Focus On South Vandendberg Village

Continuing with my ongoing series of posts about market conditions in various geographical areas within our market, I'm moving on to South Vandenberg Village this week. What we're talking about here are houses in Vandenberg Village on the south side of the highway, not including condos or the newer homes at Providence Landing (those get covered elsewhere).

In the last couple of South Village posts I had noted that there was next to nothing on the market in the area. That hasn't changed. We have two - yes, you read that right, two - houses on the market as I write this. One is an REO, and the other is a seriously overpriced house with a relocation company. This area isn't inventory-thin, it's inventory-anorexic. We don't have any contingent sales here at the moment.

We do have 4 pending units on the market right now. Three of them are REO's and the other one is a traditional seller. Interestingly, the three REO's took a while to get into escrow - on average about 50 days. That's a lot longer than our market average, especially for an REO. But the traditional seller was in escrow in 8 days.

We've only had one sale up there in the past three months. That one was a short sale. It was a nice unit on a perimeter lot with some views, and it got a little more than I might have thought, which is probably a good sign for the neighborhood. If we had a little more data, I'd have a stronger opinion about price trends here, but on the whole, I think that it's probably been stable, and possibly appreciating a little bit.