We last compared Bank Owned Properties to Non Bank Owned properties in December of 2011. The market has changed dramatically in the past 8 months and I thought that it would be interesting to make the same comparison for August 2012
I have attached 3 reports below that show comparisons of Bank Owned Properties to Non Bank Owned Properties by month for the past 2 years, for Near North, Lincoln Park and Lakeview.
In August 2012 Bank Owned Properties accounted for 8.5% of the total homes for sale and unit inventory owned by the banks was 53.3% lower than in August of 2011. Non Bank Owned Properties accounted for 91.5 % of the total inventory in August, which was 35.0% lower than the previous year.
Unit sales of Bank Owned Properties were 11.6% of the total sales in August 2012 and represented a 46.8% increase over August 2011. Non Bank Owned Properties represented 88.4% of August 2012 sales and increased 29.1% from August of 2011.
Median prices of Bank Owned Properties dropped 1.8% in August 2012 in comparison to August 2012. Non Bank Owned median prices increased 3.0% during the same time period. Non Bank Owned Property median prices ($402,250) averaged significantly higher than Bank Owned prices (180,500).
Please click on the 3 reports below (enlarge to 100%) for more detailed, printable information. Each report is 2 pages with both graphs and spread sheets.