Saturday, July 10th, 2010June home sales increased 3.3% from 1,720 in May to 1,777. Year to year, the current figure is 1.9% higher than the 1,744 units reported in June 2009. Conventional sales – non REO or short sales – make up a majority (38% or 675 units) of all sales this month. This is 3.4% more than the 632 REO units sold (35.6%) Short sales round out the remainder of sales, accounting for 26.4%, or 470 units, of the total. The median sales price continued to increase, rising 2.1% from $190,000 to $194,000. The current figure is 7.8% higher than the $180,000 median price last year. The $200,000 – $249,999 price range mode accounts for a majority (19.3% or 343 units) of the 1,777 total sales this month, while homes under $100,000 totaled 183 (10.2%) units.
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,485 properties and Active Short Sales Contingent showed 2,369. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” After breaking down Total Listing Inventory, we find that the Housing Market Supply figure is more accurately reflected. Month to month the Housing Market Supply figure change slightly, from 2.4 Months to 2.5 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,485) given the current number of closed escrows (1,777). According to MetroList® MLS data, the average home spent 60 days on market (from the time it was listed to the time escrow was opened) and was 1,751 square feet. Of the 1,777 sales this month, 157 (8.8%) had 2 bedrooms or fewer, 919 (51.7%) had 3 bedrooms, 548 (30.8%) were 4 bedroom properties and 148 properties (8.3%) had 5+ bedrooms.
Continue reading: Month-to-Month and Year-to-Year Increase in Sales Volume, Median price
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