I wrote about the red hot REO market in Windsor, California about a month ago. I thought it would be interesting to go back and revisit some of the key ideas to see if the market is just as active. Well, it's great news for the real estate industry in general. For the bargain hunters it's getting harder and harder to be a successful buyer for a foreclosed home in Sonoma County. The REO inventory is flying out the door and isn't being replaced fast enough.
A month ago there were 12 active listings for foreclosed homes in Windsor. That number is now down to 8 bank owned homes on the market. During that same month, 24 REO listings have sold, 5 are pending, and there are 14 contingent sales in the works. The math is simple. We have barely a week's worth of inventory available for buyers looking for REO homes. Clearly, we won't run out in a week. The current listings average 55 Days On Market, so it may be these last homes lack curb appeal or aren't priced right. Whatever the case, it's clear that buyers for single family homes in Windsor are going to have to look at either short sales or open market sales.
In that context of a hot market for REO property, I am pleased to announce the long awaited return of open market sales in Windsor. There are 29 homes for sale in Windsor that are neither short sales nor REO listings. For the first time in more than a year, the majority of homes on the market are traditional real estate transactions with private owners. The fact that makes this market possbile is the high number of buyers of REO properties that have cleared the gutted market to make way for the new reality.