March 2011 Real Estate Market Update


• As of March 15, 14 properties have closed (7 were below $1m, 6 were between $1m and $2m and 1 was $3.9m in North Laguna.

• It’s interesting to note that the closed sales between $1m and $2m were on the market for 10 months and sold at 20% less than the original listing price: 1 closed was a short sale and 1 was a foreclosure.

• There is fairly strong sales activity with 17 homes going into escrow thus far: 9 are below $1m, 5 are between $1m and $2m, and 3 are above $2m.

• The number of listings “for sale” is staying the same at 299 properties. 146 are over $2m.

• There are 5 properties in foreclosure for sale which is down from 13 over the last few months.

• There are 27 short sale listings, which is trending down a little.

• 27 properties had price decreases month to date, which is trending up a bit.

Information, courtesy of Sean McCracken, agent with Surterre Properties. Data captured March 15, 2011.; phone 949.290.5317.