Some real estate professionals are predicting that a larger percentage of Arvada home sales will be foreclosures this year.
This is partly because banks have been holding on to some of their inventory of foreclosed homesuntil the 'robo-signing' scandal winds down, and they'll soon be releasing some percentage of that inventory.So I decided to take a look to see if there's any indication that is true.
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 THIRTEEN were bank-owned! That’s 9% of the market. There are currently 493 Arvada homes for sale, and only 10 are foreclosures. That's only 2% of the market."
It's been almost two years since I wrote that, 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 foreclosures 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, 17 were foreclosures. That's a huge percentage of the market - 21% to be exact - far higher than two years ago.
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, 18 are foreclosures. That's only 7% of the market - a much lower number than the percent that have sold. That tells me that foreclosures are selling faster than non-foreclosures in Arvada. Not good news for those homeowners who have been waiting out the 'housing crisis' to sell.
So, thus far, it looks like the percentage of Arvada homes being sold as foreclosures 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
Find Homes for Sale, no Matter Who Listed Them, at Dream House Hunting.
Copyright © 2012 Joetta Fort, Broker, The DiGiorgio Group