The cities of Los Banos and Patterson are located in the Central Valley of California off of Interstate 5 in Merced County and Stanislaus County respectively. If you are not from the area, but you have traveled through California along I-5, chances are you have at least seen exit signs for both Patterson and Los Banos. I have appraised many properties in both cities over the past year and I figured I would throw up some quick and informative data as an FYI. The data below is based upon the past twelve months of sales in MLS for single family residential detached properties.
City of Los Banos Real Estate Market Data: 08/28/08 – 08/28/09
- Last year the city of Los Banos in Merced County had 1555 sales
- 1379 of these sales were bank-owned properties (89%)
- 70 of these sales were short sales (4.5%)
- 93.5% of total sales in Los Banos were either bank-owned or short sales
- Los Banos has a 18.4% unemployment rate as of July 2009 (EDD)
City of Los Banos Links:
- Los Banos City Website
- Los Banos Enterprise (local paper)
- Community Website: Our Los Banos
- Los Banos Wikipedia Page
- Los Banos Chamber of Commerce
City of Patterson Real Estate Market Data: 08/28/08 – 08/28/09
- Last year the city of Patterson in Stanislaus County had 1108 sales
- 989 of these sales were bank-owned (89%)
- 83 of these sales were short sales (7.5%)
- 96.5% of total sales in Patterson were either bank-owned or short sales.
- Patterson has a 21.9% unemployment rate as of July 2009 (EDD)
City of Patterson Links:
- Patterson City Website
- Patterson Irrigator (local paper)
- Patterson Wikipedia page
- Patterson Centennial Website
- Patterson-Westley Chamber of Commerce
- Patterson Apricot Fiesta
What do you notice form the data above? Does anything stand out to you? Why do you think both of these communities have been plagued by foreclosures as well as a high unemployment rate? Feel free to share your thoughts by commenting above (just under the post title).
Please contact me at 916-595-3735 or email@example.com if you have any questions about the data above or a need for more detailed analysis or valuation.
www.SacramentoAppraisalBlog.com Quick Statistics: Los Banos & Patterson Sales in 2008-2009 – Foreclosures & Short Sales