Property values have increased 8% over the past year but have been steadied between the two most recent 3 month periods indicating a stable property values trend. There are currently 7.8 months of housing inventory indicating a balanced supply and demand trend. Properties sold in an average of 55 days and a median of 28 days after being listed over the past 3 months indicating a marketing time trend of under 3 months.
Foreclosure / Short Sale Related Statistics:
Past 30 Days
* 44 Total Sales
* 11% of all sales were bank sales
* 11% of all sales were short sales
* 23% of all sales were bank sales or short sales
1 Year Ago
* 59 Total Sales
* 25% of all sales were bank sales
* 5% of all sales were short sales
* 30% of all sales were bank sales or short sales
Currently:
* 67 Bank owned homes
* 144 Properties in foreclosure
* 122 Properties with mortgages 60+ days late but not in foreclosure
* 18 Bank listings in MLS (active, in escrow, and awaiting bank approval) from bank owned properties
* 73% 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
(858) 367-4577
