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Statistics showing bank-owned and Short Sales sell more than normal listings

July 18, 2011

I’d like to share some interesting statistics with you all. I’ve selected to run these stats for the city of Clearwater, but just about any city in the Tampa Bay area will give you the same results.

Let’s start with the total number of homes in Active status. This gives us 685 single-family houses listed for sale in Clearwater, FL.

Out of these 685 homes 195 (28%) are Short Sales, 30 (4.3%) are bank-owned, AKA “REO’s”, (typically managed by an REO company), and the remaining 460 (67%) are normal listings. Hypothetically, if Short Sales, REO’s and normal listings sell at an even rate we would expect to see about 28% of sales as Short Sales, 4.3% as REO’s and the remaining 67% of sales would be normal listings. But this just isn’t the case.

Here are actual sales stats from the month of June 2011:

In June a total of 124 single-family homes sold in Clearwater, Florida.

Of these 124 homes 32 (26%) were Short Sales, 30 (24%) were REO’s and the balance of 62 (50%) were normal sales.

As is obvious Short Sales and bank-owned properties sell much more often than normal listings. Typically, normal or traditional sales are priced too high. With Short Sales and REO’s the sellers don’t have an emotional investment in the property.  They need a sale and are more likely to accept market price or below market price, while normal or traditional sales are homes owned by real people usually clinging on to the dream that their home is worth what it was several years ago…and it is not.

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Comments

7 Responses to “Statistics showing bank-owned and Short Sales sell more than normal listings”

  1. gluten free cakes on July 22nd, 2011 3:16 am

    Hello,
    Nice article! It will me more chose what I will buy and What I will select for me.
    Thank’s,

  2. JuannaMarie on July 22nd, 2011 4:56 pm

    Thanks for the post! I guess, people of today’s trend prefer to save more. So instead of buying a brand new house and lot, they choose those on the list of either foreclosed or short sale homes available on sale. it is important not to forget things such as selecting the best architecture of the lowest price. As expected for new location, it should have safe environment and surrounded by great lifestyle.

    More interesting facts about Fayetteville GA short sales and Fayetteville ga houses available here:

    http://fayettevillegeorgiarealestate.com/

  3. Idaho Real Estate on July 27th, 2011 6:31 pm

    We ran similar stats for Boise Idaho and found very similar results. The percentage of REO’s sold was much higher than traditional properties as Banks were simply clearing them out. Homeowners tended to resist market pricing which just means longer market times and lower probability of success.

  4. Commercial Real Estate Broker in Los Angeles on August 5th, 2011 3:52 am

    Small bits of content which are explained in details, helps me understand the topic, thank you!

  5. Real Estate In Mesa AZ on August 18th, 2011 3:56 pm

    The blog explains a lot about people’s trend in house buying. This may brought about people wanted to beef up their saving.The relative difference here may brought about the homeowers need to make a sale. Thanks for posting.

  6. orange homes on August 19th, 2011 1:31 pm

    Thanks for this share. The statistics here tells us several things: people tend to buy things according to what they think is a wise move. More and people are opting for short sales.

  7. AML on May 8th, 2012 2:39 am

    Great blog. The descriptions here are well written. In real estate, everything is possible and the market is very volatile, so it is right to keep track of these trends to keep up. Thanks for posting.

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