Interest on the Rise for Bank Owned Foreclosures in Big Bear
The Big Bear real estate market has seen increased interest and activity in bank owned property and foreclosures. This makes perfect sense as the active foreclosure inventory is often priced well below current market value.
Bank Owned Real Estate aka Big Bear Foreclosures - June through December 2008
Of the 459 residential transactions that closed in this time period, 117 or 25% were bank owned foreclosures. (However, see below as now roughly 40% of what is currently in escrow is a bank owned foreclosure.)
Bank-Owned Properties as a percentage of overall transactions are both significant and on the rise...
The average sale price of these bank owned properties was $229,000 and the average days-on-market was 58 as compared to the current market average of 135.
Bank-Owned foreclosures sell for less and sell faster than the rest of the market...
Another interesting statistic is that roughly 89% of the bank owned transactions were under $250,000 and the average sold price per square foot was 23% under the market average.
The evident trend, when looking at the monthly numbers, is that both active inventory and closed sales in the bank owned real estate market in Big Bear are on the rise. As a percentage of total active residential listings, bank owned listings have increased from 2% of the market in June to 8% presently.
Bank Owned Listings continue to gain share in the overall listings mix...
Some of the most recent increase in active inventory can be attributed to more and more ‘down the hill’ agents joining our local real estate board in order to put their inventory on our local mls.
Bank Owned Real Estate aka Big Bear Foreclosures - Current Listings
Some more interesting numbers:
--> Of the 114 homes currently in escrow, 40% of those are foreclosures.
--> Currently there are 937 residential listings and 114 homes in escrow which leads to an absorption rate of 12% for the overall market.
--> However there are currently 77 active residential bank owned listings and 47 in escrow leading to a much higher absorption rate of 61% for bank owned property.
I hope this barrage of numbers and statistics is not causing you to nod off. Rest assured, we represent many large banks in selling their foreclosed real estate locally and I have access to all real estate that is for sale in Big Bear. So let me know if you interested in knowing more about Big Bear bank owned foreclosures that would fit your specific needs.
I am happy to help and always look forward to hearing from you.