A total of 1,729 homes were purchased with cash this past month which is approximately 53% of all home sales. This figure is up 9.8% from last month.
This past month home sales have increased to a total of 3,281 which is an increase of 4.6% from last month. The average amount of homes sold in a month is about 3,568 from the past year, so last months home sales figure is only 287 homes lower than the average. Remember most home sales take anywhere from 1 to 3 months to be completed so this month's amount of homes sold is reflecting the sales activity that started during the holiday season (which is usually lower than other months in the year). As the summer months approach, sales activity will increase and the amount of homes sold each month will increase along with buying competition.
For the third month in a row the amount of available inventory on the market has decreased which which is keeping steep competition for buyers looking to purchase in the Real Estate Market.
The amount of bank owned homes being put on the market has decreased about 35% since December of 2010. If banks continue to withhold their inventory from prospective buyers, it will cause two things to occur:
1. More competition for available bank owned homes, driving competition and sales prices up
2. Guide more buyers to consider purchasing Short Sale properties
Below is a visual assistant to reflect the current listing inventory of Short Sales, Traditional and Bank Owned Properties.
