Quick Market Update
Here are some quick updates regarding the sales of houses, condos, co-ops, TICs & 2-4 unit buildings. (Click on a chart to enlarge)
Closed Sales: Closings in August were down 9% compared with August 2009, which is a bit odd since June & July’s number of accepted offers were relatively unchanged – down 1.6% — from last year. This would imply that either that more deals are falling out of escrow than usual or deals are taking longer to close escrow.
Accepted Offers: down a little over 1% from August 2009. The number of homes going under contract each month has been very steady for the last 4 months.
Distress Home Sales (bank-owned & short sales): looking at the period of June, July & August, the number of closed distress home sales is a tiny bit lower than in the same period last year. (However, May 2010, for whatever reason, was over 40% higher than May 2009.)
Percentage of Listings Accepting Offers: relatively steady over the past 4 months in the 16% – 17% range, and a bit below the average % for the past 12 months. The August 2010 figure of 17.1% disguises a wide range between property types however: the percentage of house listings accepting offers was 20.3%, for condos it was 17.1%, for TICs it was 12.5%, and for 2-4 unit buildings, 11.7%. The last 2 property types have never quite recovered from the 2008 market downturn, and changes in condo conversion and tenant eviction laws.
New Listings (by Week): as of September 5th, no great surge of new listings has entered the market, though the typical autumn surge begins after Labor Day, which fell on the 6th this year.
Homes for Sale (total during the month delineated): the number of listings actively for sale has been steadily dropping since Spring, but again this usually changes in September.
Sold Listings vs. Expired & Withdrawn Listings: the number of expired/withdrawn listings exceeded the number of closed sales. This is only the second time in the past 13 months where this has occurred. Apparently, a lot of sellers tested the market with prices buyers weren’t willing to pay.
Luxury Home ($1.5m+) Listings Accepting Offers: much lower than recent months, but almost identical to August 08 & August 09.
Months Supply of Inventory: generally pretty steady over the past year at 3.5 to 4.5 months of inventory. By property type, the MSI for houses is typically lower than the MSI for condos, which is lower than the MSI for both TICs and 2-4 unit buildings.
Average Days on Market (for listings accepting offers): relatively steady for the past 7 months at between 59 and 66 days. Again, this varies widely by property type, with houses typically with fewer average days on market, and TICs and 2-4 unit buildings with significantly higher DOM.