Prompted by a recent question from one of the readers, I decided to take a closer look at the make-up of the current listings on our MLS, and then compare them to the make up of September sales. What I found may (or may not) surprise you.
Whereas September sales were essentially distributed evenly among bank-owned properties, short sales, and equity sales, the make up of the current listings is quite different.
|sales type||September sales||current listings|
As can be seen in the table above, though bank-owned properties make up a third of monthly sales, they account for only 14 percent of the listings.
The difference in the median sold vs list price also showed huge differences depending on type of sale.
|sales type||September median sold price||median list price|
Not surprisingly, those sold vs list price differentials equate to relatively greater days on market (DOM).
|sales type||September sales DOM||current listings DOM|
|bank-owned||90 days||65 days|
|short sale||191 days||129 days|
|equity (non-distressed)||121 days||137 days|
Calculating months supply of inventory by sales type, we again observe marked differences by sales type.
|sales type||months supply of inventory|
|short sale||5.8 months|
|equity (non-distressed)||7.1 months|
Most of these results will not surprise regular readers of the blog, however I was not expecting such a wild discrepancy between the median list price and median sold price for equity sales. As the numbers above show, regarding non-distressed houses, the median sales price is 40 percent below the median list price.