MLS Records 6,130 Sales in September!
Single Family Sales Totaled 5,559 of these sales
Single Family Inventory at lowest point this year-7.7 Month Supply
Builder Report shows inventory levels of spec homes have fallen to an important milestone.
September sales finished with a flourish, striking 6000 sales for only the second time this year. September beat July '08's tally of 6,033. September '08 bested September '07 6130 to 3377-almost doubling it!
Single family sales did double from last September in MLS- from 2,735 to 5,599 for this year.
Gross inventory numbers are not falling as much as sales are increasing, so that is a little disheartening, but we still have reached a low in inventory ratio. The single family ratio is actually a better number to watch, as the gross inventory, as I have mentioned before, includes condos, mobile homes, and even timeshares, including out of state timeshares, on occasion. The building industry is driven by single family homes, so in regards to the inventory levels, a 7.7 month supply is getting us a lot closer to where we need to be. We are getting close enough to market stabilization that you might see prices also stabilizing a bit. I recently saw a statistic that used 5 months supply as a pretty normal market, and we are getting a lot closer to that.
Overall, a very encouraging month of September. If we could have clipped a 1000 homes off the inventory number I would have been a lot happier, but the sales numbers tell the story-there is demand out there.
chris
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