A recent analysis of data extracted from the SoCal Multiple Listing Service revealed that foreclosures continue to dominate sales closing escrow. Through May 2009 bank owned properties represented 46% of all sales reported through the SoCal Multiple Listing Service. Short Sales represented another 20% and all other classifications represented the remaining 34%. The following table depicts the month and year to date totals.
|
Month To Date No of Sales |
Month To Date Pct of Sales |
Sale Categories |
Year To Date No of Sales |
Year To Date Pct of Sales |
|
106 |
37% |
Lender Owned |
586 |
46% |
|
65 |
22% |
Short Sales |
261 |
20% |
|
118 |
41% |
All Other |
429 |
34% |
|
289 |
100% |
Total |
1,276 |
100% |
An analysis of active listings as of the end of June, 2009 paints a switch between the short sales and foreclosures, however. Of only 640 active listings 285 were short sales and 64 were lender owned. This respectively represents 45% and 10% versus 22% and 37% in the table above. A conclusion that can be reached by this switch is that the short sales tend to languish on the market while lender owned properties are priced and polished to move.
These ratios are consistent with an analysis previously published on March 31, 2009. reference to March 31, 2009 blog post.
The data used for this posting was extracted from the SoCal Multiple Listing Service.