Focus On Central Lompoc

We're back to covering an area this week, moving up the map to the central part of Lompoc. For some background on the area and a description of the properties here, you can check out my first post on the area from last year.

Despite the trend to a somewhat higher level of inventory market-wide in recent months, it appears that we are in a little bit of a decreased inventory level here since the last time I reported on the area back in May. We have 18 active listings on the market this afternoon (5 REO/7 Short Sale/6 traditional).

Sales activity has been fairly solid with 8 contingent sales (2 REO/6 SS) and 14 pending sales (8 REO/2 SS/4 Trad). We've had 29 sold units in the past three months (12 REO/4 SS/13 Trad). Looking at all of these numbers, it appears that we're seeing a little bit higher percentage of distressed sales - especially REO's - than the market as a whole.

The good news here is that a higher level of distressed sale activity doesn't appear to be hurting values too badly. This is probably our highest volume area that I cover, so I can put a little more faith in the numbers than for most of our other areas. When I filter out everything here except for the 1960ish tract homes, the prices over the past three months appear to be up a little from the previous three month period. The median has edged up by about 2% and the price per square foot is up about 5%. These are encouraging numbers.

Come back next week for an update on overall REO activity in our market. Always good times.