From C.A.R. LOS ANGELES - More properties were sold above their asking price this year, as tight supply conditions continued to heat up market competition in the first half of 2013, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 Annual Housing...
In spite of the feeling that the frenzy has died down, sales of detached homes around NSDCC over the last two months have been remarkable. Inventory, rates, and prices are higher, yet the September and October sales are hanging close to last year's totals - which were...
From HW: A panel of esteemed housing experts speaking at the ABS East 2013 conference underway in Miami disagreed on Robert Shiller's recent call that U.S. housing is in a bubble. Moderator Howard Esaki, managing director at Standard & Poor's, who himself puts out...
So far, last month's NSDCC sales are 15% below those in September, 2012 (September sales for San Diego County are -12% YoY). However, the average pricing is up 26%, and NSDCC sales for the first nine months of 2013 are +9% higher than the first nine months of 2012....
We keep hearing that inventory is growing, but what does that mean? In the traditional way that the media reports it, a growing inventory means that there are more active listings of homes for sale. The assumption is made that this is 'good' and 'getting back to...
During the frenzy, any house that was within 10% of being right on price would sell. The real evidence of a slowdown is when those houses that appear close enough aren't selling.
We've seen signs of slowing, but sellers are able to control their own destiny:
There are a few surprising factors contributing to the meteoric rise in prices: A. Cash offers might get you the win, but not a deal. Back in the day if you offered cash, you sought a hefty discount - and usually got it. Over the last 60 days, 25% of the NSDCC...
We have seen how the lack of inventory seems to drive the frenzy. When buyers see fewer choices, they tend to start gobbling. You can see below how the recent frenzy got started - there was a low level of new listings in early summer, at relatively low pricing: June...
The state association of realtors (C.A.R.) attempts to address the pocket-listing issue in its latest edition of California Real Estate magazine: http://www.onlinedigitalpubs.com/publication/?i=163273 They describe how agents think that pocket listings are OK, as long...
