Focus On Central Lompoc

Moving up the map a little bit this week, let's take a look at the activity in the central part of Lompoc. For a definition of the area and a general description of the homes here, you can go back to take a look at the first post I did on the area several months ago.

We've had some very strong, and very stable activity in the area for several months. That may be changing a little in coming months, however. Our inventory is down almost half from the last time I looked at the area, with only 9 active listings (6 REO's, 1 short sale, and 2 traditional sellers). Even with our inventory having been declining, this is a surprisingly large drop. We have moved up in the number of contingent listings in the area, though, with 15 (4 REO/10 SS/1 Trad).

Sales activity has been pretty solid here recently. We have 13 pending units (11 REO/0 SS/2 Trad). Yes, that's right - zero pending short sales in the area, which has been one of the more active parts of our market. We've had 31 sales in the area over the past three months, dominated by REO activity (21 REO/4 SS/6 Trad). Comparing the past three months to the previous three months, it looks like the values in this area have been flat, just like we've been seeing in the broader market.

Considering that this area has a good share of our entry level homes - easily our most active market segment - it could be telling to see how it develops, and how it affects the overall market. We're already thin for inventory, and if Central Lompoc dries up, as it appears to be doing, it could make for some interesting market conditions.