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February Market Update

Here we are in March with 19,775 listings in our Multiple Listing Service, of which 15,176 are single family residences and 4,463 are condominiums or townhouses.  5,237 of the single family are bank owned and 5,414 are listed as short sales.  There are 1,514 bank owned condominiums listed and 1,381 listed as short sales.

We have 6,589 contingent or pending contracts on single family houses, of which 3,808 are bank owned and 2,058 are short sales.  There are 1,238 condominiums and townhouses under contract, 713 bank owned and 401 short sales.

There were a total of 2,223 sales of single family homes in February.  1,765 were bank owned and 188 were successful short sales.  435 condominiums and townhouses sold – 370 bank owned and 21 short sales.

In a previous post, we discussed falling home prices and what they really mean.  The numbers of sales by price listed below demonstrate the effect numbers of sales in particular price categories have on the average or median price of houses.

Single Family Sales                                                                                  Condominium/Townhouse Sales

455                                                          less than $100,000             300

1,116                                                       less than $200,000             110

419                                                          less than $300,000             13

301                                                          more than $301,000         11

Another interesting consistency I’ve been noticing is that approximately one-third of properties which go into contract actually result in a closed sale.  This may be directly attributable to the failure of short sales to result in a successful closing.

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