What’s the Real Story – Foreclosures & Distressed Sales
As you local resource for real estate market stats I have been discussing the 1st Quarter stats for the six county area of Cleveland. Today I want to review the foreclosures and distressed home sales and the effect they have had on our overall market.
As you can see in this chart the foreclosure sales as a percent of total sales were a negative 7.3 percentage points lower than in the first quarter of 2011.
Overall the foreclosure sales are down when compared to the “regular” home sales.
When the “distressed” market is discussed that includes all foreclosure homes and all short sale homes. When you compare distressed sales in the first quarter of 2011 to the first quarter of 2012 the transactions were a negative 8.8 percentage points lower in 2012.
In this chart you can see distressed sales by price range. Nearly 1 in 3 of all sales in under $100,000 price range were distressed sales during the first quarter of 2012, while 1 in 5 sales overall were distressed sales.
Bottom line, the number of available foreclosure and short sale homes are decreasing, which is good news for those “regular” sale homes on the market.
Read the Real Story part 1 and part 2.
Leading The Way Home,
Carol Murphy Team
KW Great Cleveland West
