Sales price hovering in mid-$160’s
Sales decreased for the holiday season to 1,531 units sold, down 5.1% from the 1,614 closed
escrows last month. On the other hand, year-to-year closed escrows were up 17.6% from the 1,302 units sold last November. Making up the closed escrows this month were 514 REOs (33.6%), 453 short sales (29.6%) and 564 conventional sales (36.8%).
The median home sales continues bump along, this month increasing .1% to $165,000 from the
$164,900 median sales price of last month. The median sales prices has bumped up and down in the $160,000s for the last 10 months (see chart below).
Closed escrows from conventional financing (545 units or 33.5% of all sales) increased 6%, cash buyers decreased 4.5% (445 units or 27.4%) and FHA financing increased 4.5% (522 or 32.1%). These numbers include the 94 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 72 days; the median DOM was 40.
Active Listings numbered 3,236 properties and Active Short Sales Contingent showed 2,196. 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 November was 2.1 Months – a 4.5% decrease from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,236) given the current number of closed escrows (1,531).
According to MetroList® MLS data, the average home was 1,706 square feet. Of the 1,531 sales this month, 150 (9.7%) had 2 bedrooms or fewer, 832 (54.3%) had 3 bedrooms, 440 (28.7%) were 4 bedroom properties and 109 properties (7.1%) had 5+ bedrooms.