So far this year we have had sold 155 foreclosed properties. We have sold 1100 total residential properties since January 1, 2011. That means foreclosures are almost exactly 14% of the total market.
You would think that foreclosures were a much larger part of the market from all the noise you hear in the media. Many buyers that I talk to want to see all the foreclosures because they think they are the only deals out there. There are currently 31 foreclosures on the market. If you would like to see them just click on the foreclosure link in the blue bar above. I have videos of most of them.
Actually there are a lot of other good deals out there as well. Foreclosures have been selling in an average of 50 days which indicates a pretty active market. On the other hand, the average days on the market for all of the 1100 closed listings so far this year are 58. That isn’t much different. The houses that sold were obviously priced right.
It’s interesting to note that of the 754 houses that are currently for sale the average days on market is 122. What does that tell you?