Over the past year, the median $/Sqft of properties has increased 17.8%, but over the past 9 months, property values have remained steady indicating a stable property values trend. The demand/supply trend is in balance, indicated by 3 months of housing inventory. The marketing time trend is under 3 months, indicated by an average marketing time of 51 days over the past 3 months. The property value increase over the past may not be an indicator of actual property value increases but may instead be due to a decrease in the number of bank owned home listings and sales, an increase in the prevalence of preferable financing terms through entities such as FHA and VA, and a decrease in the ratio of sub-average condition properties common of some foreclosed properties.
Foreclosure activity remains high and there is evidence of market manipulation by banks and other entities holding foreclosed properties, suggesting that future declines from distressed sales are possible. According to First American CoreLogic, 44.6% of all sales over the past month were bank sales, there are currently 155 bank owned homes, 189 homes in foreclosure, and 158 properties with mortgages 60+ days late, but that are not in foreclosure yet. The MLS reports that there are only 8 bank owned properties currently listed for sale which translates to 94.8% of all bank owned properties not being actively marketed through the MLS. It is possible that banks and other entities are holding foreclosed properties off of the market to create scarcity and to promote property value increases.