Friday, January 7th, 2011December posted increases month to month with sales volume increasing 15.5% from 1,302 to 1,504 units. Making up these sales were 655 REOs (43.6%), 340 short sales (22.6%) and 509 conventional sales (33.8%). These numbers have changes slightly month to month with REOs up by 3% and conventional sales down by 3.7%. The percentage of short sales remained unchanged month-to-month.
The median home sales price decreased .6% from $180,000 to $179,000. Compared with the same month last year ($187,500), the number is down 4.5%. The current year-end median sales price, however, posted a positive trend for the first time since 2005. The year-end median sales price for 2010 was $183,385, 1.9% above the $180,000 year-end median sales price of 2009. The $200,000 – $249,999 price range mode still accounts for a majority (17.8% or 267 units) of the 1,504 total sales this month, while homes under $100,000 totaled 196 (13%) units. Conventional financing continued as the primary source of all home and condo sales (584, 35.9%) with cash (454, 27.9%) and FHA financing (468, 28.7%) making up the two other large categories. Conventional and FHA financing both increased; 6.8% and 2.1%, respectively. Cash financing on units decreased 5.1% from November to December. VA loans (43, 2.6%) and other financing (80, 4.9%) rounded out the remainder. The other category includes CalVet, contract of sale, creative, farm home loan and owner financing. The median amount of days spent on the market (from list date to opening escrow) was 47 – up 11.9% from the 42 median DOM of sales in November.
From the table below, we can see that the median sales price has been bumping along in the past two years from the lowest price in 8 years (April 2009) up to $194,000 median price in June 2010 and back down to the current $179,000 median price. SAR President Elect Doug Covill commented on the current market, stating “the interest rates are incredible, the inventory is there; we are just waiting for confidence to return. Distressed properties are still dominating the market (43.6% of sales are REO).”
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 5,156 properties and Active Short Sales Contingent showed 1,669. 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. The Housing Market Supply figure for December was 3.4 Months – down 15% from the 4 Months Inventory of November. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (5,156) given the current number of closed escrows (1,669). According to MetroList® MLS data, the average home was 1,732 square feet. Of the 1,504 sales this month, 139 (9.2%) had 2 bedrooms or fewer, 799 (53.1%) had 3 bedrooms, 459 (30.5%) were 4 bedroom properties and 107 properties (7.1%) had 5+ bedrooms.
Continue reading: Year Ends With Less Total Sales, but Positive Trend in Median Sales Price
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