Home-sale revenue reaches 3-year high; County tally hits nearly $1.15 billion in November, and distressed sales fall. Sales of homes through the MLS generated $1.1 billion in total revenue last month, up nearly 30 percent from the November 2008 total. In addition to generating more wealth for sellers, a revenue upswing means more dollars to pay expenses and salaries for local real estate brokerages.
Southern California MLS figures show:
The median sales price for a singlefamily home sold through the MLS last month was $518,300, the second-highest in the past 16 months. (August’s was higher at $524,600.) That’s up 13.8 percent from the November 2008 median, or price at the midpoint of all sales.
2,106 homes sold through the MLS closed escrow last month, up 12.8 percent.
Higher sales at higher prices pushed the combined revenue figure to $1,149,894,722 in November, up 29.7 percent from the year before. That compares to $887 million in total revenue in November 2008 and $853 million in November 2007. It’s the highest for a November since 2006, when sales here generated $1.5 billion.
Home sales also generated $12.5 billion for the year as a whole, a 1 percent uptick from the first 11 months of 2008. Last year’s January-November total was $12.4 billion.
Distressed sales fell to their lowest level this year so far, and to the secondlowest percentage of all sales: 796 of last month’s sales were either bank-owned properties, short sales where the mortgage is greater than the sale price or some other type of “distressed sale.” That was 37.8 percent of all sales.
361 of last month’s sales were properties repossessed by banks, or REOs, the lowest this year so far. That represented 17.1 percent of all sales.
405 were short sales, the lowest number in six months. That represented 19.2 percent of all sales.
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