Conventional sales continue increase; now represent over half of home sales
Conventional sales accounted for more than half of all sales this month. Since June 2008, SAR has kept track of three types of sales (REO, short sale, conventional). This began when the MLS allowed advanced search criteria to include these types of sales. REO sales reached their highest point in October 2008 when they accounted for 1,533 (or 67.2%) sales, compared to 168 (8.9%) and 450 (23.9%) for short sales and conventional sales, respectively. The breakdown of sales for this month was 200 REOs (11.6%), 611 short sales (35.4%) and 915 conventional sales (53%). Conventional sales have nearly doubled since January 2011 when they accounted for only 27.4% (340) of sales. The graph below highlights this occurrence.
Sales increased 16.5% for the month to 1,726 units sold, up from 1,482 in September. Year-to-year closed escrows are up 6.9% from the 1,614 units sold October 2011. The total value of all single family home closed escrows was $373,546,698, up 20% from $311,305,286 in September.
The median home sales price increased to $189,000, 5% up from $180,000 in September. Year-to-year, this figure is up 14.6% from the $164,900 median sales price of October 2011. The $200,000 - $249,999 price range accounts for 17.1% (294) of the 1,721 total sales this month. Homes under $100,000 totaled 191 (11%) units. Closed escrows from conventional financing (673 units or 36.4% of all sales) increased 1.3%, cash buyers increased 2.7% (682 units/36.9%) and FHA financing decreased 5.8% (359/19.4%) sales. These numbers include the 129 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) decreased from 46 to 38 days; the median DOM decreased from 17 to 13.