The number of sales continue to surprise! More foreclosures sold this March than the total number of homes sold last March. 1296 foreclosures closed escrow this month – an increase of 74.4% year over year. 220 short sales also closed for an increase year over year of 189.5%. Unfortunately, non-distressed sales fell further: just 320 sold this month, down 19.4% year over year. Overall unit volume is up 51% year over year with a total of 1836 homes sold.

The majority of all sales are now distress sales, which comes as no surprise. 70.6% of all sales are foreclosure sales, 12% are short sales and 17.4% are non-distressed sales.

The average sold price per square foot is now $112.70 down 26.9% year over year from a high of $154.24. The average sales price is down to $181,685 from $261,337 for the same period – that’s a drop of 30.5%. The median sales price is currently $160,000 down 35% from $246,048.50.

Inventory is at 3.5 months based on the last year of sales and 3.6 months based on the last six months of sales. Foreclosure inventory is at 0.9 months.

Comments are closed.