Update On Valley Real Estate
This year is almost a carbon-copy of last year so far. We have sold 384 properties from the first of the year until now. Last year we sold 386. We sold 86 new construction houses this year compared to 84 last year. So we are on almost exactly the same track.
However, one of the biggest changes was the percentage of foreclosures sold between this year and last. Last year we sold 49 foreclosures compared to 76 this year. That is a significant, and unhealthy, change. We are still well under the worst markets in the lower 48 where 60-70 percent of the sales are foreclosures, but we are now at 20% and trending higher. As foreclosures become a larger part of the market they increase downward pressure on prices.
We will keep a close watch on this ratio as the year goes on. Keep coming back for updates on the local market.
If you would like to be kept abreast of the current market just let me know and I will put your email on the list.