Oakland CA Year End Report 2011: Short Sales and Bank-Owned Properties

It is essential to recognize the market trends in order to prepare buyers and sellers on what to expect. This is a year-end report on residential sales inOakland CA.

People looking to buy in Oakland should not discount distressed properties which comprise the bigger share (54% in 2011) of the market.

How does 2011 compare with 2010?

Upward trend in distressed properties.

It appears that in 2011, we had slightly more properties sold.


But it also shows an upward trend in the number of distressed properties (short sales and foreclosures) inching from 15,062 or 52% of total in 2010, to 15,924 or 54% of total in 2011.


Regular sales dropped from 48% of total sales in 2010, to 46% in 2011.


Short sales are closing escrow.

What is encouraging is seeing that there are also more successful short sales -- from 6.223 to 6,882 an improvement from 21% to 23% of total.


This is a reflection of what appears to be a shift in direction, i.e. Banks seem to be more receptive to short sales than foreclosures, per thisarticle on The Street


Bank owned (REO) sales

Bank-owned sales remained at 31% of total in 2010 as well as 2011.


2011 Type Sale

Number of Sales

As percent of total
Regular sales

13,399

46%
Short Sales

6,882

23%
Bank-owned

9,042

31%
Total sales

29,296

  
2010 Type Sale

Number of Sales

As percent of total
Regular sales

13,834

48%
Short Sales

6,223

21%
Bank-owned

8.839

31%
Total sales

28,874

  

 

Video on what to expect when bidding on a foreclosure at the county courthouse


 

RELATED POSTS

Is your buyer thinking of buying a short sale? What your buyer needs to know.

How to write a good (or bad) offer on an REO (bank-owned) property

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

BERKELEY CA Real Estate Sales 2011 over 2010: Looking for foreclosures? Very low inventory!

Oakland CA Homes for Sale January 2012: 55% are short sales and bank-owned

Oakland CA top 5 real estate stories in 2011 including surge in sales and prices

Oakland CA 2011: Short Sales and Bank-Owned Properties are 54% of total sales

Top 5 real estate stories in 2011 nationally and in Alameda CA

Alameda CA Short sales and Foreclosures: Year End Report 2011 compared to 2010

 
This post has been included in California Real Estate News Alameda County, CA Real Estate News Oakland, CA Real Estate News
Post is included in group: Dedicated Bloggers
Post is included in group: Diary of a Realtor
Post is included in group: Market Reports
Post is included in group: REO
Post is included in group: Short Sale REALTORS®

2 Comments on Oakland CA 2011: Short Sales and Bank-Owned Properties are 54% of total sales

JAN
06
2012
585,592 Points 46 Featured Posts Outside Blog Called Shot Master

Pacita an upward swing in any form is a good thing for all of us!  Good report and thanks for sharing some good news!  Now onward and upward in 2012!
3:18pm • #1
617,285 Points 60 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

John

The upward swing in number of sales is always optimistic.

 

Thanks.
4:39pm • #2

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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

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