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More April stats – REO prices

Following is the breakdown for SLO County REO solds in April:

Median REO home price = $273,800


April Sold REOs also received pretty close to the asking price, some were overbids. These facts counter articles I’ve read that advise Buyers to make low-ball offers on REOs.

– 48% of REOs sold in the first 30 days of coming on the market and had an average of 100.75% of asking price.
– 15% were sold 31-60 days and received 96.7% of asking price.
– 6% sold 61-90 days and received 98% of asking price.
– 8% sold 91-120 days and received 96.2% of asking price.
– 23% sold 120+ days and received 97.6% of asking price.

*Asking price is the last price it was listed for before going Pending Sale.

For comparison, non-distressed homes had a $407,500 median home price in April. (DOM= Days on Market)

– 34% of non-distressed homes sold in the first 30 days of coming on the market and had an average of 95.5% of asking price.
– 20% were sold 31-60 days and received 90% of asking price.
– 8% sold 61-90 days and received 94.7% of asking price.
– 4% sold 91-120 days and received 94% of asking price.
– 33% sold 120+ days and received 91.3% of asking price.


Written by Keith Byrd - Go to Keith's Website/Profile