According to sales data from the Northern Nevada Regional MLS, traditional home sales (sellers with equity) lead the sales data for residential, stick built home sales in October 2010. Traditional, equity position sales accounted for 38.8% of sales in October. The median sales price $231,700. These sellers received on average 95.1% of asking price and had an average of 116 days on the market. The median sales price is bolstered by 15 sales over the $500,0o0 mark.
Bank owned or REO sales accounted for 32% of the sales in October. The median was signifcantly lower at $1390,950. These properties saw the fewest days on the market with an average of 96 days. These listing received on average 99% of asking price. The median sales price wasn’t helped much which only 3 homes sold over the $500,000 mark and almost 80% of the sales at the $200,000 or below price point.
Short sales accounted for 27.9% of the sales in October. They brought in a higher median sales price than the REO properties at $161,000. They unfortunately average the longest market times of 199 days. Short sale listings received an average of 99.1% of their asking price. The short sale median sales price was definitely bolstered by a $1,200,000 sale. There were 4 sales over the $500,000 mark. 70% of the short sales were under the $200,000 price point.
What does all this mean??? Sellers with equity can successfully sell their homes in a distressed market given that they have realistic expectations of the price. Bank owned/REO sales net the banks less than short sales, a continued argument that banks seem to be getting finally. And lastly, short sales aren’t just for homes in the lower price points. You can do a short sale on a $1 million home. You just have to prove to the bank that you have a hardship and that it’s in their best interest to not take the property back onto their books. It can be done.