Short Sale Statistics Reports

WASHINGTON PROPERTY SOLUTIONS
ANNUAL SHORT SALE REPORT

Short sales and the sale of bank-owned properties showed steady increases in the Puget Sound area through 2011, according to a market analysis by Washington Property Solutions. The percentage of single family home sales that were short sales remained fairly consistent from 2010 to 2011. The increase in distressed property sales overall as compared to 2010 is attributed to a steady increase in the number of bank-owned property sales.

The increasing percentage of distressed properties continues to pull down the median price of all home sales. While short sales typically sell for 5-10% less than non-distressed properties, bank-owned homes— which are much more likely to suffer from neglect—can sell for a significant discount.

Washington Property Solutions CEO Richard Eastern is projecting an increase in both bank-owned home sales and short sales for 2012.

Banks are finally working through the backlog of foreclosed homes, said Eastern. As the pipeline of bank-owned properties floods the market, it further erodes home values, causing more homeowners to go underwater and enter into short sale territory.

Overviews by county follow the charts below.

Percentage of Distressed Property Sales, Single Family Homes


Percentage of Short Sales, Single Family Homes


Percentage of Bank-Owned Sales, Single Family Homes



Data for statistics were gathered from Northwest Multiple Listing Service and analyzed by Washington Property Solutions and Windermere specialists. Information has not been verified and is not published by the NWMLS. NWMLS added fields for short sale and bank-owned properties in April 2009.

KING COUNTY OVERVIEW

King County closed 2011 with distressed properties accounting for over a third of all single family home sales in the area. Distressed properties made up half of all single family home sales for the year in Snohomish and Pierce Counties.

• About a third (31 percent) of King County's single family short sales occurred on the Eastside. 22 percent of all King County short sales were for properties located in Seattle. South of Seattle, the Kent/Renton/Auburn area claimed 21 percent of single family short sales. The Federal Way/Des Moines/Burien area accounted for 13 percent.

• The median price of all single family short sale properties sold in 2011 in King County was $286,000. Properties sold ranged from a 980 square foot home in Federal Way that sold for $58,000 to an 8-bedroom $2.5 million home on Lake Sammamish. 45 short sale properties sold for $1 million or more in King County in 2011.

• The Eastside and Seattle each claimed 18 percent of King County's single family bank-owned property sales in 2011. The greatest concentration of bank-owned sales were in south King County, with the Kent/Renton/Auburn area claiming 25 percent of King County's sales, and the Federal Way/Des Moines/Auburn area accounting for 23 percent.

• The median price of all single family bank-owned properties sold in 2011 in King County was $202,000. Properties ranged from a 1,700 square foot home in Carnation that sold for $30,000 to a 7,900 square foot $3 million home in Medina. 37 bank-owned properties sold for $1 million or more in King County in 2011.

SNOHOMISH COUNTY OVERVIEW

Snohomish County closed 2011 with distressed properties accounting for nearly half (49 percent) of all single family home sales in the area. Distressed properties also made up half of all single family home sales for the year in Pierce County and about a third of all sales in King County.

• A third (33 percent) of Snohomish County's single family short sales occurred in the east side of the county. 29 percent of the short sales were for properties located in the Everett/Mukilteo area. The northwest portion of the county claimed 22 percent of Snohomish County's single family short sales. The southwest part of the county accounted for the remaining 16 percent.

• The median price of all single family short sale properties sold in 2011 in Snohomish County was $217,000. Properties sold ranged from a 900 square foot home in Lake Stevens that sold for $55,000 to an 6,900 square foot view home in Everett that sold for $815,000. 36 short sale properties sold for $500,000 or more in Snohomish County in 2011.

• Over a third (34 percent) of Snohomish County's single family bank-owned property sales occurred in the eastside of the county. Northwest Snohomish and the Everett/Mukilteo area each claimed 15 percent of sales. The southwest part of the county accounted for 16 percent of sales.

• The median price of all single family bank-owned properties sold in 2011 in Snohomish County was $186,000. Properties ranged from a 960 square foot home in Arlington that sold for $25,000 to an 8,600 square foot $1.9 million waterfront home in Edmonds. 32 bank-owned properties sold for $500,000 or more in Snohomish County in 2011.

PIERCE COUNTY OVERVIEW

Pierce County closed 2011 with distressed properties accounting for 50 percent of all single family home sales in the area. Distressed properties also made up half of all single family home sales for the year in Snohomish County and about a third of all sales in King County.

• The median price of all single family short sale properties sold in 2011 in Pierce County was $185,000. Properties ranged from a 900 square foot home in South Tacoma that sold for $45,000 to an 3,000 square foot home on Lake Tapps that sold for $1.35 million. Two short sale properties sold for $1 million on more in Pierce County in 2011. 10 properties sold for under $50,000. 39 sold for $500,000 or more.

• The median price of all single family bank-owned properties sold in 2011 in Pierce County was $150,000. Properties ranged from a 800 square foot home in Southeast Tacoma that sold for $25,000 to a 5,500 square foot Gig Harbor view home that sold for $930,000. 160 bank-owned homes sold for under $50,000 in Pierce County in 2011. 28 bank-owned properties sold for $500,000 or more.
  
  

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NWMLS Short Sale Statistics (King County):

For every 1 Active short sale, there are 6.10 Active "non-short sales."
For every 1 Pending short sale, there are 2.65 Pending "non-short sales."
For every 1 Sold short sale, there are 9.62 Closed "non-short sales."

NWMLS Short Sale Statistics (Snohomish County):

For every 1 Active short sale, there are 4.46 Active "non-short sales."
For every 1 Pending short sale, there are 2.77 Pending "non-short sales."
For every 1 Sold short sale, there are 8.37 Closed "non-short sales."

NWMLS Short Sale Statistics (Pierce County):

For every 1 Active short sale, there are 5.04 Active "non-short sales."
For every 1 Pending short sale, there are 2.14 Pending "non-short sales."
For every 1 Sold short sale, there are 7.69 Closed "non-short sales."

Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street  Bellevue, WA 98004
1-866-732-9725
Email: info@washortsales.com