Numbers to Consider
As of today there are a total of 19,072 Active Properties Listed for the Six Counties.
1515 of these are Bank Owned Properties.
291 Bank Owned Properties have been released for bid since Jan 01 of this year.
170 Bank Owned Properties have been reported as Pending subject to Inspection since Jan 01 2010. Of these, the original list price average was $268,762 with an adjusted list price prior to pending of $256,263 average. Average market time of 95 days and average asking price per square foot of $125.73.
From Jan 01 2010 there have been 74 Bank Owned Properties closed, Average sale price of $218,664, Average cost per square foot of $128.92, average days on market of 107. Average Sale price percentage to list price of 98.53%. ( Please note the difference of the cost per square foot of the pendings vs. closed )
What does all that mean?
The market for Bank Owned properties is extremely hot. The discounts on Bank Owned Properties are killing the regular market and will continue to do so until the inventory is depleted. The numbers indicate the tax credit is working. This is a Great Time if you can Buy and Hold for a minimum of 2 years as we liquidate these assets. All indications are we should resume to normal after that period. Not Crazy normal, just normal. It also shows that if a house is priced well it sell very fast in this market..