HIDDEN VALLEY LAKE — Real estate trends in the Hidden Valley Lake (HVL) area are showing fewer foreclosures and more short sales compared to last year.
Trends are also showing an increase in the average sales price of area homes, according to Scott Knickmeyer, Lake County Association of Realtors association executive. Knickmeyer said that the average sales price this year is $143,379 compared to $132,528 for the same time period in 2011.
Knickmeyer provided a report comparing year-to-date (YTD) sales as of Monday of single-family residences in the HVL area to the same period in 2011 as of June 4, 2011. Manufactured and mobile homes were not included in the statistics.
“The Hidden Valley Lake area has definitely shown a change in the percentage of distressed sales and the mix of foreclosures versus short sales is trending toward less foreclosures and more short sales,” Knickmeyer said. “Standard or conventional sales are also on the increase, with the percentage of sales in 2012 being 40 percent versus 13 percent in 2011.”
Knickmeyer said that YTD in 2012 there have been 75 sales, 45 of which are considered a “distressed sale.” Knickmeyer said a distressed sale is defined as being in foreclosure, real estate owned (REO), which is also commonly referred to as “bank owned,” or a short sale. He said a short sale is a property that is sold for less than what is owned on the property and requires lender approval.
“Percentage-wise, the 2012 YTD sales break down as 2.7 percent of the sales were in foreclosure, 33 percent of the sales were REOs and 24 percent were short sales. The total percentage of distressed sales was 60 percent,” Knickmeyer said. “In 2011, for the same time period there were 85 sales; 73 of those sales are considered distressed sales.”
Percentage-wise, Knickmeyer said the 2011 YTD sales break down as 2.4 percent were in foreclosure, 80 percent were REO and 3.5 percent were short sales. The total percentage of distressed sales was 86 percent.
“Another point of interest is inventory levels,” Knickmeyer said. “Currently there are 47 properties listed for sale or in escrow versus 81 properties in the same time period for 2011. Of the 47 properties in 2012 only 31 are not currently in escrow.”
