Neighborhood Update

This is an update of my tracking of a specific neighborhood in my area, in an effort to gain further insights to the current state of residential real estate market.  The last update is here.

Well, there were finally a couple of sales.  That's the good news.  The bad news is that one sold for $335,000, and, the other went off at $352,000.  The first one didn't look like a distressed sale since it appears from the public records that the sellers were move up buyers.  The second looks like a divorce sale.  Neither sales were the short sale available in the neighborhood.  That one is currently listed at $379,000, lowest in the neighborhood.  The other 7 active listings all had price reductions during June ranging from $5,000 to $24,000.  So apparently the rush to the bottom continues.  The 2 sales are going to set bad comps in the neighborhood and time is running out on the Selling season.  Anyone needing to sell is going to have to hurry.  I suspect we'll see some of the active listings de-list in September if they don't have to sell.  Disappointment is going to set in when they had originally listed their home for $425,000 and are seeing homes go off at $350,000.