Market Report Northern Kentucky - Bank Owned (REO's)

By
Real Estate Broker/Owner with CENTURY 21 Garner Properties

Bank Owned Real EstateI've had a couple of people comment to me recently that there seemed like a lot of foreclosures (Bank owned) property on the market. I was thinking the bank owned inventory was down a little so I did some checking on market conditions for foreclosed properties.

Market Absorption Trend : Northern Kentucky
Neighborhood: all Lender Owned in Northern Kentucky
* Single family residential only, excluding condos      
           
     
   Bank Owned   All SFR excl condos
Market Activity in the Past:   1 Month    1 Month    
Closed Transactions:  63   234     
           
Listings Currently Active on MLS: 261   2968  
Months of Supply on Market  4.14    12.68    
 % of total Market  11.37%    100%    
Average List Price:  $85,909    $145,862    
Average Sales Price:  $81,779   $138,983                        
Average Days on the Market:  50              85    
           
Market Absorption Analysis:
6 Months Supply = Balanced Market
Less than 6 Months Supply is Sellers Market
More than 6 Months Supply is Buyers Market
Please Note: Data obtained from NKMLS is deemed reliable but not guaranteed 12/10/2008
           
Where is your neighborhood in the market?
           
Give us a call and we can help you determine where you stand.
CENTURY 21 Garner Properties
Independence Office 859-363-9900
 

Bank owed properties accounted for almost 27% of sales for the last 30 days. The bank owned inventory is dropping fast. Although we are still receiving new listings for bank owned property on a daily basis, the indications are that the banks are succesfully negoiatiing many buyers out of foreclosure. That fact, coupled with December is typically a very low foreclosure month (the banks hold off until January), the bank owned inventory is actually reducing rather than increasing.

If your an investor or have any interest in purchasing a foreclosed home. Now is the time to buy!

 

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Topic:
Real Estate General Information
Location:
Kentucky Kenton County
Groups:
REO
Kentucky Professionals
Foreclosures
Century 21 Active Rainers
Market Reports
Tags:
selling or buying real estate in northern kentucky

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Rainmaker
207,041
Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

Glad to see "bank owned" on the way down.  I hope it manages to hold steady or go down more in January.

Dec 11, 2008 02:08 AM #1
Rainer
49,234
Doug Garner
CENTURY 21 Garner Properties - Independence, KY
Principal Broker, Auctioneer, Northern Kentucky

Yes Erby, me too. I think that too many bank owned on the market at the same time drives prices down on neighboring properties.

Dec 18, 2008 06:14 AM #2
Rainer
413,037
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

What a wonderful post. Bless you and yours this holiday season and have a happy NEW YEAR.

Terry Miller

Dec 26, 2008 02:31 AM #3
Rainer
49,234
Doug Garner
CENTURY 21 Garner Properties - Independence, KY
Principal Broker, Auctioneer, Northern Kentucky

Thank you Terry. You have a wonderful Holiday season too.

Dec 26, 2008 02:55 AM #4
Anonymous
Mike Denigan

Bank owned properties are still slowly coming onto the market. I am looking for ways to tap into as many as possible.

 

Check out my website for homes I have available.

http://www.hillcresthomesinc.com/buyers.htm

Jun 22, 2011 05:27 AM #5
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Rainer
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Doug Garner

Principal Broker, Auctioneer, Northern Kentucky
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