Tuesday, July 7, 2009

Short Sale Stats in Arlington Virginia

Sorry for the raw data, but this was an email that I compiled for a client and thought I would just copy and paste the results to share since it took an hour to pull.

320 Active homes for sale from $300,000-$700,000 in Arlington Virginia now
21 are listed as "potential short sales"
only 1 listing didn't check the Short Sale box, but listed in the remarks "short sale"
(I thought there would be 5x more listing errors actually)

So about 7% Short Sales active on the MLS in Arlington now.

From $300,000-$700,000 in Arlington now
257 Under Contract total, 39 Are Short Sales. 15%

(shows you that short sales either take twice as long to close, or only half will be successful. Probably a bit of both.)

From $300m000-$700,000 in Arlington
696 SOLD homes since 1/1/09
20 Sold short sales. since 1/1/09
Therefore only 3% closed as short sales.
The days to close from going under contract ranges from a few at 4 months and a few at under 30 days.

Of those 20, 7 had the words "approved" in them.

Of those 20, I would have expected many to be under contract in a week. But only 3 were under contract in under a week and 2 more took another 1 week.

10 were conventional loans. 2 were cash. 8 were FHA or VA

In the same price range, there are 30 homes that were withdrawn or Expired Short Sales. These are people trying to sell short. It is not clear if any of these had Contracts that fell out. I also supposed that some of those 30 were relisted as active again.

------------
TOTAL in Arlington (all price) Short sales Under Contract now= 90
Total Active Short Sales in Arlington is 56.

Hope that helps. Short sales aren't too frequent in Arlington. They take longer to close and maybe about 50-75% actually close (vs the bank rejecting them and foreclosing).

Frank
Broker FranklyRealty.com

2 comments:

Anonymous said...

how did you search for expired or withdrawn short sale listings? Is there a way to do this on FranklyMLS or did you use the MLS

FRANK LL0SA Va Broker- BLOG.FranklyRealty.com said...

Nope, we arent allowed to show this data.