Archive for October, 2009

Real Estate Report September 2009

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HIGHLIGHTS for September 2009

– Home sales increased, year-over-year, by 10.7% in September.

– Year-to-date, home sales are up 20.6%.

– Inventory continued to decline in September: down 62.6% compared to September 2008.

– Pending sales were up 95.7% year-over-year.

Sales of single-family, re-sale homes rose 6.7% last month compared to August. Year-over-year, sales were up 10.7%. Year-to-date, home sales are up 20.6%.

The median price for homes rose 1.4% month-over-month, but was off 4.6% compared to last September.

Condo sales were also up last month, rising 9.4% from August, and up 25% year-over-year. Year-to-date, condo sales are up 18%.

The median price for condos rose 2.0% from the month before, but was down 6.1% year-over-year.

Inventory continues to decline with the supply of homes down 9.6% from August, and off 62.6% year-over-year. Condo inventory dropped 7.4%, off 63% compared to last September.

The sales price to list price ratio rose 0.5 of a point to 101.2% for homes. The ratio for condos also gained 0.5 of a point to 101.2%.

Days on market fell three days to 52 for homes. Days on market for condos dropped three days to 55 days.

Our days of inventory indicator for single-family homes continued downward on the increase in sales, shedding twelve days, sending the indicator to 62 days. The indicator for condos fell eleven days to 61.

Pending sales, an indicator of what’s going to happen in the next month or two, fell 3.6% from August, but were up 95.7% year-over-year.

Go to my on-line site www.SCVReport.com for the full report, plus a city-by-city breakdown.