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October Market Update

We saw a little softening in numbers of sales in October, which really isn’t too surprising as we lost the seller assisted down payment programs October 1 and the economic news was, shall we say, unnerving. Still, the market continues to be active as buyers take advantage of all the homes available for less than $200,000, which is where the majority of sales are concentrated. In October that number was 1,753. There were 717 sales of properties between $201,000 and $300,000 and 397 sales over $301,000.

In total, there were 2,867 sales in October, of which 407 were condominiums or townhouses. Of those 407, 300 were bank owned and 27 were short sales. Of the 2,456 single family homes which sold, 1,729 were bank owned and 241 were short sales.

Lots of listings have contracts – 5.967, of which 2,731 are bank owned and 1,743 are short sales. While the majority of the bank owned properties seem to close, it appears that about 10 to 15 percent of the short sales do.

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