Jay Thompson, The Phoenix Real Estate Guy, discusses the skyrocketing “Listing Success Rate” for homes listed for sale on the local MLS. (An improving Listing Success Rate is favorable for home sellers.)
Here is the Listing Success Rate for each major market segment (as of Saturday May 23):
- Lender Owned Properties ““ 89.8%
- Pre-foreclosures (short sales) ““ 36.6%
- “Normal” (not lender owned or short sales) ““ 40.6%
So there is your reason for the sharp increase in overall Listing Success Rate. Almost 90% of lender owned property listings end in a sale. Only 40% of ” normal” listings end in a sale.