REO Sales Data 10/01/11 to 01/16/12 http://www.centralorproperty.com/Central,ORTrends.html
Also now on: http://centralorhomesales.com - Look for market report tab
REO marketing times remain very low and continue to look like a sellers’ market. Percent sale price of list and original list is very high in most cases. Bidding wars frequently ensue and at or above list sale prices are more common then below list sale prices, despite “conventional wisdom” that insists otherwise.
REO is and always has been competitively priced when compared to the “non-distressed” market which explains the short marketing times and bidding wars.
I utilized two charts you may not be used to seeing, to show a graphic depiction of sale price percentage of list price and sale price percentage of original price. Hope they prove to be easy to read and understand!
All marketing times reported include days in pending status.
Significant discounts from list are extremely uncommon and in fact are just about as common as extreme premiums paid over list.
Discounts from original list price are more common and reflective of the fact that most REO sellers will reduce price when necessary and much sooner than the typical “non-distressed” seller; another reason why marketing times look more like a seller’s market.
Robert Page HUD Registered Broker/Foreclosure Certification
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