In the city of Spring Valley, CA...
The property values trend is increasing, indicated by a median $/Sqft change of 14.8% over the past year. The demand/supply trend is in balance, indicated by 2.6 months of current housing inventory. The marketing time trend is under 3 months, indicated by an average marketing time of 58 days over the past 3 months.
Foreclosure activity remains high and future declines from distressed sales are possible. 26% of all sales over the past month were bank sales (20 sales), there are currently 190 bank owned properties, 289 properties in foreclosure, and 241 properties with mortgages 60+ days late, but that are not in foreclosure. The local MLS reports that there are only 20 listings of bank owned properties which is less than 11% of the total number of bank owned properties suggesting that banks may be using alternate channels to sell their properties or are possibly holding inventory in an attempt to manipulate the market making property statistics unreliable for the area.
Brian Ward
brian@diegoappraisal.com
http://elcajon.diegoappraisal.com/
619-630-9273
