Sales prices flat, decreased activity for September
Sales decreased 5.6% from 1,711 units sold in August to the current 1,615 units sold this month. Year-to-year, closed escrows were up 12.7% from the 1,433 units sold last September. Making up the closed escrows this month were 602 REOs (37.3%), 423 short sales (26.2%) and 590 conventional sales (36.5%). These numbers have stayed relatively level month to month.
The median home sales price barely changed month-to-month, decreasing .4% to $164,283 from the $165,000 median sales price of last month. Compared with September 2010 ($180,000), the median sales price is down 8.7%. The $200,000 - $249,999 price range mode still accounts for a majority (13.6% or 219 units) of the 1,615 total sales this month, while homes under $100,000 totaled 289 (17.8%) units. Closed escrows from conventional financing (570 units or 32.3% of all sales) decreased 6.1%, while cash buyers increased (548 units or 31.1%) and FHA financing decreased (505 or 28.7%) 7.2% and 1.7%, respectively. The average amount of days spent on the market (from list date to opening escrow) 67 days; the median DOM was 37.
Active Listings numbered 3,607 properties and Active Short Sales Contingent showed 2,268.
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 2.2 Months – down 4.3% from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,607) given the current number of closed escrows (1,615).
According to MetroList® MLS data, the average home was 1,699 square feet. Of the 1,615 sales this month, 157 (9.7%) had 2 bedrooms or fewer, 867 (53.6%) had 3 bedrooms, 480 (29.7%) were 4 bedroom properties and 111 properties (6.8%) had 5+ bedrooms.
clear skies,
Doug Reynolds
www.BHGshortsales.com
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