Perhaps as expected, when comparing homes currently for sale (Active) to those under contract (Pending) to those where the sale actually closed (Sold), those homes pending or sold were considerably lower in price and were on the market for fewer days than those currently Active.

Market Update 7/19/10

As expected, short sales and bank-owned houses continue to play a dramatic part of house sales in the areas. Year to date, of the 275 sold houses, 45 were short sale transactions. Year to date, approximately 16% of all homes sold in Auburn were short sale properties. …. But WOW, notice that almost 29% of the current Active home listings in Auburn are short sales!

… while 89 additional houses were bank-owned.

So … short sale properties and bank-owned properties make up 38% of the current Auburn market, while almost 49% of all closed sales so far this year were short sale or bank owned!

Every transaction, every house sale is different. Is it a good time to sell your house? Looking at information like this that’s customized specifically for you is one place to start. If you have questions about selling your home, no matter what your motivation, please give me a call or send along an e-mail message. I’m always delighted to be of service to you, your family, friends, and co-workers!

Although I run statistics frequently, I hadn’t actually compared different parts of the region as far as distressed property sales. Curious, I went to our Northwest Multiple Listing Service to run some quick stats. No, it’s definitely not just my imagination: short sales and bank-owned properties are far more prevalent in my business areas of the south King County and Pierce County areas. 

So here are the facts as of this morning, May 18, 2010 of the residential properties that I work most frequently (single family, condominiums, and manufactured homes): 

In King County, there are currently 15349 unsold properties. (Some of these do have offers of one sort or another.) Of those unsold properties, 971 are noted as being Bank-Owned, while another 4207 are noted as requiring Short Sale or some other third-party approval before the sale can close. Okay, that computes to about 33.7% of unsold properties being either bank-owned or short sale nature. 

In Pierce County, there are currently 6755 unsold properties. Of those, 741 are bank owned and 2178 are short sales. That’s approximately 43.2%. 

Now, to get even more specific, I live and focus my business (although not exclusively) in Auburn, a smaller community that spans the King and Pierce County lines. In the Auburn area, there are 463 unsold listings, 68 bank-owned and 228 short sale properties. YIKES! That’s 63.9% of all listings in my area!

So here’s the point: If you plan to buy or sell a property in the south King County or Pierce County areas where properties are so affordable, be sure that you’re working with an experience Short Sale or Foreclosure Agent. 

Just four steps up and above the garage, is a huge 440 square foot bonus room, which could also be a very generous 4th bedroom with two deep walk-in closets. Don’t miss the pull-down attic stairs in the hallway leading to additional storage space! The home’s lower level is entirely comprised of an extra-deep double-door garage with openers, workbenches, shelves and storage.

Sliders just off the dining room lead to the fenced back yard, wonderful large deck with built-in benches, and patio. With minor repairs & new carpets, this home will be perfect for years of living. Offered as a short-sale property and priced to sell!