Short Sales in Discovery Bay

Short Sales in Discovery Bay

Short Sales have become the dominate part of the market. You cannot ignore what is going on with Short Sales.

This report looks at Single Family Home Short Sales in Discovery Bay by comparing the Active Market to the Pending Short Sale Market and the Short Sales for the last two months.

There are 32 Active Short Sales in Discovery Bay on the market now with an average asking price of $346,506.00 and a median price of $291,750.00. These Short Sale Homes are listed at an average or $131.00 per SF and have been on the market an average of 63 days.

In July 7 Short Sales in Discovery Bay closed escrow with an average price of $373,285.00 and a median price of $360,000.00. The average price per SF on the Short Sales was $145.00 and the homes were on the market for an average of 64 days.

In August there were a total of 10 Short Sales in Discovery Bay closing escrow with an average price of $309,260.00 and a median price of $298,250.00. For Short Sales this is an average price per SF of $120.00 and on average they spent 40 days on the market.

Right now there are 67 Pending Short Sales in Discovery Bay with an average list price of $309,513.00 and a median list price of $289,900.00. These Short Sales were on the market for an average of 35 days and had an average list price of $120.00 per SF.

There are too few sales to say there are any trends at this point. Discovery Bay has many eclectic communities and types of homes too, form entry level to multi-million dollar homes; homes with deep water docks, gated communities, and on golf courses.  However, what is of concern is the number of Pending Short Sales compared to the number of Short Sales that actually happen. The Short Sale process is supposed to be stream lined, but it does not seem to be picking up.

What does this mean for people buying or selling a Short Sale? It means you better get a Realtor®/Broker who has an SFR (Short Sale and Foreclosure Resource Trained) Designation from the National Association of Realtors®. You should also down load or Free e-book that Tells You What You need to Know about Short Sales.

Please Contact me directly with any questions regarding Short Sales or other Real Estate issues.