With the passing of summer, inventory is beginning to slip – of the 19 active homes one has a contingent offer on it. 8 of these homes have been on the market for a total of over 3 months and 9 are priced over $2 million. Only one home was added to the active inventory this month and it went pending within the month. The single bank owned home which is currently active on the market is priced at $2.34 million (over 8,000 sf, built in 2006).
4 homes went under contract in September – good activity considering the school season had already started. Of the 9 pending properties, 6 are short sales which shows how price sensitive the buyers are these days, as short sales sell generally below market value. Excluding short sales/bank owned properties, the 36 Ruby Hill homes sold this year have ranged from $308 psf to $397 psf.
September end Total Bank owned share Short Sale Share
Active 19 1 0
Pending 9 0 6
Sold to date 2011 40 2 4
For more information, please visit http://www.rubyhillliving.com/ or contact anju@rubyhillliving.com
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