Good news on the sales front for May. Sales holding at a brisk mid 200 units on pending list and inventory still at very low numbers on the under $600k priced homes. And surprisingly, in spite of all the press and forecasters claiming continued drops in home prices, our average closed price per square foot is only $2.00 less than January of this year. That computes to a 3% annual rate. Considering some have been projecting 6-11% for 2011, it is nice to see we are so far doing better than average.
Bank controlled sales however still account to almost 1/2 of all the transactions. But with inventories so low, it seems perhaps more equity sellers (long sales?) will enter the market and give a stab at selling (unless we tell them they cannot get enough).
Source: Steve Cockerell, Branch Manager of Vitek Mortgage Group, Placerville, CA/Western Foothill Team, Placerville, CA.