Wednesday, August 11th, 2010Home sales in July decreased 23.3% from 1,777 in June to 1,363. Year to year, the current figure is 26.2% lower than the 1,848 units reported in July 2009. Conventional sales and REO sales combined made up more than 76% of all sales (REOs 38.5%, Conventional 38.2%), while short sales rounded out the remainder of sales (23.3%). Compared with last month, REO sales increased 8% while short sales decreased 11.7%. After a five-month increasing trend, the median sales price dropped 4.6% from $194,000 to $185,000. Compared with last year, the median sales price is 2.8% higher than the $180,000 of July 2009. The $200,000 – $249,999 price range mode accounts for a majority (17.5% or 239 units) of the 1,363 total sales this month, while homes under $100,000 totaled 144 (10.4%) units.
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,748 properties and Active Short Sales Contingent showed 2,097. 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 increased 40% from 2.5 Months to 3.5 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,748) given the current number of closed escrows (1,363). 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 1,736 square feet. Of the 1,363 sales this month, 120 (8.8%) had 2 bedrooms or fewer, 706 (51.7%) had 3 bedrooms, 432 (31.6%) were 4 bedroom properties and 105 properties (7.7%) had 5+ bedrooms.
Continue reading: A Decrease in Sales Show Slow July Activity
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