Pittsburg California Housing Market

Pittsburg California Housing Market.  This report on home sales in Pittsburg California is based Single Family Homes reported on the MLS as of August 13th 2009.  Due to late reporting the numbers in this months Pittsburg Market Report might vary slightly from Last Months Pittsburg Market Report.

I have taken a hard look at Short Sales this month since they are dominating the local market.  The number of Bank Owned Homes on the market continues to shrink.  Last month it stood at 45 and is now down to 42.  We may be leveling out.

Compared to the total number of sales there is a lot of pending homes.  I suspected this might be because of the long wait it sometimes takes to get a short sale cleared through the bank.  However, the numbers are unclear on this point.  The number of Pending that are Short Sales is about 50% which is the same percentage of amount of Active Listings that are also Short Sales. 

The high number of Pending compared to active and overall sales can also be tied to new lending restrictions and appraisal issues.  I think getting a loan processed in 30 days is getting harder and harder to do, especially with FHA financing and minimal down payments.  The new appraisal procedures have also hung up a lot of loans.

The Average Price Per SF for Homes in Pittsburg California, which is a key indicator I watch fell from $107.00 per SF to $105.00 per SF, ending the upward trend of prices for Pittsburg Homes.  Homes for Sale in Pittsburg California represent a great buying opportunity for Investors and First Time Home Buyers.

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