2012 in California

By
Real Estate Agent with Elite Home Sales Team OC BRE# 02066030
https://activerain.com/droplet/LJc

 2012 in California

 

In case you didn't see a release from the California Association of Realtors on November 1, the numbers they released confirms that which we are seeing now every day.

 

"Well qualified buyers are recognizing the once-in-a-generation opportunity to purchase a home in California and are jumping into the market," said C.A.R. President LeFrancis Arnold. "However, the fierce market conditions have forced many buyers to compete with all-cash offers and investors, setting off multiple offers and bidding wars, making it even more difficult for first-time buyers to become homeowners."

·Nearly six in 10 homes are receiving multiple offers in 2012, the highest level in the past 12 years.

·Seven of 10 REO sales/short sales received multiple offers while only half of equity sales received more than one offer.

· 41 percent of homes are selling without a markdown from the asking price, the highest level since 2005.

· In 2012, homes are selling faster with equity sales selling in 32 days compared to 67 days in 2011.

· REOs are selling in 30 days compared to 50 days in 2011.

·Short sales are taking 90 days compared to 141 days in 2011.

· 16 percent of sales are to investors, 7 percent to buyers who purchased a second or vacation home and 77 percent a primary residence.

· International buyers make up 5.8 percent of sales in 2012, relatively unchanged from 2011

·35.8 percent are first-time buyers in 2012 compared to 34.2 percent in 201130 percent of all homebuyers pay with all cash in 2012.

Due to the combination of limited inventory and so many buyers jumping into the market the process of buying a home is much more frustrating for all parties involved. With interest rates expected to remain low for an extended period of time we should expect these trends to continue into 2013.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Industry
Location:
California Orange County San Clemente
Groups:
Everything California
Southern California Real Estate Forum
Almost Anything Goes
Dedicated Bloggers
Blogs Happen...
Tags:
california real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,315,185
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Such good news indeed...what happens in California locales is usually mirrored in my region within 6 months.  

Nov 09, 2012 01:28 AM #1
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I agree with Sea to Sky it is good news. 

Nov 09, 2012 01:30 AM #2
Rainmaker
1,018,216
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

The good news just keep on coming.  It is a positive year and positve for our businesses.

Nov 09, 2012 01:36 AM #3
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Thanks for the comments Tim and yes we are on a positive direction.

Nov 09, 2012 01:47 AM #4
Rainmaker
1,288,507
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Mark~ wow, there are so many great homes, I love that area, great golfing and the beach is spectacular....Great post!

Nov 09, 2012 01:51 AM #5
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Yes it is a great area Jon.  Thanks for the comment.

Nov 09, 2012 01:56 AM #6
Rainmaker
2,050,826
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert
Thanks for very good snap shot report of the California market. CA is needless to say such a complex, diverse and large market. These numbers and facts all sound very good to me.
Nov 09, 2012 03:06 AM #7
Rainmaker
3,209,278
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Mark great news and thank you for spreading the word about the California Real Estate Market!

Nov 11, 2012 12:44 PM #8
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Thanks Robert

The market is very good.

Nov 12, 2012 01:48 AM #9
Rainmaker
850,184
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Endre

Thank you for the comments.

Nov 12, 2012 01:48 AM #10
Rainmaker
1,196,800
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Mark

Great facts about your local and area and buyers would be well informed to read this to truly understand this market. cheers cvc

Nov 13, 2012 11:07 PM #11
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
850,184

Elite Home Sales Team

A Tenacious and Skilled Real Estate Team
We are here for all your real estate needs!
*
*
*
*
Spam prevention

Additional Information