Other Findings from Realtors’ ‘2008-2009 State of the Housing Market’ Report

Distressed properties sold during 2008 had a median sales price of $330,000, a median price per square foot of $197, and a median size of 1,600 square feet.

• More than half of the distressed properties sold were Real Estate Owned (54.8 percent), almost one-third were short sales (31.2 percent) and the remainder were foreclosures (14.1 percent).

• Non-distressed properties had a median price of $541,000, a median price per square foot of $315, and a median size of 1,766 square feet.

• Four of five homes (80 percent) sold were discounted in 2008, an increase from 76 percent in 2007. The discount between sales price and list price increased from 4.3 percent in 2007 to a record setting 7.5 percent in 2008, more than double the long-run average of 2.8 percent.

• One of five properties (20.3 percent) fell out of escrow in 2008. Primary reasons include:

• Buyer could not secure a mortgage (33.3 percent);

• Buyer changed mind and decided not to buy (33.3 percent);

• And buyer could not come up with the down payment (10.8 percent).