Click Here for Dec 2010 MLS Stats
Is the real estate recovery finally here? The statistics for December 2010 give us indications that it
may or may not be. Traditionally, sales slump around the holidays; however, December 2010 seems
to have bucked the trend, as condo and single family sales are up double digits across the board. On
the other hand, when you start looking at the types of sales, it becomes more evident that the recovery
may not be here quite yet. In December short sales and foreclosures accounted for nearly half of all
sales, when previous statistics have shown that short sales and foreclosures usually account for just
over one third of all sales. The increase in short sale and foreclosure closings is likely a result of the
expiration of the foreclosure moratorium and banks wanting to get REO properties off their books
before the end of the year.
Sales of all residential properties were up 24.4%, or an additional 244 units in December, as
compared to the same time period last year. The median sale price of all residential sales dropped
from $133,000 to $118,000, or down 11% since December 2009. The increase in short sale and
foreclosure closings for December had a strong impact here.
One small bright spot in the market is that this is the fourth straight month that overall residential
listings have dropped. If January’s statistics show a drop for the fifth consecutive month, this may
show signs of a recovery. In previous years, listings tend to jump in January, when the holiday season
comes to an end and kids go back to school. Overall residential listings were up 7.2% from December
2009 to December 2010.
Single family home sales increased almost 29% in December 2010, as compared to December 2009.
This also marks the fourth straight month of increased single family sales. However, the median sales
price fell for single family homes by almost $15,000, or 11% from December 2009. The drop in the
single family median home price is largely a result of the increased closings of short sales and
foreclosures. For December 2010, more than half of all sales were foreclosures or short sales. Single
family listings rose 6.7%, from 5,928 in December 2009 to 6,327 in December 2010.
Condo sales also fared well in December, as sales increased by 18% or 76 additional units sold from
December 2009. While volume is increasing, the median condo sales price fell 19% from December
2009. This represents a drop of almost $24,000 in the median sales price mostly a result of the
increase of foreclosures and short sales. Condo listings were up less than one percent.<a