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August Market Update

Market statistics remained constant in August, with little change from the previous month. Sales were down a bit from July’s high of 2,931 sales of single family homes, condominiums and townhouses, but the market remains active in distressed sales.

Listing inventory was down about 1,000 units, with the current listing total at 20,602, of which 16,059 were single family and 4,543 were condominiums or townhomes. Of the single family listings, 4,218 were bank owned and 5,356 were listed as short sales. Condos and townhouses had 1,145 bank owned listings and 1,016 short sale listings.

There are currently 7,045 properties under contract in our Multiple Listing Service of which 6,201 are single family. Of these contracts, 3,242 are on bank owned properties and 2,016 are short sales. Of the 844 condos/townhomes, 458 are bank owned and 458 are short sales.

The total number of closed sales in August was 2,851, split between 2,477 single family homes and 374 condos/townhomes. Of the single family sales, 1,712 were bank owned and 241 were short sales. For condos/townhomes, 244 were bank owned and 25 were short sales.

While short sale listings continue to exceed bank owned listings, the closing rate remains about 10 percent. Lenders remain reluctant to negotiate short sales.

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