December 2010 SFR Volumes
December posted another strong month of SFR sales, with a total of 3117 units reported. This was a 12.2% increase over the Nov 2010 volume, which places 2010 as the second highest annual volume in the past 6 years, 34,434 SFR units vs, 38,127 units for 2009.
December 2010 SFR Average Sales Price
December posted an Average sales price of $163,736, this was a .7% increase from Nov 2010, and a .2% increase over Dec 2009. A very narrow SFR price range has continued consistently since Apr 2009.
Many factors continue to be at play for 2010 with both price and volume, such as the banks holding onto foreclosed properties for longer periods between acquisition and resale, lenders are becoming increasingly agreeable to short sale negotiation and of course the economy in Nevada. (Used with permission from Linda Sitko, Fidelity Natl Title)
Linda mentions lenders becoming more agreeable to short sales. As you know if you read my blog, I am a non-believer. When the short sale close ratio (16%) begins to approach the REO/traditional close ratio (above 70%), then we'll think the banks are getting cozy with short sales.
As for sales, more than 3000 in a month is a whole lot. It means multiple offers on all the good stuff. If you spotted it (on the internet) so did everybody else. That is why the average price crept up in Dec. When I get time, we'll check and see if the % of list price shows a drop in the acceptance of low ball offers.
That doesn't mean that prices can't fall as predicted. Nothing is certain.
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