A spring surge in sales signals fair weather market
Sales increase dramatically month-to-month, median sales price also rises. A 41.9% increase in sales marks the beginning of the spring sales season. Units sold in March totaled 1,640, a big jump from the 1,156 sales in February. The distribution in types of home sales has shifted, with bank-owned properties making up 39.6% of all sales - down 6.4% from the previous month. Short sales properties increased 3.6%, accounting for 24.7% of all sales. Conventional sales also made 3.6% jump to 35.7% of all sales, largely a sign that homeowners appear more confident releasing their homes in the market.
The median sales price increased slightly (1.2%) from $179,900 to $182,000. The current figure is 8.7% higher than the $167,500 median price last year. Local trends over the past year show a bottoming out of the lower-priced "investor" homes, while mid- and high-level homes are still adjusting as the market shifts.
MLS data, the average home spent 55days on market (from the time it was listed to the time escrow was opened) and was 1,696 square feet.MetroListThe Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 3,665 properties and Active Short Sales Contingent showed 2,355. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely "active." The Housing Market Supply figure decreased significantly (21.4%) month-to-month from 2.8 to 2.2 Months (2.2 months is definitely a sellers market, especially at lower price range). This figure represents the amount of time - in months - it would take to deplete the Active Listing Inventory (3,665) given the current number of closed escrows (1,640). According to MetroList MLS data, the average home spent 55days on market (from the time it was listed to the time escrow was opened) and was 1,696 square feet.
Don't forget, there is still a couple of weeks to get an accepted offer to be eligible for the federal tax credit. Also, if you close escrow after May 1 you might be eligible for the new California state tax credit. A lucky few might even be able to qualify for both. Here's a link to a more detailed review of the tax credits Tax Credit Info . Make sure to consult with a CPA and attorney to find out if you meet all the requirements.
_ doug reynolds