I knew that was too good to last! After a 2-month decline in the rate of new bank-owned listings hitting the market, we showed a pronounced upward spike in June.
I’m not sure what this means, other than we’re not out of the woods yet. The silver lining, though, is that as long as our brisk pace of sales keeps up, we’re treading water rather than sinking under the weight of these new bank-involved listings.
The first chart below shows the total number of new listings for distressed properties by month. The second chart breaks the number down to a listings-by-day number, which better accounts for the varying number of days in each month.
(click on each chart to see a full-screen view)
I’m pulling all new distressed listings from the MLS, regardless of their current status (active, sold, etc.) I’m looking at Single Family Detached homes in Maricopa County, with some sort of bank involvement – Short Sales, Pre Foreclosures, Auctions, and Lender-Owned properties.
All data pulled from MLS and is assumed accurate but not guaranteed.
Your treading water with everyone else Realtor,
Chris Butterworth
Chris Butterworth spends more time analyzing statistics and reading economic reports than is healthy. He's also a husband, father, writer, and amateur photographer. In his spare time he trained for and competed in his first triathlon.
{ 2 comments… read them below or add one }
Great points, Dean. And thanks for sharing. We’ve worked with plenty of buyers in multiple offer situations, but I hadn’t seen 20+ at a time!
I’ve written recently that we’re probably at the market’s bottom, basing my opinion on the same type of things you’re seeing – there’s no reason for prices to drop further when banks are getting multiple offers.
But to the thousands of “regular” homeowners out there who just want to move up or change neighborhoods – they need the bank-owned inventory to clear & get out of the way..
Chris the other number to watch is active single family foreclosures on the market. Even though more are coming out, the number is not going up. Our team has had a large increase in foreclosures hit the market in the last month BUT our active listings are not really going up, just our pendings. The are being absorbed as fast as they come on the market and with some properties getting as many as 20-25 offers on them, I dont see it really changing. I say bring them on, the market is ready to absorb most of them.
{ 1 trackback }