I just crunched all the sold data in the last year for residential REO and Short Sales in the Coeur d’ Alene MLS.  What I found is interesting:

Only 21 Short sales closed in the last year for an average of 15% below Original Ask Price.  As the seller was adjusting their price downward, short sales closed within 3% of the adjusted price (Around $14,000).  This tells me that once a price hits a certain zone, below market prices, it will getan offer and close within 3% of asking.  However, closing short sales can present a challenge, only 21 closed in the last year. 119 Real Estate Owned by Banks (REO) sold in the last year for an average of9% below Original Ask Price.  Again, banks had to adjust their property pricing downward to create the sale, then after that, sold for within 4% of asking price.  This tells me, if you find an REO, if it is the lowest in its class, you can probably get it 4-9% cheaper.  The AVERAGE REO sold price was around 200K, which makes sense, saying our average income in North Idaho is42K, banks will loan to someone making this much money around 240K (MAYBE),people get laid off, the property goes into foreclosure, bank tries to sell it at 220K, they reduce the price to 210K and they accept an offer at 200K.

I’ve attached my spreadsheets if you want to take a look at it or play withor create your own data…

Here is the current list of all short sales:
http://www.flexmls.com/link.html?m7oqfk0r4sf,7,1

Here is the current list of all REO’s:
http://www.flexmls.com/link.html?m7oqflmpyvd,7,1

For your viewing pleasure, here are all Lake Coeur d’ Alene waterfront properties including vacant waterfront land:
http://www.flexmls.com/link.html?m7oqfp1zv9a,7,1

Also attached is the November market analysis with the two year trend line.

We sold 166 units last month.

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