The table below shows some interesting year-to-date sales versus current pending and active listings data for Eastern Contra Costa county. Agents, prospective buyers and the media are all reporting increases in home sales activity.
City/ Location | Sold Since 1/1/08 | Pending | Active Listings |
Antioch | 171 | 256 | 1171 |
Brentwood | 102 | 176 | 574 |
Concord | 170 | 162 | 749 |
Delta (DB, BI, Knightsen) | 43 | 40 | 226 |
Martinez | 52 | 49 | 199 |
Oakley | 63 | 92 | 364 |
Pittsburg/Baypoint | 79 | 152 | 764 |
Pleasant Hill | 34 | 31 | 148 |
Totals | 714 | 958 | 4145 |
REO/Foreclosures | 413 | 605 | 1285 |
Short Sales | 27 | 101 | 1124 |
High Pending Sales
The pending sales scheduled to close in the next 30-45 days in almost every area is equal or higher to their total closed sales in the first 3 months of 2008. In the far east county (Brentwood, Antioch, Delta and Pittsburg) the pending sales total almost 5 months of average sales for the first 3 months of 2008.
High Percentage of Bank Owned Properties
57% of all closed sales in 2008 and 63% of all pending sales are REO properties while only 31% of all active listings are bank owned properties. Bargain hunters & investors are buying well priced properties.
Short Sales Closures Low
The conversion of short sales to closed sales appears low. Only 6.5% of all closed sales in Eastern Contra Costa county are successfully negotiated short sales. 27% of all current listings are short sales. These number clearly reflect lenders inability to respond to and negotiate short sales solutions for their distressed borrowers. A majority of agents and many buyers are avoiding short sale listings. Some lenders and servicing companies have ceased all negotiations on short sales.