Short Sale homes and Bank Owned homes as a percentage of the local market

Posted Jul 6, 2008 @ 1:40 pm, Viewed by 371 Visitors, Read 390 Times.

In northern Palm Beach County the number of distress sale of homes is seen as a huge problem. The word on the street is they make up as much as 40 % of the market and are really dragging down values. The question is this; just what percentage of the market is really distressed and how is it affecting the overall market?

From Northlake Blvd to County Line Road, from the ocean to Jupiter Farms there were 4736 homes for sale on the MLS. Of those there were 306 that are in the distressed category of Short Sale or Bank Owned foreclosed.   If you would like to look at these figures yourself, go to http://www.yourultimateteam.com/foreclosuresandbankowned.php
And take a look. This is about 6 % of the market and is a factor, but not the dominant one.
 
If we look at St Lucie County alone we find 1128 distressed homes on the market and a total of 6563 homes for sale. This is 17 % of that market and is a very large factor in home prices. We are watching the numbers every morning and trying to determine where the market is going and how fast. 
 
The distressed properties climbed rapidly in June from 1940 on June 1 to 3816 on June 20 and back down to 3751 on June 30. On July 1 they spiked to 3828 and are back down to 3719 today. It would appear we either have topped out on numbers or have at least hit a plateau. Prices of distressed properties are not falling much anymore. Some properties have multiple offers on them by the time the bank finally makes a decision. There are more buyers looking for a deal and the bank owned and short sale homes fall in the category.

Jim Jacobs
www.YourUltimateTeam.com

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Jim Jacobs

Jim Jacobs I am a Real Estate Broker in Florida. I had been a broker in Alaska for a number of years. My wife Ruth and I had our own brokerage there for over 20 years. Read More

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