According to ARMLS, 78% of the homes that sold in September were vacant.
September had the highest number of sales (6,150) since August 2006 and the lowest average price ($219,000) since May 2004. I was surprised to find out that 4,850 of the 6,150 were vacant. As the chart shows, that is the highest percentage of sold vacancies since the turn of the century – by a lot.
Of course, vacant homes have the most motivated sellers. However, I expected a higher number of the vacant homes to be lender-owned. Only 2,400 were both vacant and lender-owned. I guess the other 2,400 were either sellers that upgraded, downgraded, got transferred, or liquidated rentals. What are some other reasons a home that sells is vacant?
On the lighter side of statistics, 50 of the 4,800 vacant properties informed the showing agents the home was on lockbox w/ occupants. I wonder if they were referring to the seasonal ghosts and goblins?
Looks like it’s time to ask my clients to leave home!
With this much inventory to show, one wonders what type of preferential treatment the vacant homes get from agents assembling a list of candidates for their buyers. This is great information to take to your clients who are living in the property they want to sell. Ease of access is a bigger difference maker than it’s ever been. Kennel the pets, learn to clean while you live, and if the phone rings…get out of the house!
I think the bank owned number above would be significantly higher if the banks, you know, knew what they were doing. They can’t even get “banking” right, and we expect them to be competitive selling homes?