SOURCE OF DATA: MLS
Chart shows three important data points:
- October 2011: Highest number of closings-11,125
- November 2007: Lowest number of closings-3,318
- Where we ended up in 2012
Behind the numbers are three important factors to consider: inventory, distressed properties and price per sq.ft. In 2011, we saw record-setting closings, and a number of them were investor acquisitions of distressed properties. For example, in Nov 2010, there were over 45,000 active listings and in Nov 2012, there are 23,000 or almost half of the listings inventory. The price per sq.ft. finally has begun to increase as the distressed properties are flushed out of the inventory. Over the past few years, the number of all cash purchases has been around 35% of the total homes closed. Again, this reflects the investors interest in the market.