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June 6th, 2013 9:10 AM by David W. Welch
Strong demand in May lead to 2,945 closed sales with a median sales price of $148,500. Both of those number represent an increase from the prior month. April saw 2,759 closed sales with a median price of $144,990, so May marked a 6.7% and 2.4% increase respectively. Compared to May 2012 the increases were very healthy and clearly show the direction our market has been heading. Last year there were 2,527 sales with a median price of $120,000. Sales are up 16.5% and prices have jumped 23.75% in a year.Of the closed sales, only 548 or 18.6% were REO with a median price holding fairly steady at $90,000. There were 660 or 22.4% short sales with a median price of $116,240. The 660 short sale closings represented 11.8% of the pending short sales. That percentage should climb as the number of short sales continues to decline. The 1,737 equity sales made up the greatest percentage of the closed properties making up 59% of all sales with a median price of $183,500. Cash sales continue to outpace financed purchases with 1,576 or 53.5% of the closed deals at a median price of $103,000. Financed purchases accounted for 1,369 or 46.5% of all sales with a median price of $194,000.