There was an article in Saturday’s Daily Progress on the housing market in which I was quoted on the topic of foreclosures and short sales as a percentage of our market.  I thought I would expand a little and share some of the information I follow from the CAAR MLS on the topic.

The following are the number of short sales and lender owned properties combined  in each locality as a percentage of all homes on the market: (As of 10/7/10) as reported to the CAAR MLS.

Albemarle  61 out of 945 or 6%       Charlottesville 29 out of 329 or 5%

Fluvanna 32 out of 293 or 11%         Greene  23 out of 217 or 11%

The following are the number of sales flagged short sale or lender owned properties combined as a percentage of sales (contracts) year to date as of 10/7/10 as reported to the CAAR MLS.  For comparison, I will put the number of new homes sales for each area in parentheses.

Albemarle       119 out of 915 or 13% (173 new homes 19%)             Cville   33 out of 314 or 11% (32 new homes 10%)

Fluvanna        52 out of 241 or 22%  (43 new homes 18%)                Greene 26 out of 177 or 15% (28 new homes 16%)

As you can see this is well below some of the areas much harder hit by these distressed property sales. (Please remember these are short sales and foreclosures, not just foreclosures.)  I should add I doubt this is reflective of all activity of this nature, just what is reported to the MLS. CAAR just added these classification of sale types to the MLS last year, so we cannot take a look back to make comparisons, but we can watch these percentages going forward to see if trends develop.

As for new home sales you can see in a couple of areas distressed sales are keeping pace or surpassing new home sales. If you combine the two, you can see why anyone needing to sell their home now really needs to focus on getting their home priced correctly.

The 3rd Quarter CAAR Market Report will be released later this week and I will post it with more commentary on the market at that time.

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