Wednesday, November 13, 2013

2013 Cal. Annual Housing Market Survey

The Annual Housing Market Surveys conducted by the California Association of Realtors is always full of interesting tidbits, some of them not so small in fact.  All these facts, figures, percentages are fascinating if you like figures. 
-- If you are not so much interested in the statistics of the California real estate market, I would skip this blog.
If on the other hand you are curious about it, with a macro vision of the market, it yields some interesting thoughts and points.  Here it is:

C.A.R. Releases “2013 Annual Housing Market Survey”

Nearly half (49.5 percent) of all homes sold in 2013 were sold above asking price, nearly twice the share in 2012 (25.9 percent) and triple the share in 2011 (16.6 percent).  The 2013 figure was more than twice the long-run average of 18 percent during the past 20 years.  For homes that sold above the list price in 2013, the median premium paid over the list price was 4.8 percent, unchanged from 2012.  Note: in Palo Alto, the average ratio of Sales price over List price is 111.7%.

For the third consecutive year, an increasing number of home sellers – nearly half – planned on purchasing another home in the future.

The shortage of housing supply intensified further this year, leading to heightened market competition and more multiple offers, with more than seven of 10 home sales (72 percent) receiving multiple offers in 2013, up from 57 percent in 2012.  The 2013 figure was the highest in at least the past 15 years, with each home receiving an average of 5.7 offers, up from 4.2 offers in 2012 and 3.5 offers in 2011.  Note: in Palo Alto and Los Altos, 10 to 20 offers are fairly common.   

The distressed market continued to be the most competitive segment of the market, with more than 9 in 10 (91 percent) real estate-owned (REO) properties attracting multiple offers, an increase from 71 percent in 2012. The short sale market was less intense than the REO market, but still 3/4 of all sales received more than one offer, a jump from 66 percent in 2012.  There is no "deal" in the local real estate market...
Close to seven of 10 equity sales received multiple offers in 2013, a surge from 51 percent in 2012.
More information on the CAR website.

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