Share of Distressed Sales 2011 05Posted: June 30, 2011
For the third consecutive month, the share of distressed sales fell below 30 percent and posted the fourth consecutive monthly decline. It also reached the lowest point since distressed sales became a forced field in the listing service in April 2009. Of the 109 distressed sales last month, 75 were short sales and 34 were bank-owned properties.
Last year at this time, 27.6 percent of total sales were distressed, slightly higher than the May 2011 share of 27.3 percent. Leesburg had the highest share of distressed sales in April, 32 percent. Eastern Loudoun’s share amounted to 27 percent while 21 percent of the closings in Western Loudoun were short sales or bank-owned properties.
Compare the median sales price of distressed closings in Loudoun last month, $276,000, to the median for all sales types, $380,000 (-27 percent).