Property values have fluctuated throughout the past year but are 3% different overall indicating a stable property values trend. There are currently 3.5 months of housing inventory indicating a balanced supply and demand trend. Properties sold in a median of 22 days and an average of 33 days after being listed over the past 3 months indicating a marketing time trend of under 3 months.
Foreclosure / Short Sale Related Statistics:
From 05/15/2010 to 06/15/2010
* 31 Total Sales
* 19% of all sales were bank sales
* 10% of all sales were short sales
* 29% of all sales were bank sales or short sales
From 05/15/2009 to 06/15/2009
* 24 Total Sales
* 29% of all sales were bank sales
* 4% of all sales were short sales
* 33% of all sales were bank sales or short sales
Currently:
* 139 Bank owned homes
* 98 Properties in foreclosure
* 85 Properties with mortgages 60+ days late but not in foreclosure
* 35 MLS listings (active, in escrow, and awaiting bank approval) from bank owned properties
* 75% of bank owned homes not actively listed in the MLS
These statistics indicate historically high foreclosure activity which suggests that future declines from foreclosures and other distressed selling activity, such as short sales, are possible. They also suggest that banks are withholding inventory from the market, presumably to promote property value stabilization and increases, and that property value statistics may not reflect natural market forces and may not be reliable.
Brian Ward
(619) 618-4252
