Do short sales actually sell?

The Realtor Multiple Listing Service (RMLS) of Portland did a breakdown of the entire Portland areas’ short sales, bank owned and regular listings and how they compare. It shows that of those listings, how many actually sold. For short sales this is valuable information. I often have clients ask me how long short sales take and if they will come together at all? This chart below explains a lot!

What we can see from this chart is how many distressed properties there are out there. What this chart doesn’t show is the concentration of them in certain areas. That is always the problem when dealing with such a wide area. Personally when I’m out there showing properties, it seems as though there are many more distressed properties than this chart shows. But what I like about this chart is that it shows how many of those properties actually sell. The numbers don’t lie. I’m glad buyers now can see how low there chances are of getting that short sale.

  • When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 0.5% (31.5% v. 31.0%).
  • In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.5% (41.7% v. 39.2%).
  • Short Sales comprised 16.1% of new listings and was down 0.2% from 2011. However, the percentage of sales rose from 9.9% in 2011 to 13.5% in 2012, a 3.6% rise.
  • Bank Owned properties comprised 14.9% of new listings and 25.7% of sales in first quarter 2012, down 0.3% and 6.1% from 2011, respectively.
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