The current average for all Antioch, Brentwood, Oakley, and Discovery Bay active homes based on DOM (days on the market) is 80 days. The longest current recorded home has been on the market for 807 days.
During the month of August ‘09 combined area real estate saw about 357 homes sale. During the month the average Antioch, Brentwood, Oakley, and Discovery Bay home stayed on the market for around 42 days. The average list price for the same month was just over $271,000. The average sales price for August ‘09 was approximately $273,000. The separation between the list price and the actual sales price produced a positive +.0 – 1% difference.
In terms of real estate financing we saw around 151 conventional loans with an average home price of $302,600. Conventional deals in August ‘09 were reported as staying on the market for around 63 days. For FHA financed deals there were 109 loans with an average home price of $259,500. FHA homes stayed on the market for an average of 58 days. We saw 79 cash financed homes in Antioch, Brentwood, Oakley, and Discovery Bay with an average home price of $234,500. Cash deals were reported as closing in about 21 days.
With average conventional close of escrows lasting an upwards of 63 days we can see that the lending industry is likely still handling a huge amount of work. This means that the average area home buyer should be careful about signing onto any per diem charges if the purchase offer is anything other than all cash.
The high COE could also be a reflection of all the short sale transactions that are happening within the region. Some banks still have not perfected their short pay collection departments. Some of the more backed up banks include Washington Mutual and Bank of America. If you are attempting a short sale or thinking about purchasing one with either of these banks it would be wise to budget extra time for COE.
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