Property values have fluctuated over the past year but have risen 2.4% overall. In my opinion this is due to a decrease in the number of bank sales, which tend to sell for less than conventional sales, and not due to an actual increase in property values. Over the past month 11.9% of all sales were bank sales and during the same period last year 29.5% of all sales were bank sales. There are currently 2 months of housing inventory and the average marketing time over the past month was 70 days. There are currently 191 bank owned properties, 354 properties that have received a notice of default but are not in foreclosure, and 383 properties that are in foreclosure. Based on 21 bank sales over the past month there are 9.1 months of bank owned inventory and 35 additional months of potential bank owned inventory from properties 60+ days late on their mortgages. These foreclosure related statistics indicate that future property value declines are possible.
