Monday, March 30, 2009

Making sense of the market today

Making sense of the Market

On the market today:

Today, Placer county has 1236 "active" (non-short sale) listings.

  • 17% are Bank Owned (REO) properties
  • 61% came on the market within the past 90 days

In addition, there are 830 Short Sale properties on the market

  • 581 were listed in the past 90 days
  • 104 or 13% were under $200,000
  • 40% of the entire inventory are Short Sale properties

What's sold in the past 90 days?

  • 739 Sales were completed in the past 90 days
  • 360 were Bank Owned (REO) properties
  • 86% of these sold within 90 days of being listed


379 were not Bank Owned (Active and Short Sales)

  • 58% of these sold within 90 days of being listed

In addition there are 526 properties in Pending state (in escrow)

  • 301 or 57% are not Bank Owned

Bottom Line

  • Distressed sales are still a big part of the market here, however there seems to be a shift towards more short sales.
  • Buyers looking for 'bargain' prices should look beyond Bank Owned properties as regular active sales are often priced comparable to REO properties
  • Short Sales should not be ignored in this market - have your Realtor do due diligence to find out the status of the seller's short sale


March Inventory Snapshot (Placer County):


Single Family under $500k average list price: $316,267 (Median $300,000)
Single Family Over $500k average list price: $1,018,544 (Median $770,000)
Condo/Townhome Under $300k average list price: $186,561 (Median $199,000)

(MLS - Metrolist Statistics)


Jeff - Http://www.EnglePropertiesOnline.com

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