sold units here over the past three months. To put that in perspective, we had only 7 sales here in the previous three months, which was a more active time in the overall market. Of the 12 sales in the past three months, 8 were REO's. That's a bit more than the market average, but not enough to call it a significant difference. Two were short sales, and the other two were traditional sellers.

In looking at what sold over the past few months in this area, it sure looks like we've had a lot of really rough homes selling for cheap. There was one that sold for $100,000 that was badly in need of a heck of a lot of work, to include some foundation repair. Because we've had so many of these types of sales recently, and we had so few data points in the previous period, it's hard to get a read on values in the area. I think that the trend continues to be pretty flat, and probably will remain so with the rest of our market.

There probably won't be a Focus On post next week. We're heading out for a road trip adventure - Diane & I haven't really traveled for pleasure in what feels like a really long time, so we're due for a break. I'll probably still get out a Monday Morning post, but I may have to sneak it in while the boss is in the shower...