The report also stated that the median price for single family homes sold locally in September was $315,000, which is exactly equal to last September’s median price. Year-to-date for January through September 2012, the median sales price of single family homes sold in the area was $307,000, a 1.0 percent decline compared with the first nine months of 2011. Condominiums sold in September posted a median sales price of $168,000 which represents a slight 1.3 percent increase compared with last September’s median of $165,771, and a 2.8 percent rise versus the previous month’s median price of $163,500.
The report also showed that average length of time it took for a single family home sold in September to go from listing to sold was 92 days, a drop of 13.2 percent versus last September, and down from 110 days in August. For condominiums, it took an average of 155 days for those sold during September to close, an increase of 14 percent compared with the average 136 days on market in September 2011, and an increase of 47.6 percent compared with 105 days on market in August.
Meanwhile, the number of pending sales for single family homes in the region during September jumped by 9.1 percent compared with September 2011, with the agreed-upon median price for those properties at $299,900, an increase of 7.1 percent versus last September. The number of pending sales for condominiums locally during the month rose by a substantial 44.3 percent versus last September, to 127 contracts signed, with the median price up by 4.7 percent compared with a year ago, to $167,450.
The report also provided inventory levels of area homes for sale as of October 15, which at 1,433 available single family homes and 507 condominiums have each dropped markedly below last year’s levels of 1,666 and 663 units sold, respectively. The inventory for both single family homes and condominiums locally also remains well below the peaks set in 2006 and 2007, which were 2,242 for single family homes and 1,251 for condos.