Of the 331 active homes--those available for sale--26.9% are active short sales. Short Sales are homes that are being offered for less than the seller owes their bank(s) with the hope of getting approval from the bank or banks by accepting the highest offer generated. This is a long, difficult process and not for the faint at heart. There are some buyers who have purchased a property for a great price. Most, however, give up because the process is so slow and frustrating.
There are only seven REO properties (bank owned) available right now. Most of those have been available for some time.
The data is broken into three categories, homes under 2500 square feet, homes between 2501 and 3500 square feet and homes over 3501 square feet.
Interestingly, more homes are selling the the middle category than in the other two. In all cases the asking price per square foot is lower because of the short sale properties and, for the majority of homes the average days-on-market us longer on the short sales--the banks move very slowly.
Absorption rates (the number of months inventory available) has been included in all cases.
Feel free to contact me if you have any questions.
The data follows:
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