Santee is currently experiencing strong growth and an increase in home sales. Santee Real Estate is currently down as much as 30% in some areas from peak pricing. The current housing stats for the month of October in Santee are as follows:
There are currently 195 Santee Homes and Condos actively on the market, ranging in price from $99,000 - $699,000 with an average price of $322,890 and an average market time of 85 days. There is also 65 homes and/or condos in escrow and under contract. The average price of the Santee homes in escrow is $266,098.
For the month of October, 5 homes have closed escrow with an average price of $321,000 and a market time of 113 days.
As you can see the avgerage market time has dropped 28 days from the previous average. This is a sign that inventories are starting to shrink. Many banks are pricing homes at 90% of market value to ensure a quick sale. Bank homes, on average, are selling for 97% of the listing price.
As we enter the last quarter of the year, you can expect to see many banks slashing prices on foreclosure to remove these non-performing assets from their books by years end.
Please visit our website to search the Santee MLS.
Scott Engle,BROKER/Owner
Realty Source, Inc.
(619)699-9900
ScottEngle1@aol.com
Monday, October 27, 2008
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