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WOW, What does your market look like?

By
Real Estate Agent with Keller Williams

As of today, there were 2876 closed units in the past 30 days. 

Of those 2286 were REO and 192 were short sales.  So 79% of closed sales in the past 30 days were REO and 8% were short sales for a total of 87%. 

87% of total sales were distressd properties.  That will seem like a big number after I give you the rest of this info.

Our total current inventory is 29697.  Of that total, 11943 are REO and 9887 are short sales, which equals about 40% REO and 33% short sales.  So almost 80% of our sales are coming from about 40% of our inventory.

 

What does your market look like?

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Comments (7)

Travis Newton
Salem and Bend Oregon FHA, VA & USDA 503.931.4490 - Salem, OR
FHA, USDA, VA, LOAN EXPERT - Salem OR Homes For Heroes SALEM OREGON

Our Market in Salem Oregon is looking up.....

 

Hopefully it continues to head that direction.....

 

Thanks for the post

 

Mar 28, 2009 05:33 PM
Lisa Marie Flenoury
"Lisa The Broker" - Playa Vista, CA
"Lisa The Broker" - Making Dreams Come True

That is awesome!  Things are definately turning around.

Mar 28, 2009 05:35 PM
David Ravashiere
David Ravashiere, Tee 2 Green Real Estate - Chandler, AZ

My market is Phoenix.  Now don't laugh ... but we have over 49,000 active resale listings ... with over 6,000 more new home (builder) listings.

REO sales accounted for 52% of all sales in Feb.  As far as I'm concerned, things won't really start to turn around until the REO's are re-absorbed back into the market.  Only then can prices start to appreciated again.

David

Mar 28, 2009 05:40 PM
Cameron Novak
The Homefinding Center - 1000 Palms, CA
Real Estate Broker since 2008

I haven't pulled specific stats, but the ratios seem about the same in Southern California.

Cameron Novak, Corona Real Estate Agent
Cameron Novak

Corona & Riverside Short Sale Specialist
The Homefinding Center
TM
Corona, California 

Mar 28, 2009 07:21 PM
Richard Dolbeare
Inactive - Wailuku, HI
Living the Hawaii Lifestyle

It's great that you're clearing out those distressed properties.  I guess the banks must be aggressive in clearing out their portfolios which is good to hear.

Mar 28, 2009 08:46 PM
Lowell Caro Jr.
Keller Williams - Las Vegas, NV
REO Broker and Market Advisor

I guess "Rainers" are night owls.  It IS a great time in our market!  We're clearing out our foreclosures pretty fast, but they are coming into the market about as fast.  Our sales are up from this time last year so I think as long as we keep the momentum, we'll get throught this market and "blow-out" the foreclosures in a few years!  Then I may have to turn back to general real estate... but I really love REO... 

Hmmm...guess I had better start planning now...   :)

Mar 28, 2009 09:18 PM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Wow, what mind-boggling stat's.  I'm sure those REOs are keeping you and your team VERY busy!!!

May 03, 2009 11:30 AM