The September sales statistics are out and they point to some interesting trends. Of no surprise is that overall, sales are down. Total sales of all types are down 24% from this period a year ago, with 830 total sales thru September ‘08 vs. 1,089 for the same period last year. Interestingly enough. Single family home sales are down only 13% YTD from the same period last year, and the sales of SF homes are actually up for August (+26%) and September (+7%). I think this can be attributed to the bargains found in the foreclosure sector which account for over 60% of all SF homes sales lately.
However, the relatively strong sales of single family homes has taken it's toll on both the Condo market and Manufactured home market. Condo sales are down a dismal 49% for the year so far compared to last year with a total of 44 units sold so far this year vs. 86 a year ago. Ouch!!! Manufactured homes sales are down a whopping 35% from last year with only 262 units sold compared to 403 at this time last year. That trend, unlike the SF sales is not seeing any improvement with sales in August down 48% and September down 36%.
It is my guess that until the number of SF foreclosures gets reduced the sales of Condos and Manufactured homes will continue to stay in the doldrums.
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