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Santa Ana

Santa Ana Short Sale Realtor market update.

by vbindi on March 16, 2010

This analysis is brought to you by the experts at the ShortSalesASAP group, who specialize in short sale negotiations, marketing and sales here in Santa Ana . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Santa Ana , California. The median price of these homes for sale is $349,900 and the average price per square foot is $240 . 142 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246 .

There are now 178 condominiums listed for sale in Santa Ana . The median price for these listed condominiums is $150,000 and the average price per square foot is $184 . Of this total, 96 are short sale listings. The median price of these short sale units is $135,000 , and the average price per square foot is $163 . The ratio of short sale condo listings to the total listings is 34% .

For homes under contract, there are 393 detached homes in escrow on this date, and the median price is $302,900 . Of this total, 243 are short sales in escrow, which is 58% of the total detached properties in escrow in Santa Ana , and the short sale median price in escrow is $280,000 .

For condominiums in escrow, there are now 304 attached units under contract, with a median price of $140,000 . Of this number, 227 are short sales, which calculates to be 75% of the total pending units, and the median price is $139,900 .

In the past 3 months, there have been a total of 270 detached homes that have sold and closed escrow in Fullerton . The median price was $330,000 and the average price per square foot was $236 . Of this total were 74 were short sale properties in the city of Santa Ana in the past 3 months. This number of sold short sales is 19% of the total. The median price was $270,000 , and the average price per square foot was $213.

In the past 90 days, there have been a total of 187 condo sales with a median price of $140,000 , and an average price per square foot of $152 in Santa Ana. Also, there were 65 short sale condos sold, which was 27% of the total number of units sold in this period. The median price of the sold short sale condos was $130,000 , and the average price per square foot was $146 .

As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties.  This high rate of failure due to the lack of knowledge by the typical short sale listing agent.   This illustrates that Property owners who owe more than their home is worth, should work with an experienced Santa Ana short sale realtor such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.

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Santa Ana Short Sale Statistics

by vbindi on July 1, 2009

The real estate market has been severely affected by the 3 effects of the national mortgage crisis, local recession and the California real estate correction.  Prices in Santa Ana, on average have dropped about 40% since the peak in pricing in the Spring of 2006′. 

Many Santa Ana homeowners who bought their home from 2004′ until 2007′, using leveraged loan financing, now find themselves with mortgage debts more then the home is worth (ie: upside house).  Mortgage Banks today do not want to foreclose, and would much rather conduct a short sale instead.  Some lenders are now offering cash for cooperation to homeowners as an incentive to cooperate with short sale, versus letting the home go to foreclosure.

This major market correction can be seen in the large number of  Short Sale listings.  Here are some of the statistics.  Currently, there are 161 attached condos that are Active Short Sales listed for sale, ranging in price from $57,000 on up to $599,000.  There are 117 Short Sale condos that are Pending in escrow.  In the past 90 days, there have been 46 Short Sale condominiums that have sold and closed escrow.  As comparison, one year ago at this time, there were only 21 Short Sale condos that closed escrow during the same 3 month period.  One more interesting statistic, is that for the 46 condo units that closed in the past 90 days, there were 84 failed Short Sale closings during the same period of time in Santa Ana.  This represents a failure rate of 65% on average.  As a comparison, our team of experts (ShortSalesASAP Group) closed more then 94% of our Short Sale listings.

For detached homes, there are currently 166 Short Sales Active for sale in Santa Ana.  There are 173 detached homes that are pending in escrow that are Short Sales.  And in the past 3 months, there have been 77 single family homes that have sold and closed as a Short Sale.  Unfortunately, there were also 161 homes that failed to close the Short Sale, which represents a success rate of just 32%.  Conversely, our Team of specialists has a Short Sale success rate of over 94%.

If you are a home owner whose mortgage debts are more than your home is worth, or if you are having difficulty keeping up with your mortgage payments, feel free to contact one of our experts to learn about the advantages and disadvantages of a Short Sale.  We can be reached at:  (949) 388-3396, or email us at:  Info@ShortSalesASAP.com