Sales volume increases late in summer, sales price ticks down a notch
This August, sales increased 8.4% from 1,579 units sold in July to the current 1,711 units sold this month. Year-to-year, closed escrows were up 14.4% from the 1,496 units sold last August. 2011 SAR President Doug Covill commented “The numbers show it – sales are up. People are coming out and taking advantage of the low prices and historically low interest rates.” Making up the closed escrows this month were 642 REOs (37.5%), 411 short sales (24%) and 658 conventional sales (38.5%). These numbers have stayed relatively level month to month with REOs down only .2%, short sales up 5.7% and conventional sales down 3.5%.
The median home sales decreased .6% to $165,000 from the $166,000 median sales price of last month. Compared with August 2010 ($186,000), the median sales price is down 11.3%. The $200,000 - $249,999 price range mode still accounts for a majority (14.6% or 249 units) of the 1,711 total sales this month, while homes under $100,000 totaled 325 (18.9%) units. Closed escrows from conventional financing (640 units or 34.4% of all sales) decreased 3.1%, while cash buyers (539 units or 29%) and FHA financing (543 or 29.2%) increased 4.3% and 4.6%, respectively. The average amount of days spent on the market (from list date to opening escrow) 64 days; the median DOM was 37.
Active Listings numbered 3,907 properties and Active Short Sales Contingent showed 2,298. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” The Housing Market Supply figure for August was 2.3 Months – down 4% from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,907) given the current number of closed escrows (1,711).
According to MetroList MLS data, the average home was 1,690 square feet. Of the 1,711 sales this month, 184 (10.7%) had 2 bedrooms or fewer, 924 (54%) had 3 bedrooms, 485 (28.3%) were 4 bedroom properties and 118 properties (6.9%) had 5+ bedrooms.