Bank Owned Real EstateI've had a couple of people comment to me recently that there seemed like a lot of foreclosures (Bank owned) property on the market. I was thinking the bank owned inventory was down a little so I did some checking on market conditions for foreclosed properties.

Market Absorption Trend : Northern Kentucky
Neighborhood: all Lender Owned in Northern Kentucky
* Single family residential only, excluding condos      
           
     
   Bank Owned   All SFR excl condos
Market Activity in the Past:   1 Month    1 Month    
Closed Transactions:  63   234     
           
Listings Currently Active on MLS: 261   2968  
Months of Supply on Market  4.14    12.68    
 % of total Market  11.37%    100%    
Average List Price:  $85,909    $145,862    
Average Sales Price:  $81,779   $138,983                        
Average Days on the Market:  50              85    
           
Market Absorption Analysis:
6 Months Supply = Balanced Market
Less than 6 Months Supply is Sellers Market
More than 6 Months Supply is Buyers Market
Please Note: Data obtained from NKMLS is deemed reliable but not guaranteed 12/10/2008
           
Where is your neighborhood in the market?
           
Give us a call and we can help you determine where you stand.
CENTURY 21 Garner Properties
Independence Office 859-363-9900
 

Bank owed properties accounted for almost 27% of sales for the last 30 days. The bank owned inventory is dropping fast. Although we are still receiving new listings for bank owned property on a daily basis, the indications are that the banks are succesfully negoiatiing many buyers out of foreclosure. That fact, coupled with December is typically a very low foreclosure month (the banks hold off until January), the bank owned inventory is actually reducing rather than increasing.

If your an investor or have any interest in purchasing a foreclosed home. Now is the time to buy!

 

 

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Doug Garner, Broker-Manager, Auctioneer Northern Kentucky

Independence, KY

More about me…

CENTURY 21 Garner Properties

Address: 5285 Madison Pike, Independence, KY, 41051

Office Phone: (859) 363-9900

Cell Phone: (859) 391-2100

Email Me

Views and opinions on real estate and other musings from a 25 year Northern Kentucky Real Estate Broker.


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