During December 2009, Fourteen of the Twenty-One homes sold in the Valley Center, CA. 92082 zip code area, were either Foreclosures or Short Sales .
70-percent of the Valley Center housing market in December was “Distressed” sales. this trend is decreasing average sale prices and values, and leading to more short sales as owners are facing ARM and Option-ARM resets in the Spring of 2010.
Here’s a chart to show you a little more about the December 2009 sales statistics:
Notice the huge price spread….from $165,000 to $1,400,000…that caught my eye…those prices were unusually low, and high, respectively.
If you throw out those two outside points you still get the same median sale price, and the average is $440, 000.
How do Valley Center sales in December 2009 compare to other December sales?
- December 2008, Median price $382,000, Average price $450,000, number of homes sold 14
- December 2007, Median price $620,000, Average price $696,000, number of homes sold 6
- December 2006, Median price $705,000, Average price $677,000, number of homes sold 21
We’re really seeing the effect of the “housing bubble” deflating in the 92082 zip code!
What’s next for Valley Center homeowners or home buyers during 2010?
Banks are increasingly ready to work with sellers to use short sales as a way to avoid foreclosures. Wachovia now has a program that gets the process completed in less than 45 days…..that is INCREDIBLY fast!!
AND…they offer sellers up to $2500 as relocation expenses….that’s right…they PAY YOU to do a short sale!
Other banks are feeling the pressure to make things easier for short sales, and I expect that by the fall of 2010 we’ll see a completely different…and better…process that makes sellers and buyers happier!
If you’re in a situation where you have ARM or Option-ARM loan rate resets coming up please call me…760-525-0123…I can help you understand all your choices!
Phone calls are Free…Knowledge is Priceless!
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