There’s an interesting and kind of amusing article on WSJ.com today, Las Vegas House Bargains Dry Up , that talks about bidding wars and frustrated buyers competing for a dwindling supply of foreclosed homes. Ironic, no.
And though our foreclosure scene is miniscule compared to Vegas, it reminded me that it might be useful to see how quickly and for how much foreclosures are selling for here in the foothills, relative to their asking prices. For reference, see> the foothills foreclosure scene
14 foreclosures sold in the last 3 months;
List price/Sold price/days on market + previous sale $$ & year
$204,188/$203,000/27 - $195,000, 2001
$215,000/$208,500/16 - $150,000, 2001
$275,050/$270,050/27 - $215,000, 1997
$374,900/$310,000/68 - $335,000, 2000
$354,900/$338,000/21 - $360,000, 2004
$356,051/$343,500/63 - $350,000, 2003
$362,900/$352,000/13 – $253,000, 1999
$407,425/$420,000/82 - $750,000, 2005
$469,900/$450,100/29 - $202,500, 1986
$509,000/$475,000/69 – new spec, no prior
$499,900/$527,000/8 - new spec, no prior
$564,900/$536,000/24 - $320,000, 2001
$690,000/$635,000/34 - $640,000, 2002
$1,995,000/$1,800,000/147 – new spec, no prior
From this latest crop of foreclosure sales it doesn’t appear that there’s much in the way of bidding wars going on.
As a group, albeit a small one, they sold for an average of $490,582/$386,000 median @ $142/sf. And for 94.3% of list price in an average of 45 days on the market.
Compared to non-foreclosure sales, sold for an average of $569,366/
$463,750 median @ $182/sf. And for 92.2% of list price in an average of 97 days on the market.
**in all cases the list price shown and the % sale price/list price is based on the latest, and often reduced, list price**