The property values trend is stable, indicated by a median $/Sqft change of less 1% over the past year. The demand/supply trend is in balance, indicated by 1.9 months of current inventory. The marketing time trend is under 3 months, indicated by the average marketing time of 41 days over the past 3 months.
The ratio of bank sales has declined to 19.6% of all sales last month from 23.1% of all sales during the same period last year. There are currently 72 bank owned homes, 118 properties in foreclosure, and 88 properties with mortgages 60+ days late but that are not in foreclosure. In the MLS, there are 16 bank owned active listings which suggests that 77.8% of all bank owned homes are not being actively marketed. In my opinion, the statistics indicate that future declines from bank owned homes are possible.
Brian Ward
brian@diego-appraiser.com
www.diego-appraiser.com
(619) 241-5377
