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First, a little background on some terms. The "contingent" sale statistics I used in the research were based on "Contingent upon Financing & Inspection" clauses only. More likely than not homes in this category make it to closing and the home actually sells. Certainly, this is not always the case, as buyers and sellers often negotiate over the remedy solutions to a home inspection, and the more rare occassion (in my experience with clients) a person is not able to get a loan. I did not take into consideration homes listed as "Contingent upon the sale of another home" or similar clauses for a couple reasons. First, the time it takes for these homes to close is usually quite a long time longer than a standard closing. In addition, many of the homes contingent on the sale of another home do not make it to closing. I believe adding this into my research would skew the results, so I decided it would not be included.
Once I calculated the percentage of homes sold in relation to the current homes on the market, I determined the number of months needed to exhaust the current inventory - assuming the August percentage remained constant. This revealed some significant differences in the local communities as well as at the county level.
The foreclosure sales have had a downward force on values because REO properties are a greater percentage than ever before. This has caused buyers to flock to these "bargain" properties. The homes that are selling are those under foreclosure/short sale or homes are forced to compete with them by lowering their price. In the past foreclosure sales were such a small segment of the market, it was not a driving force in the market, not causing values to be influenced or very little. However, in today's market, the percentage of short sales & foreclosures is at such a high rate, it is effecting all properties in order to compete.
- Dublin - 72.64%
- Powell - 93.65%
- Hilliard - 92.04%
- Worthington - 88.75%
- Westerville - 91.28%
- New Albany - 84.43%
- Franklin County - 86.50%
- Delaware County - 77.05%