Sales activity for October remains flat, prices show similar trend
Sales decreased just .1% from 1,615 units sold in September to the current 1,614 units sold this month. Year-to-year, closed escrows were up 20.4% from the 1,341 units sold last October. Making up the closed escrows this month were 590 REOs (36.6%), 436 short sales (27%) and 588 conventional sales (36.4%). These numbers have stayed relatively level month to month.
The median home sales price barely changed month-to-month, increasing .4% to $164,900 from the $164,283 median sales price of last month. Compared with October 2010 ($179,500), the median sales price is down 8.1%. Closed escrows from conventional financing (550 units or 31.6% of all sales) decreased 2.1%, cash buyers decreased 7.7% (499 units or 28.7%) and FHA financing decreased 5.7% (534 or 30.7%). The average amount of days spent on the market (from list date to opening escrow) 68 days; the median DOM was 39.
The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,477 properties and Active Short Sales Contingent showed 2,162. 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 October was 2.2 Months – the same as last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,477) given the current number of closed escrows (1,544). According to MetroList® MLS data, the average home was 1,717 square feet. Of the 1,614 sales this month, 148 (9.1%) had 2 bedrooms or fewer, 873 (54%) had 3 bedrooms, 471 (29.1%) were 4 bedroom properties and 118 properties (7.3%) had 5+ bedrooms.
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