Sunday, July 12, 2009

Sunday Stats

To mix it up from the usual Sunday Stats, I’m posting a SnagIt picture from a Cromford Report analysis of the Valley’s real estate market.

This chart shows only bank-owned homes (commonly called “REOs”) sold through the Multiple Listing Service.

7-12-2009 Cromford Report snapshot of REOs click this pic to embiggen it

The numbers that caught my eye tonight are the number of Active Listings versus the number of Sales Per Month, at the top of the chart.

Check out the purple arrows on the (same) chart below, showing REOs for sale in mid-April, mid-June and now in mid-July. The inventory of available homes for sale (purple arrows) is shrinking. In relation, sales are holding pretty steady (yellow arrows).

Cromford Rprt on REOs with arrowsclick this pic to embiggen it

There’s a lot more competition out there for bank owned bargains lately.  If you’re a bargain hunting home buyer shopping the bank-owned foreclosure market, you can generally expect multiple offers and homes selling for pretty close to – or even above – list price.