Friday, September 11th, 2009Breaking a period of stagnation, the median sales price moved slightly in August, increasing 5.6% over July’s median sales price. Sales volume, however, decreased month-over-month.
Single family home sales topped out at 1,683 in August, an 8.9% decrease from the 1,848 sales of July. Year-to-year, the current figure is 10% below the 1,871 sales last August. REO sales decreased 11.8% month-to-month, from 908 in July to 801 this month. REO sales made up 47.6% of the total sales with short sales (18.8%) and conventional sales (33.6%) making up the remainder of sales. Compared with last month, REO sales have decreased slightly while short sales and conventional sales showed slight increases.
The median sales price increased, for the first time since April, to $190,000. This is a 5.6% change from the $180,000 median price of July. Compared year-to-year, the current figure is 12.8% below the $218,000 of August 2008. The Total Listing Inventory declined from 5,327 to 4,987, a 6.4% change. The current Total Listing Inventory is 31% below the 7,225 listing in August 2008. The Housing Market Supply figure increased slightly from 2.9 months in July to 3 months. Compared with last year, this figure is down 23% from the 3.9 months of inventory in August 2008. This figure represents the amount of time – in months – it would take to deplete the total listing inventory given the current rate of sales. According to MetroList® MLS Data, the average home spent 47 days on market (from the time it was listed to the time escrow was opened) and was 1,714 square feet. Of the 1,683 sales this month, 158 (9.4%) had 2 bedrooms or fewer, 880 (52.3%) had 3 bedrooms, 506 (30.1%) were 4 bedroom properties and 136 (8.3%) boasted 5+ bedrooms.
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