There has been talk of the inexpensive REO inventory running out and Antelope might be a place that exemplifies this change. Year over year, we see nothing different except that foreclosure sales have dropped pretty drastically – by 45.5% to be exact. A total of 56 homes sold this May as compared with last May, an overall unit volume drop of 35.6% but nothing has changed in the short sales – total sold 10 (as compared with 11 last May) or non-distressed home sales (10 sold – same as last May).

Sold price per square foot is currently at $106.42, which is 22.4% lower year over year as compared with $137.07. True, home buyers have afforded themselves on average homes about 10.6% as well for the same period. But is the REO party coming to an end? We’ll have to wait and watch! Average sales price is currently at $198,081 – 14% lower year over year and median price is at $197,475 – 13% lower.

Inventory for foreclosure sales is dismally low – at 0.5 months based on the last year of sales and 0.6 months based on the last six months of sales. Overall inventory is at 3.5 months and 4.1 months respectively.

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