When comparing the most recent 6 month period with the same period last year, the median $/Sqft declined 4.9% indicating a declining annual property values trend. When comparing the most recent 6 month period with the previous 6 month period, the median $/Sqft changed less than 1% indicating that property values have stabilized.
The median marketing time over the past 3 months was 55 days indicating a marketing time trend of less than 90 days. 47% of all sales over the past 3 months were bank/short sales which is consistent with the annual ratio of 48% indicating no change. Bank/short sales tend to sell for between 11.8% to 14.3% less than standard/traditional sales. I calculated these differences by selecting a subset of properties that represent the largest population of homes in terms of living area size, site size, and age, and excluding properties with desirable views and where the agents describe the properties as needing repairs, since bank/short sales tend to be in inferior condition to standard sales. 11.8% is the different when considering median home value and 14.3% represents the median $/Sqft difference. Real estate agents do not reliably list bank/short sales in the local MLS and the actual ratio of bank/short sales may be significantly higher.Statistics are derived from the Sandicor Multiple Listing Service.Brian Ward Appraisal
Based on sales over the past 3 months there are currently 4.8 months of housing inventory which indicates a balanced demand/supply trend.