Thursday, November 20, 2008

San Fernando Valley October 2008 home sales report

The official October 2008 numbers are out. Home sales (SFH) came in at 745, a 13.22% increase MoM and 110.45% increase YoY. Last year at this time we were in the depth of the secondary mortgage market shutting down causing a historic low in sales. Now that prices are adjusting downward sales are picking up a bit though still historically weak. Median price came in at $410,000, up 4.46% MoM and down 30.51% from last year. Median prices are down over $245,000 from the peak.

Condo sales came in at 234, a 10.90% increase MoM and 82.81% increase YoY. Median price came in at $225,000, down 13.46% MoM and down 40.79% from last year. Condo median prices are down over $190,000 from the peak.
There was a significant number of late reporters last month so I will update my short sale and REO percentage chart to reflect the current numbers (Update, This is incorrect my stats didn't reflect the recent changes incorporated in the site I use). Looking at current closings for November we are approximately running 1/3 behind the previous month (no adjustment made for late reporters). The banks and sellers could have rushed to close the deals in October because of the market turmoil and that might have pulled forward closings from the next two months. We also have the holidays starting and demand will be weak just based on seasonality alone.
Pendings also weren't released yet, I will have pendings and Back on Market ratio charts up this weekend.

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