I recently posted on LoCo Musings and here to analyze how much of our active real estate market is currently made up of ‘distressed’ sales, meaning short sales or foreclosures. What I found is that it varies depending where in the county you are, and also what home type you are looking at. Here’s the overall picture for the county:
So, the vast majority of listings, 74%, are ‘traditional’, non-bank involved, owner sales. Only 26% are ‘distressed’, and only 6% of those are foreclosed homes. (Here’s a post I wrote explaining the difference between short sales and foreclosures.) Now here is how the active listings look only in Leesburg:
Matches up with the county as a whole, huh? Just one percent higher foreclosures, one percent lower short sales. Let’s look at it in Leesburg based on property type:
Now we can see a difference, huh? Single family (detached) homes have fewer ‘distressed’ properties; although the percentage of foreclosures listings is about the same, there are significantly fewer short sales. Meanwhile, the Leesburg townhome market is much harder hit, with a full 34% of active properties listed as short sales. The condo market, while having 28% distressed properties, has over double the percentage of foreclosure listings than the single family and townhome markets.
The message here for Leesburg is that it very much depends on home type if you are wondering how distressed sales are affecting the real estate market. Detached homes are faring the best, while townhomes are being impacted by short sales, and condo listings are more likely to be foreclosures.
Would you like to know how this specifically affects a particular neighborhood? Please fill out a quick form with a few property details and I can give you very detailed statistics.