Looking at what is to come for the real estate market in Crestline for 2009, I thought it important to look at the sales statistics for bank-owned properties in 2008 (since I don't expect the market to change drastically over the next 12 months or so).
What I found was actually quite interesting: Of the total number of single-family homes sold in Crestline in the year 2008, 51.1% of them were foreclosure properties - that's 72 out of 141 units.
Looking at prices of the bank-owned homes that sold in 2008, ALL the homes sold for less than $300,000, with only 7 properties selling for $200,000 or more. That means that just over 97.2% of the bank-owned homes sold in 2008 sold for less than $200,000.
Exactly 95% of the total number of homes that sold in Crestline for less than $100,000 in 2008 were REO (real estate owned) properties - that's only one house out of 20 that sold. In fact, over 3/4 of all the homes that sold for less than $200,000 in Crestline for the year were repos.
Once you get over a sale price of $200,000, though, the numbers "flip-flop." Bank-owned properties account for roughly 25% of the total sales in Crestline once you cross over the $200,000 mark. Twenty of the 27 homes that sold for prices over $200,000 were NOT bank-owned.
|
SALE PRICE |
BANK OWNED |
NON- BANK OWNED |
|
under $100,000 |
19 (95.0%) |
1 (5.0%) |
|
$100,000 to $150,000 |
22 (78.6%) |
6 (21.4%) |
|
$150,000 to $200,000 |
24 (63.2%) |
14 (36.8%) |
|
$200,000 to $250,000 |
4 (16.7%) |
20 (83.3%) |
|
$250,000 to $300,000 |
3 (27.3%) |
8 (72.7%) |
|
$300,000 to $350,000 |
0 (0.0%) |
12 (100.0%) |
|
$350,000 to $400,000 |
0 (0.0%) |
4 (100.0%) |
|
$400,000 to $450,000 |
0 (0.0%) |
1 (100.0%) |
|
$450,000 to $500,000 |
0 (0.0%) |
2 (100.0%) |
|
$500,000 to $550,000 |
0 (0.0%) |
1 (100.0%) |
|
Total units sold |
72 (51.1%) |
69 (48.9%) |
Of the 72 bank-owned homes that sold, 26.4% (19/72) of them sold in 10 days or less. A substantial 43.1% (31/72) of them sold in 30 days or less. Over 90% of the homes sold in 60 days or less. From there, the percentages drop significantly:
|
DAYS ON MARKET |
|
|
|
1-10 |
19 |
26.4% |
|
1-30 |
31 |
43.1% |
|
31-60 |
15 |
20.8% |
|
61-90 |
7 |
9.7% |
|
91-120 |
5 |
6.9% |
|
121-150 |
2 |
2.8% |
|
151-180 |
2 |
2.8% |
|
181-210 |
4 |
5.6% |
|
211-240 |
3 |
4.2% |
|
241-270 |
2 |
2.8% |
|
271-300 |
0 |
0.0% |
|
301-330 |
1 |
1.4% |
Comparing the list prices to the prices that the homes sold for, I was surprised to find that 31 of the 72 properties (43.1%) sold for 100% of the list prices or better (15 sold for exactly 100% and another 16 sold for better than 100% - as high as 150% for one property). The average sale, however, fell at a modest 97.0% of the list price.
Now here's something really interesting - check this out: Of the 19 homes that sold in 10 days or less, the average sale price was 103.9% (the range was 94.2% to 150.0%). Of the 12 homes that sold after being on the market between 11 and 30 days, the average sale price was 101.0% (the range being 93.3% to 115.0%). Go one step further, from 31 to 60 days, and the average sale price drops down to 96.5% (with a range of 89.0% to 110.8%).
|
DAYS ON MARKET |
LIST TO SALE % |
|
1-10 |
103.9% |
|
11-30 |
101.0% |
|
31-60 |
96.5% |
|
So, to learn from the past so we can apply it to the future, what do these numbers tell us to expect in the 2009 market (for the bank-owned segment)? |
|
*Figures taken from the Rim O' the World Multiple Listing Service and are deemed reliable, but not guaranteed. |
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