Some real estate professionals are predicting that a larger percentage of Arvada home sales will be short sales this year. This is partly because of the belief that banks are finally 'getting smart', and realizing that they lose more money by foreclosing on homes than they do if they work with the owner to do a short sale.
So I decided to take a look to see if there's any indication that is true.
- BTW - if you don't know what a short sale is, please read my article - What's A Short Sale?
I wrote an article back in June of 2010, where I said the following:
"In the past month, 146 homes sold in Arvada, and only FIVE were short sales - that's a meager 3% of the market. There are 493 homes currently for sale in Arvada and 68 are short sales. That's a higher percentage but still only 14% of the market."
It's been almost two years, and the real estate market has definitely changed in Arvada. The most noticeable difference is the lack of availability in many price ranges.
But in this post I wanted to take a look at short sales specifically, to see if that percentage has changed at all.
In the past 30 days, 80 single-family homes sold in Arvada. Out of those 80 Arvada homes, 5 were short sales. That's 6% of the market, twice as much as two years ago. However, that's still such a small percentage I don't believe it's a surprising number.
There are currently 276 Arvada homes on the market for sale. That's a LOT less than the report from two years ago, I'm going to repeat this report in June to have a more accurate comparison, but I think it's a reflection of our lower inventory. Out of those 276 Arvada homes, 19 are short sales. That's only 7% of the market - a much lower number than two years ago.
So, thus far, there's no indication that the percentage of Arvada homes being sold as short sales is increasing. We'll see what happens in another 90 days or so.
If you'd like a more detailed report on Arvada homes, you can see my market report for Arvada home sales in February 2012, broken down by price range.
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I write posts on real estate issues and local events in the Denver metro area, especially those *communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly *suburbs northwest of Denver. *Arvada, Broomfield, Lafayette, Louisville, Superior, Westminster; also Thornton, Golden, Wheat Ridge, Northglen, Lakewood
Read more about Arvada Colorado, a historic small town between Denver and Boulder
Find Homes for Sale, no Matter Who Listed Them, at Dream House Hunting.
Copyright © 2012 Joetta Fort, Broker, The DiGiorgio Group
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