I've had a couple of people comment to me recently that there seemed like a lot of foreclosures (Bank owned) property on the market. I was thinking the bank owned inventory was down a little so I did some checking on market conditions for foreclosed properties.
|Market Absorption Trend : Northern Kentucky|
|Neighborhood: all Lender Owned in Northern Kentucky|
|* Single family residential only, excluding condos|
|Bank Owned||All SFR excl condos|
|Market Activity in the Past:||1 Month||1 Month|
|Listings Currently Active on MLS:||261||2968|
|Months of Supply on Market||4.14||12.68|
|% of total Market||11.37%||100%|
|Average List Price:||$85,909||$145,862|
|Average Sales Price:||$81,779||$138,983|
|Average Days on the Market:||50||85|
|Market Absorption Analysis:|
|6 Months Supply = Balanced Market|
|Less than 6 Months Supply is Sellers Market|
|More than 6 Months Supply is Buyers Market|
|Please Note: Data obtained from NKMLS is deemed reliable but not guaranteed||12/10/2008|
|Where is your neighborhood in the market?|
|Give us a call and we can help you determine where you stand.|
|CENTURY 21 Garner Properties|
|Independence Office 859-363-9900|
Bank owed properties accounted for almost 27% of sales for the last 30 days. The bank owned inventory is dropping fast. Although we are still receiving new listings for bank owned property on a daily basis, the indications are that the banks are succesfully negoiatiing many buyers out of foreclosure. That fact, coupled with December is typically a very low foreclosure month (the banks hold off until January), the bank owned inventory is actually reducing rather than increasing.
If your an investor or have any interest in purchasing a foreclosed home. Now is the time to buy!