Bank Owned Homes Vs. Owner Occupied Homes - Listing to Selling Price Ratios
I was pulling some statistics yesterday, and was really intrigued at how similar some of the Sold-to-List ratios were in both bank owned properties and the homes that people are trying to sell (not bank owned). For easy reference, we will call them foreclosures and non-foreclosures.
Here is what I found*:
Foreclosures:
Days on Market: 75
Sold Price/List Price: 95.8%
Sold Price/Original List Price: 85.6%
Non-Foreclosures:
Days on Market: 143
Sold Price/List Price: 95.4%
Sold Price/Original List Price: 88.2%
What can I conclude from this data? I can conclude that both foreclosed and non-foreclosed property owners are on average "wheeling and dealing" about 5% from their current MLS list prices. It would seem that the banks are doing a much better job of dropping their prices more quickly to get their homes sold twice as fast.
If you are thinking about quoting any of these statistics for any work, please give me a call at (320) 492-2667 first. While I am able to pull stats for just about everything from the St Cloud MLS, it is in fact the property of the St Cloud Association of REALTORS. I just want to verify that the St Cloud Area Association of REALTORS knows how and where their information is being presented. Thank you.
*Statistics from information obtained on the St Cloud MLS on March 10th, 2009. This information is pertaining to the residential properties listed on the St Cloud MLS that have sold from the time frame of Jan. 1st, 2009 - Mar. 10th, 2009.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud MN
http://StCloudEdina.com - Get a free list of the bank owned properties on the St Cloud MLS
http://JasonTangen.EdinaRealty.com - Search homes for sale in St Cloud MN
