May Real Estate Market Summary

Cromford May Distress Click on photo of Dashboard for a downloadable PDF Summary written by Mike Orr, of the Cromford Report.

  1. A highlight on the Chandler Market is that 46% of our active listings were Short Sales, which is a huge increase from same time last year.
  2. Active price per sqft is highest for normal “equity” sales but the gap on closed sales between REO bank owned foreclosed homes and short sales is not nearly as great.  I believe due to a lot of sellers listing for too much and then accepting less at the closing table, partially due to appraisal issues and other competition.
  3. We are still seeing record highs of distress, at 57.7% in Chandler, although it has come down about 5% since March which is a great sign for our area.
  4. A lot less REO’s are active on the market since the banks are pushing sellers now to do Short Sales (in general but Lender specific still) rather than foreclosing at a Trustee sale and having to sell themselves which loses them an average of $38k per house.

If you are interested in a personal analysis of your situation, please contact us here or call 480-243-4242 for one of our Agents to answer your questions regarding homes for sale in your area.

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