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July 28th, 2008 2:26 PM by David W. Welch
I have not posted a lot of statistics for July, so here are the numbers with three days to go in the month. Closed sales so far 983 with a median price of $205,000. That price is down about $12,000 from where we ended up in June. We usually see a bit of a drop off from June, but I was expecting prices to be a little higher. This could be some of the foreclosures and short sales finally starting to close. I'll have to go back at the end of the month and see if we have a higher percentage of them getting closed. They have been running about 30% of the pending sales, but only about 20% of the closed sales. If we start seeing these pendings getting closed, look for the median price to drop some more. The active inventory is still down a bit with 26,680 for sale in the tri-county area. The pendings are still hovering at 3,543 with 1,676 new contracts so far this month. Last month there were 2,031 new contracts, so hopefully we will see some more come in over the next three days. Finally, homes in some stage of foreclosure are continuing to rise with 5,167 or about 19.3% of the active listings.