The Regional Multiple Listing Service released statistics for distressed property sales for 2010, some of which contradicts common impressions of the local market. Despite the sentiment that bank-owned and short-sale properties are the only segment of the market that is active, the number of non-distressed sales is closely proportionate to the number of non-distressed new listings. For each quarter of 2010, non-distressed listings represented between 56.8% and 71.1% of all new listings. The percentage of non-distressed sales ranged from 59.5% to 70.7%.
In each quarter, the number of closed short sales was smaller percentage than new short sale listings, reflectign the challenges that go with these transaction.
Least surprising of the data was the high number of bank-owned properties that sold. In the first quarter, only 8.9% of all new listings were bank-owned, but 22.9% of all closed sales were bank-owned.
Bank owned properties continue to provide the best value for buyers who are willing to come in and do a little work, as these homes are usually in need of some TLC. If you are interested in getting a list of bank-owned properties, e-mail me at johnblom@hasson.com.
-John Blom
Your Portland and Vancouver WA Realtor
