Sunday, January 16, 2011

Wesley Chapel Real Estate Report

An analysis of single family home sales for Wesley Chapel in the fourth quarter of 2010 shows that "Traditional" home sales made up 45% of the reported sales, followed by Bank Owned/Reo's with 29%, and Short Sale/Pre-foreclosure homes with 26% of the quarterly sales reported in our MLS.*

As expected, the number of days from contract to close was the highest with Short Sale/Pre-foreclosure homes (that sold in the 4th quarter) with the average number of days coming to 92.  Due to the Short Sale process of waiting for the seller's lender(s) to approve (or reject) the contract, the time it takes to close can be significantly longer than in traditional and bank owned/ foreclosure sales where no 3rd or 4th parties are required for approvals.  The longest period of time from contract to close on a Wesley Chapel Short Sale home that closed in the fourth quarter was a sale that took 214 days.

Currently 48% of the single family homes listed for sale in Wesley Chapel are traditional sales.  38% of the homes on the market are Short Sales/Pre-Foreclosures and 14% are Bank Owned/Foreclosures.*

*Information reported from MLS deemed reliable but not guaranteed.

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