Not much new here. As with the past few months, when compared with last year, the number of closed and pending sales are up while the number of properties on the market has continued to decrease. Similarly, looking month to month, we are seeing the expected seasonal decline in sales activity.
So, closed sales increased 14.1% from October 2010 to October 2011, while pending sales saw an increase of 15.1% in that same period. There were 22% fewer new listings in October 2011 than October 2010. Some of this decrease in inventory may be, in part, due to a slow down in foreclosures, which in turn has fewer bank owned properties on the market. The average sales price fell 6.5% when compared with October 2010, to a current average sales price of $258,700.
From September 2011 to October 2011, we see 7.1% fewer closed sales. We always have a funny, "before the holidays" blip, shown by a slight increase in pending sales from September 2011 to October 2011, of 0.9%. These are sale folks are planning to have closed prior to the holidays.
I am still describing this market as bumping along at the bottom. The sales volume increase can show an improving market, while declining prices are, well, declining. I don't expect some incredible "lift off", but can imagine, with enough months of increased sales activity, that we'll start to see slight upward movement in prices. Several cities around the country are seeing some price increases. I'll save that for another blog. Read the complete Regional Multiple Listing report.
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