Smith Farm market activity report

 There are 20 homes currently on the market in Smith Farm as of 3/6/10.

• They range in price from $197k to $499K.
• The asking prices per sq ft range from $80/sq ft to $171/sq ft.
• The # of days on the market range from 8 to over 600
• Out of the 20, 8 are marketed as Short Sales
• 1 is a bank owned home.

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There are currently 14 homes with a pending contract

• Asking prices of these under contract homes range from $169k to $399k
• Asking price per sq ft range from $89/sq ft to $123/sq ft
• The days on the market range from 6 (for the $89/sq ft home) to 628 (the $399k home)
• 8 of the 14 homes are Short Sales
• 4 of the 14 homes are Bank Owned

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There have been 12 reported sales in the previous 90 days

• The sold prices range from $190k to $345k
• The sold price per sq ft ranged from $85/sq ft to $122/sq ft
• The 'average' sold price per sq ft is $105/sq ft
• The market time ranged from 13 days (the $85/sq ft home) to 303 days (the $122/sq ft home) 
• 6 of the 12 sold were Short Sales
• 2 of the 12 sold were Bank Owned

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Smith Farm homes currently under contract

There are currently 20 Smith Farm homes under contract...that's good news. Now for the bad news...

16 of the 20 homes currently under contract are either Bank-Owned homes or Short Sales. That leaves just 4 out of 20 as regular sales of all the Smith Farm homes currently under contract.

This does not bode well for property values going forward as short sales typically sell at a discount to non short sales. And with the ratio being 16 "under contract" homes being short sales or foreclosures and only 4 being non short sales, this could cause an appriasal problem with sales later this year...this is an excellent graphic backing up the advice that I have been giving to sellers/potential sellers in Smith Farm lately: the window of opportunity is small, try to get on the market, under contract, and sold in the next 3-5 months...BEFORE all of these distressed sales become your new comps!