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Market Report Northern Kentucky - Bank Owned (REO's)

Bank Owned Real EstateI've had a couple of people comment to me recently that there seemed like a lot of foreclosures (Bank owned) property on the market. I was thinking the bank owned inventory was down a little so I did some checking on market conditions for foreclosed properties.

Market Absorption Trend : Northern Kentucky
Neighborhood: all Lender Owned in Northern Kentucky
* Single family residential only, excluding condos
Bank Owned All SFR excl condos
Market Activity in the Past: 1 Month 1 Month
Closed Transactions: 63 234
Listings Currently Active on MLS: 261 2968
Months of Supply on Market 4.14 12.68
% of total Market 11.37% 100%
Average List Price: $85,909 $145,862
Average Sales Price: $81,779 $138,983
Average Days on the Market: 50 85
Market Absorption Analysis:
6 Months Supply = Balanced Market
Less than 6 Months Supply is Sellers Market
More than 6 Months Supply is Buyers Market
Please Note: Data obtained from NKMLS is deemed reliable but not guaranteed 12/10/2008
Where is your neighborhood in the market?
Give us a call and we can help you determine where you stand.
CENTURY 21 Garner Properties
Independence Office 859-363-9900

Bank owed properties accounted for almost 27% of sales for the last 30 days. The bank owned inventory is dropping fast. Although we are still receiving new listings for bank owned property on a daily basis, the indications are that the banks are succesfully negoiatiing many buyers out of foreclosure. That fact, coupled with December is typically a very low foreclosure month (the banks hold off until January), the bank owned inventory is actually reducing rather than increasing.

If your an investor or have any interest in purchasing a foreclosed home. Now is the time to buy!

Posted Wednesday Dec 10