Mike’s Real Estate Show

I teach a class on interpreting statistics from our local Multiple Listing Service (MLS) for Keller Williams Realty which is MY company. I ran the number of bank owned properties currently on the market or “REO’s”(real estate owned). I found some interesting numbers. The amount of short sales on the market is under 5 months and the amount of homes being sold makes up 25% of our monthly sales. A “balanced” market is usually at 6 months of inventory. With REO’s you are at 5 months which indicates a “Seller’s” market!! We are seeing multiple offers in the REO marketplace. The prices are hitting a point where they are being snapped up! I’m going to post an interesting article from Brad Bollinger from the NorthBay Business Journal where Brad says this just MIGHT be the bottom in Sonoma County. We shall see!