Market Conditions in 06401>Question Details

Keith Jurow, Real Estate Pro in CT,

I write feature housing articles for www.realestatechannel.com.

Asked by Keith Jurow, CT, Fri May 21, 2010

I would to hear from users who know what percentage of home sales in their market are now short sales. Please identify your market. Thanks so much.

Keith Jurow

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Answers

2
Until they make the short sale field in the mls a mandatory field, I dont think we'll be able to pull accurate data....though when I pull the stats it says 5.2% of all closed sales this year in all of CT...( well that would exclude fairfield county as they refuse to join the statewide mls)
I personally feel that is too low of a number.
In fact for all closed sales - for the "potential short sale" field 5% marked yes...but 35% marked no. So wheres the other 60%?
I do short sales all over eastern and central ct. From what I see...the need is only growing.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Mon May 24, 2010
Hi Keith,
I can only respond for my area, Greater Danbury, but so far this year there were 534 sales of single family homes and condos, of which 19.7% were distressed. 15.2% were bank foreclosures, and 4.5% were "short sales". I know that many people have been frustrated with short sales for the past two years, however, they are getting easier and they are also closing much faster.

It is really important that homeowners in difficult financial straits be aware of this, and also the CT State foreclosure mediation program. Here is a blog post about it for further details.
0 votes Thank Flag Link Sat May 22, 2010
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