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September Residential Sales Update

October 7th, 2010

While only 1,055 home sales were recorded in September, down 14% from the prior year, there are still many bright spots for overall sales activity.

Average home sales prices in September were down 8% from the prior year to $126,777. Average sales prices so far this year average $123,592, virtually unchanged from the same time last year.

Bank sales were down 8% from September 2009 with 378 recorded for the month. Year-to-date, bank sales are down 14% from the same time last year!

New home sales were down 20% from September 2009 with only 86 recorded. Year-to-date, though, new home sales are up 5% from the same time last year!

Foreclosures in September were up only slightly by 1% with 423 total. Year-to-date, foreclosures are down 2% from this time in 2009 although average foreclosure amounts continue to rise and were at $124,452 in September, up 20% from the prior year.

Foreclosure notices hit a historic low in September with only 360 recorded for the month, down 64% from the prior year! On average, we usually see between 900-1000 foreclosure notices filed each month!

Months like September can make it difficult to be positive about the housing market’s stability but if you look at the results from a broader perspective you’ll see that we’re not far from 2009 totals and that perhaps the market has bottomed out. Moving into the last quarter of the year, we need to remain positive that we have turned a corner and that we will hopefully see some gains in 2011.

Do you feel that the local market has stabilized? Take our Poll.

Join us November 11th for our FREE Master Your Market seminar where we’ll cover 3Q10 residential and commercial sales, foreclosures, mortgages and more! Register today! Seating is limited.

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