Jun. 13, 2009 - True Pendings, Short Sales, etc...

I just finished a post on Rain City Guide as a beginning point (since 6/1/09) of tracking failure rate of Pendings. More detail in that post.

Here I am looking at the same data for North King County vs. South King County. You should find that definition in previous Tracking the Market and/or Sunday Night Stat posts in these links.

North King County:

Pendings since 6/1/09:

197 median price $499,000 - median ppsf - $237 (pending prices are always asking prices)

Of those 197, only 19 are marked as short sales with a median price of $471,500 and median price per square foot of $169 (large homes)

Huge variance in mppsf for short sales vs "normal" sales. An indication that the short sales in this category are not enough to drag down prices on the non short sales, overall.

Pending Back Up Requested"

136 with a median price of $403,500 and a median price per square foot is $201 (not big houses) and at least and likely more than 71 are short sales with a median price of $355,000 and a median price per square foot of $177. Looks like the pendings asking for backup are looking for higher offers than the one in escrow, hence the lower prices. They accepted a "lowball" but are hoping for a higher competing offer for a higher expectancy of lienholder approval.

Closed in the last 30 days - 611:

600 *not marked as short sales - median price $445,000, mppsf - $227

ONLY 11 of those 611 closings were short sales with a median price of $410,000 and a mppsf of $179

I was hoping to be able to separate "bank-owned" properties, but that is not a designated field.  We'll have to use the median price per square foot variance as a gude.

South King County:

Pendings since 6/1/09:

152 median price $349,475 (excluding short sales and bank owned properties) mppsf $179

Only showing 5 distressed pendings but the numbers are WOW $199,000 mppsf $124 - let's go straight to closed in 30.

Closed in the last 30 days

Noted as distressed = 11 - Sale Price $211,000 - mppsf $120 (selling for over asking prices)

104 $348,750 mppsf $174 not noted as distressed.

At the moment I'm studing the availability of data and relationship to decide how to track numbers going into the future as indentification of bank owned and short sales is improved.

*required disclosure Stats not compiled, verified or posted by NWMLS

Jun. 26, 2009 - RE: True Pendings, Short Sales, etc...

I feel some specialities in real estate business.I would like to enter in it.