Property values have fluctuated throughout the past year but are 1% different overall indicating a stable property values trend. There are currently 1.1 months of housing inventory indicating a borderline balanced and shortage supply and demand trend. Properties sold in an average of 73 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
* 92 Total Sales
* 24% of all sales were bank sales
* 38% of all sales were short sales
* 62% of all sales were bank sales or short sales
From 05/15/2009 to 06/15/2009
* 132 Total Sales
* 73% of all sales were bank sales
* 7% of all sales were short sales
* 80% of all sales were bank sales or short sales
Currently:
* 265 Bank owned homes
* 436 Properties in foreclosure
* 308 Properties with mortgages 60+ days late but not in foreclosure
* 112 Bank listings in MLS (active, in escrow, and awaiting bank approval) from bank owned properties
* 58% 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 may be 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
Brian Ward
(951) 345-6542
