Active Listings in Peoria (SFR Only)
All Active Listings | No Bank Involved | Bank REO | Short Sale | |
0 - $200k | 564 | 284 | 169 | 111 |
$200k - $350k | 664 | 480 | 96 | 88 |
$350k - $500k | 227 | 189 | 19 | 19 |
$500k - $1mil | 140 | 128 | 4 | 8 |
Total | 1,595 | 1,081 | 288 | 226 |
Sold Homes in Peoria (30 days ending 10/24/08)
All Sold Homes | No Bank Involved | Bank REO | Short Sale | |
0 - $200k | 79 | 29 | 42 | 8 |
$200k - $350k | 88 | 53 | 30 | 5 |
$350k - $500k | 18 | 11 | 4 | 3 |
$500k - $1mil | 6 | 4 | 0 | 2 |
Total | 191 | 97 | 76 | 18 |
So what does this tell us? Let's replace the numbers in the tables with some calculations..
Percentage of Active Listings in Peoria
All Active Listings | No Bank Involved | Bank REO | Short Sale | |
0 - $200k | 100% | 50% | 30% | 20% |
$200k - $350k | 100% | 72% | 15% | 13% |
$350k - $500k | 100% | 84% | 8% | 8% |
$500k - $1mil | 100% | 91% | 3% | 6% |
Total | 100% | 68% | 18% | 14% |
Percentage of Sold Homes in Peoria
All Sold Homes | No Bank Involved | Bank REO | Short Sale | |
0 - $200k | 100% | 37% | 53% | 10% |
$200k - $350k | 100% | 60% | 34% | 6% |
$350k - $500k | 100% | 61% | 22% | 17% |
$500k - $1mil | 100% | 67% | 0% | 33% |
Total | 100% | 51% | 40% | 9% |
What do these percentages tell us?
- Bank-involved homes accounted for 49% of all sales.
- The banks' activity is highest at the lower end of the price range, accounting for 50% of all listings and 63% of all sales.
- Bank-owned properties drove sales; even though they only represented 18% of all listings, the accounted for 40% of all sales. The numbers skew even higher at the lower price ranges.
- Short Sales fared much better at the higher price ranges, accounting for 17% and 33% of the sales while only representing 8% and 6% of the listings. However, short sales were dismal at the lower price ranges. Does this mean the bank is more likely to listen to reason & common sense when they have a lot of money on the line?
- Traditional sellers are struggling to compete with the banks. The percentage of Active Listings is higher than the percentage of Sold Homes across all price ranges.
Now let's take a look at Months' Inventory.
Months' Inventory for Peoria
All Homes | No Bank Involved | Bank REO | Short Sale | |
0 - $200k | 7.1 | 9.8 | 4.0 | 13.9 |
$200k - $350k | 7.6 | 9.1 | 3.2 | 17.6 |
$350k - $500k | 12.6 | 17.2 | 4.8 | 6.3 |
$500k - $1mil | 23.3 | 32.0 | infinite | 4.0 |
Total | 8.4 | 11.1 | 3.8 | 12.6 |
These numbers show us at a glance how the market is faring. Remember, the general rule of thumb is 6 Months' Inventory is considered a balanced market - more inventory favors the buyers, less inventory favors the sellers.
- The market is hoppin' for Bank REO property, with 3-4 months' inventory across most price ranges.
- The market for Short Sale listings is much better at the higher price ranges. However, you'll need a lot of luck at the lower price ranges, since short sales are under the gun to beat out a foreclosure, and the bank isn't going to wait 14-17 months for you to find a buyer!
- Again, traditional sellers are being clobbered by the banks at the lower price ranges and by the short sellers at the higher price ranges.
- Our overall number of 8.4 is worse than it was 2 months ago.
I hope you found this interesting and informative. I'd love to hear your feedback about the format of this post (using a few tables rather than a dozen graphs)..
Your patiently waiting for normal Realtor,
Chris Butterworth