All Listings-The REO and Short-Sale segments below are NOT in addition to these numbers but are simply what COMPRISES or makes up, these base numbers!
Base Numbers: # DOM (Days on the market) Median Home Price
Actives: 1506 DOM: 121 $625,000 Median
CTS: 1087 DOM: 116 $299,000
Pend: 226 DOM: 103 $315,000
Sold: 450 DOM: 101 $325,000
Sold'08: 466 DOM: 93 $355,000
ONLY down 8.5% over last year! Good News Here! Compare this to the historic 25-30% slips of the past few years!! Can you spell "Bottom"??But wait! If the REO market comes roaring back count on this number to falter and fall. That's IF the Asset Managers insist on "dumping" inventory.
REO:
Actives: 126 DOM: 41 $281,200 Median
CTS: 146 DOM: 45 $256,200
Pend: 63 DOM: 44 $196,500
Sold: 151 DOM: 55 $251,300 Down 18% over ‘08
08 Sold: 202 DOM: 68 $305,450 Sales down 25% over ‘08
Short-Sale:
Actives: 162 DOM 95 $335,475 Median
CTS: 658!!DOM 143 $275,000
Pend: 71 DOM 166 $280,000
Sold: 79 DOM: 177 $276,700
08 Sold: 49 DOM: 151 $340,000 down 19.5% from '08
Conclusions:
•· Sales for SS are UP 62% from '08 but are the lowest since March of '09 and down from the "historic" high of 107 in June.
•· Days on the market for SS still BIG. A smidgen under 6 months!
•· If you do short-sales only you'd better have it down! The high DOM time is most likely due to Realtor/Agents taking on "SS" that just won't ever close, no hardship, no insolvency, just a disgruntled homeowner and/or NOT KNOWING how to process the sale.
•· Look at how high the Median is for ALL Active Listings: A whopping $625,000 reflective of the skinny inventory of the REO and Short-Sale markets!
•· The proof though is in the Pendings AND Sales!
•· Lack of REO inventory is causing much frustration amongst Buyers AND their Realtors! The competition is making Realtor/Agents bid way over the asking just to get looked at!
•· The Asset Managers are getting hip to the "overbid" ploy and some Reo Agents are being told to have the big offers be prepared to either remove their "appraisal contingency" at offer acceptance or have their earnest money deposit be forfeited should they NOT get the appraisal!
•· Short-Sales once again account for a staggering 60+% of ALL CTS! But ONLY 17.5% of Sales!!
•· Nothing to really "hang your hat on" as far as the amount of Shorts being completed.
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