As a real estate professional, I get asked on a daily basis about short sales and foreclosures. How much of the market do they represent? Are they increasing? Is there a "shadow inventory"? How do they affect my home's value? Rather than tell you, I'll let the facts show you what's going on in the Renton real estate market.
The graph above represents the non-short sale and non-REO(Real Estate Owned by Banks or foreclosures) for Renton in the last six months.
This graph above represents the short sale activity for Renton in the last six months.
The graph above represents the REO(Bank-owned/Foreclosure) sales activity in Renton in the last six months.
As you can see by these graphs, the REO situation is pretty dramatic. In Renton, the foreclosure(REO) sales activity, both number of homes for sale and sales, are down more than 50% from six months ago.
As for short sale activity, it's down more than 20% from six months ago, while non-short sale and non-foreclosure(REO) activity had held relatively steady, with number of homes for sale down a little over 6% and sales down 1% from March of this year.
No one has a crystal ball that can tell us what is going to happen, but if these trends continue, we will see an already dwindling housing supply get tighter, causing already limited options for buyers to become fewer. This is and will continue to an have an upward trend on prices.
Stay tuned as I update these stats regularly to keep you better informed about our real estate market.