As I write this newsletter, here are current inventory levels:
Values from left to right: 180 days ago/150 days ago/120 days ago/90 days ago/60 day ago/30 days ago/TODAY
Total Active Inventory: 7,188/5,655/4,577/4,704/4792/5,010/4,840
Break Down by Type of Sale:
Short Sale: 2,890/1,837/1,156/1,069/1,086/1135/993
Traditional Sale: 3,212/2,993/2,924/3,171/3,282/3,500/3,445
Total Pending Sale Inventory: 14,808/15,719/15,594/15,218/15,238/15,048/14,799
Break down by Type of Sale:
Short Sale: 10,299/11,432/12,043/12,095/12,148/11,993/11,685
Traditional Sale: 1,855/1,958/2,008/2,042/2,170/2,263/2,389
Soldin the last 30 days(Single Family/ Townhome/Condo): 2,904
September statistics reflect the first drop in the average sales price of a single family home since January of this year to an average of $173,529. Interestingly, the median sales price continued to climb to a 2012 high of $140,000. The last time either value was that high was in 2009. The number of new listings in September is the 2nd lowest value of any month in the last five years with 3,282 units. With so few new listings, the number of sales has also declined as a natural by product to the lowest value in September in the past 5 years.
A market once dominated by REO is almost non existent. Then came the short sale waive, we now have under 1,000 units valley wide for sale! The conventional seller's are dominating the active inventory. It's mainly due to their expectations in regards to asking price. Reasonably priced REO and Short Sale inventory just doesn't last long due to NO quality inventory.