IN-OUT ANALYSIS
Homes sales in Fremont for the month of October sustained its level from the previous month. By sale type, regular sales still dominate the market.
The month of October saw 264 new listings come into the market, which is similar to that of September. Regular sale listings continued its declining trend, so did REOs. On the other hand, short sale listings increased in October.
ABSORPTION RATE
As of 11/7/2010, per MLS, there are a total of 1,004 listings in Fremont. Using the past 3 month home sales as the current standard (there were 403 sales from Aug. – Oct.), it will take approximately 7.5 months to clear out the current inventory in Fremont.
Interestingly, when broken down by sale type, short sale listings are going to take almost 20 months to absorb all the short sales in Fremont. It’s not a surprise that short sales are slow to close, but taking almost 2 years to sell 391 short sale homes is mind-boggling!
In contrast, regular sales, which still rule the housing market in Fremont will take about 5.5 months to empty its current inventory.
| FREMONT - TOTAL | |||||||||||
| Current listings, as of 11/7/10 | 1004 | ||||||||||
| Sold homes, past 3 months | 403 | ||||||||||
| ABSORTION RATE: 7.5 MONTHS (TOTAL) | |||||||||||
| FREMONT - BANK-OWNED HOMES | |||||||||||
| Current listings, as of 11/7/10 | 107 | ||||||||||
| Sold homes, past 3 months | 67 | ||||||||||
| ABSORTION RATE: 4.8 MONTHS (BANK-OWNED HOMES) | |||||||||||
| FREMONT - BANK-SHORT SALES | |||||||||||
| Current listings, as of 11/7/10 | 391 | ||||||||||
| Sold homes, past 3 months | 60 | ||||||||||
| ABSORTION RATE: 19.6 MONTHS (SHORT SALES) | |||||||||||
| FREMONT - REGULAR SALES | |||||||||||
| Current listings, as of 11/7/10 | 506 | ||||||||||
| Sold homes, past 3 months | 276 | ||||||||||
| ABSORTION RATE: 5.5 MONTHS (REGULAR SALES) | |||||||||||
Comments(0)