Thanks Marco on the great wrap up for 2012 Seattle Condo Market!
For those of you who are still curious about distressed properties and their impact on the market (bank owned and short sale inventory), this is for you. More than 6 months ago, we pulled some data from NWMLS on bank owned and short sale condos. At that time, bank owned and short sale condos made up about 19% of the total listings. Last month's data shows that it was almost the same. However, if you compare that to almost 2 years ago, distressed assets as a percent of all on the market went down significantly.
In the first half of 2012, we had a total of 315 distressed condos, during the 2nd half, it went down to 259 sales. Interestingly, bank owned properties sales dropped from 186 to 93 in the 2nd half of last year while short sale condos went up by almost 30% from 129 to 166 sales perhaps an indication of banks starting to work with owners when a short sale is proposed.
In summary, we had fewer distressed condos coming on the market in 2012 than in 2011; so far we are not seeing any influx of bank owned properties coming on the market. I agree with Marco's prediction that we are not likely to see an increase in them in 2013; this will be a good news for sellers.
( Data extracted from NWMLS on 01/29/2013 and are deemed reliable but not guaranteed.
By Wendy Leung with Seattle Condo Review: A guide to Seattle Condos and Downtown Seattle Condos exclusively for buyers and sellers.