If you follow my blog today's numbers, of course, will not be a big surprise. The story to keep an eye on is our inventory which continues to decline. Currently, there are only 8,415 homes available for sale. Of the homes available for sale 844 or 10.0% are foreclosures, 2,450 or 29.1% are short sales, and 5,121 or 60.9% are equity sales. Based on February's sales numbers we have just under 4.23 months supply of homes for sale. We typically consider six months supply to indicate a balanced market. Although new listings come on the market every day, they are going off the market faster. Homes are going under contract very quickly with 10,239 home with contracts on them right now. Of the homes with contracts, 1,240 or 12.1% are foreclosures, 7,320 or 71.5% are short sales, and 1,679 or 16.4% are equity sales.
Sales numbers improved compared with January with 1,991 closed transactions with a median sales price of $106,000. Sales were lower than the 2,143 closings a year ago, but the median price is up over 11.5% compared to last February's $95,000. Of the sales closed last month, 562 or 28.3% were bank owned, 760 or 33.6% were short sales, and 760 or 38.2% were equity sales. Foreclosures had a median sales price of $75,000 which is up from last year's $70,100. Short sale prices also increased from a year ago rising from $93,250 to $99,000. The closed short sales represented 9.1% of all the pending short sales. Equity sales did see a drop in median price from a year ago going from $157,500 a year ago down to $147,750 last month. Equity sales did make up a lot higher percentage of sales compared to a year ago with 38.2% of all sales being traditional compared with only 27.0% last year. Cash buyers were very stong in February with 1,140 or 57.3% of sales closing for all cash and a median sales price of $73,199 compared to $64,000 last year. Financed sales accounted for only 851 or 42.7% of closings with a median price of $144,738 down from $150,000 last year.