398 or 84% of the 475 homes for sale in the Natomas area of Sacramento are short sales. This is in sharp contrast to the 33 (7%) REO (foreclosure)
To put this into perspective, an average of 32 short sales sell each month in this area which essentially amounts to a 12 month inventory of short sales. On the other hand, 51 bank owned properties sell each month which amounts to a 2.5 week inventory.
The conclusion we draw from these statistics is...short sales happen slowly if at all and there are a lot lingering on the market. As such, buyers should expect long escrows and low probabilities of success.
On the other hand, bank owned properties are in short supply and buyers should expect stiff competition.
While most home shoppers would think this ‘buyers market’ would be full of opportunity, choice and bargains, the reality is finding and buying that bargain is going to be hard work.
For more details check these stats and more at www.SacramentoBill.com
