The average $/Sqft of properties over the past year changed +5% when comparing the most recent 3 month period with the same period last year, indicating an increasing property values trend. There are currently 6.6 months of housing inventory indicating a balanced supply and demand trend. Over the past month, properties sold in an average of 77, indicating a marketing time trend of under 3 months.
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. A continuing supply of potential foreclosures indicate that the risk of property value declines will continue into the near future.
Foreclosure / Short Sale Related Statistics:
Past 30 Days
* 103 Total Sales
* 38% of all sales were bank sales
* 29% of all sales were short sales
1 Year Ago
* 109 Total Sales
* 56% of all sales were bank sales
* 18% of all sales were short sales
Currently:
* 300 Bank owned homes
* 452 Properties in foreclosure
* 309 Properties with mortgages 60+ days late but not in foreclosure
* 122 Bank listings in MLS (active, in escrow, and awaiting bank approval)
* 59% of bank owned homes not actively listed in the MLS
* 15 Months of current and potential bank sale and short sale inventory for bank owned properties, properties in foreclosure, and properties with mortgages 60+ days late and based on last months sales in the MLS.
Brian Ward
Real Estate Appraiser
Real Estate Appraiser
brianwardappraisal@gmail.com
