Erie County Foreclosure/Bank Owned/REO Market Report – August 2010

There is much interest in purchasing homes that are Bank Owned, are short sales or are foreclosures.   Many times consumers think that they get the best deals purchasing homes in this status.   There are no guarantees and yes some people get some great deals, while others have many unexpected expenses.

When you buy a foreclosed home, you’re cashing in on a home or investment someone was no longer able to pay for. Foreclosures are difficult–both to locate and to execute the transactions–but the potential to turn them over for a tidy profit may be there for the savvy Western New York buyer.

Read Also: WNY Foreclosure Properties List

Erie County Foreclosure Market Report

August 20, 2010

• There are 61 active listings with an average listing price of $98,400 ranging from $12,000 to $399,000
• There are 27 pending/under contract sales and in the past 30 days there has been 6 closed sales with an average sold price of $72,704 spending an average of 39 days on the market
• YTD there has been 92 closed sales with an average sold price of $64,388 spending an average of 58 days on the market
  • • Highest closed – $327,000  – 455 days on the market
    • Lowest closed – $3,000 – zero days on the market

Select Erie County Distressed homes for sale

Past Market Reports

July 1, 2010

• There are 53 active distressed listings on the MLS with an average list price of $104,184 ranging from $9,900 to $529,000
• There are 31 pending/under contract sales and in the past 30 days there has been a total of 7 closed sales with an average sold price of  $130,414 spending an average of 42 days on the market
• YTD there has been 77 closed sales with an average closed price of $62,268 spending an average of 61 days on the market
  • Highest closed – $327,000 – 455 days on the market
  • Lowest closed – $3,000 – 1 day on the market

May 24, 2010

• There are 62 active listings with an average list price of $93,728 ranging from $9,900 to $529,000
• There are 31 pending/under contract sales and in the past 30 days there has been 2 closed sales with an average sold price of $18,050 spending an average of 14 days on the market
• YTD there has been 65 closed sales with an average closed price of $56,982 spending an average of 60 days on the market
  • Highest closed – $295,000 – 399 days on the market
  • Lowest closed – $3,000 – 1 day on the market

April 14, 2010

• There are 45 active listings that are under the distressed sales category in Erie county with an average list price of $113,754 ranging from $9,900 to $458,900
• There are 33 pending/under contract sales and in the past 30 days there has been 16 closed sales with an average closed price of $62,987 spending an average of 42 days on the market
• YTD there has been 50 closed sales with an average closed price of $53,123 spending an average of 55 days on the market
  • Highest closed – $295,000 – 261 days on the market
  • Lowest closed – $3,000 – 1 day on the market

March 1, 2010

• According to the MLS there are 43 Bank Owned/REO or Foreclosure sales in Erie county with an average list price of $116,651 ranging from $6,900 to $499,800
• There are 14 pending/under contract sales in this category and in the past 30 days there has been a total of 4 closed sales with an average closed price of $18,500 spending an average of 120 days on the market
• Year to date there has been a total of 17 closed sales with an average closed price of $47,811 spending an average of 74 days on the market
  • Highest closed – $295,000 – 261 days on the market
  • Lowest closed – $3,000 – 3 days on the market

February 6, 2010

• There are 50 active listings with an average list price of $85,817 ranging from $3,860 to $299,900
• There are 12 under contract/pending sales and in the past 30 days there has been 8 closed sales with an average closed price of $29,100 spending an average of 62 days on the market
• Year to date there has been 11 closed sales with an average closed price of $54,890 spending an aveage of 66 dyas on the market
  • Highest closed – $295,000 – 162 days on the market
  • Lowest closed – $3,000 – 2 days on the market

November 29, 2009

• There are currently 48 active single family homes for sale that are distressed sales with an average list price of $74,706 ranging from 5,000 to $299,900 in Erie County
• There are 25 pending/under contract sales and in the past 30 days there has been 3 closed sales with an average closed price of $42,466 spending an average of 23 days on the market

• Year to date there has been 141 closed sales with an average closed price of $54,838 spending an average of 45 days on the market

• Highest sold – $304,000 – 284 days on the market
• Lowest sold – $3,000 – zero days on the market

October 16, 2009

• There are 35 active homes that are classified as Bank Owned/REO/Foreclosure or Short Sales in Erie County at this time with an average list price of $87,423 ranging in list price from $6,900 to $299,900
• There are 23 pending/under contract sales and 7 closed sales in the past 30 days with an average closed price of $92,664 spending an average of 48 days on the market
• Year to date there has been 127 closed sales in the category with an average closed price of $55,515 spending an average of 46 days on the market
  • Highest sold – $304,000 – 284 days on the market
  • Lowest sold – $3,000 – zero days on the the market

August 2, 2009

• There are currently on the MLS 24 active listings that are considered Foreclosure/REO in Erie county with an average list price of $81,729 ranging from $8,000 to $349,500
• There are 6 pending sales and in the past 30 days there has been 12 closed sales with an average closed price of $$52,564 spending an average of 45 days ont he market
  • Highest closed – $197,200 – 284 days on the market
  • Lowest closed – $3,000 – zero days on the market

Thinking of investing in a foreclosure home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market.  We would be happy to give you a personalized Comparative Market Analysis for your home, just fill out the form below.   View additional WNY Market Area Statistics here.

All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.

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Tags: bank owned, Buffalo NY, Erie County, Foreclosure, homes, real estate, reo
Posted in Area Real Estate Market Reports, Erie County, Foreclosure Center | 3 Comments »