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August Market Update

The July real estate market numbers saw an increase in closed sales and a decrease in listing inventory.  Bank owned property listings remain down.  There are 11,941 listings in our MLS; 2,652 are bank owned; 4,882 are short sales.  There are 8,965 single family houses for sale and 2,840 condominiums and townhouses.

The number of houses under contract has gone up to 13,252 – 10,713 are single famly houses, 2,514 are condominiums or townhouses.  5,041 are bank owned and 6,906 are short sales.

There were 4,235 sales in July.  3,119 were bank owned.  Short sales continue to lag with 424 sold.

The strongest part of the market remains under $200,000.  Sales of single family houses under $100,000 were 1,001.  Under $200,000 was 1,633.  Under $300,000 – 505.  Over $300,000 accounted for 288 of all sales.

Most condominium and townhouse sales were under $100,000.  There were 598 of these.  Under $200,000 accounted for 159 sales.  there were 24 sales under $300,000 and 14 sales over $300,000.

These record sales numbers are being driven by the traditional summer upswing of sales, low prices and interest rates and the tax credit available to first time homebuyers.

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