When comparing the most recent 6 month period with the same period last year the median $/Sqft declined 9.5% and when comparing the most recent 6 month period with the same previous 6 month period the median $/Sqft declined 4.1%. These statistics indicate a consistent and steadily declining property values trend. I also performed a spot comparison of similar sales over the past year. The comparison confirmed the declining property values trend.
Based on the number of sales over the past 3 months there are currently 3.1 months of housing inventory, which indicates a balanced demand/supply trend.
The median marketing time over the past 3 months was 59 days which indicates a marketing time trend of less than 3 months.
According to the local multiple listing service, 33% of all sales over the past 3 months were bank sales or short sales which is an increase from the annual ratio of 27%. Agents do not reliably report bank sales and short sales and the actual ratios are likely higher.
|Brian Ward |
Brian Ward Appraisal
office. (619) 630-9273