Now that 2010 has come to a finish, I am frequently asked what the year’s final sales stats looked liked.
How many Short-Sales and Bank owned properties vs. regular/traditional sales did the Montreux real estate market see in 2010? Below is a break down of the numbers:
21- Total Montreux Home Sales in 2010
- 8 Regular/traditional sales (38% of the total)
- 8 Bank owned sales (38% of the total)
- 5 Short Sales (24% of the total)
These numbers tell us that in 2010, 62% of home sales were “distressed”. This number falls right in line with the averages for the area.
Buyer’s that took advantage of great buys in 2010 increased the volume of home sales by 19% in 2010, compared to 2009. The increase in home sales can be attributed to the fact that Montreux average home prices decreased by 14%, year over year. The average price per square foot for 2010 was $229.
Now that we took a look back to 2010, it begs the question, what will 2011 hold for Montreux real estate? Has Montreux hit bottom or will there be more short sales and bank owned or foreclosure sales?
Let’s look at the numbers. As of today, there are currently 23 homes on the market. Out of this total, there are 4 available short sales, or 17%. There are currently zero bank owned homes on the market. The supply of short sales and bank owned properties has slowed drastically within the last few months.
Buyer’s, it’s time to get out there and strike a deal! There are not many distressed properties left!