Foreclosure vs. Short Sales market observation

Just yesterday, I decided to check out some stats on the active distressed real estate listings within our local MLS (Multiple Listing Service).
The area searched was approximately 25% of Pinellas County, which is a good representation of the general marketplace.

The initial look at the numbers of sales in each category over the past 90 days was nothing extraordinary.
Foreclosures- 52 sales
Short Sales- 69 sales

However, the truth is evident when you look behind the numbers at the length of time these properties are spending on the market!

Foreclosures- 13 of 52 listings were on the market over 90 days, and only 1 on the market over 1 year.
Short Sales- 53 of 69 listings were on the market over 90 days! Seven listings were on the market for over one year!

Even though the marketing time of short sales is lengthy, the real shock is when looking at active listings- properties currently listed for sale and classified as foreclosure and short sale.


Active Foreclosure listings - 34.
Of these, 9 have been on the market longer than 90 days. The longest DOM (Days on Market) was for ONE listing at 193 days.

Active short sale listings - ARE YOU SITTING DOWN???? 342
That's right, TEN TIMES the number of FORECLOSURES on the market. But, as any infomercial hawker will tell you, WAIT - THERE'S MORE!
Of the 342, 196 of these have been on the market longer than 90 days, and 36 listings have been on the market over one year.
The listing with the longest DOM? 966 days

So, what do YOU think- are SHORT SALES the answer to finding a great deal? These numbers seem to indicate otherwise.

For the latest list of local foreclosures, please visit my website and see the "Foreclosures" page.

http://www.mypinellasparadise.com/

Have a great week!