Friday, May 6th, 2011 at 3:40 pm
Look at the Inventory to Determine the Market
Because this is not a traditional market, the statistics used to determine whether we are in a buyer’s or sellers real estate market are skewed.
Experts consider 6 months of inventory to be a balanced market- over this number and it is considered a buyer’s market, under 5-6 months we have a seller’s market. By viewing the chart below for Contra Costa County,one could make the assumption that we are in a Seller’s market–when in fact with under 3 months of inventory in most cities we are still in a Buyer’s real estate market. Read the rest of this entry
Friday, February 18th, 2011 at 1:01 am
2010 Saw An Increase in Million Dollar Home Sales
While overall home sales in California declined in 2010, one bright spot emerged: Sales in homes costing more than $1 million increased last year for the first time since 2005, reports DataQuick Information Systems.
The company reported that 22,529 homes sold for $1 million or more in 2010 in California, up 21 percent from 2009. In fact, sales of $1 million or more homes are at their highest levels since 2008, when 24,436 homes sold for $1 million-plus. Million-dollar home sales peaked in 2005 at 54,773, but have steadily declined every year through 2009.
“Prestige home buyers respond to a different set of motivations than the rest of us,” says DataQuick President John Walsh. Read the rest of this entry
Sunday, February 13th, 2011 at 2:07 am
Cash buyers for real estate is on the rise, and it is because many of these buyers believe now is the time to buy and get a deal before the market starts to rise again.
Nationally, 28% of sales were all-cash transactions last year, according to the National Association of Realtors. The rate was 14% in October 2008, when the trade group began tracking the measure.
The jump in real-estate purchases made with cash is another sign of the revival of animal spirits in the U.S. economy.The percentage of buyers in Phoenix paying cash hit 42% in 2010, and 50% of transactions closed in Miami were for all cash.
One investor is purchasing three properties for all cash, and these are not the lower end priced properties. All three were over one million dollars. Apparently he believes the market has bottomed.
In many instances people making cash offers to buy a home, will get a better discount due to the fact loan qualifications is not an issue. As a Realtor, I also like working with buyers who make cash offers, as these properties will close faster, again because there are no lenders involved.
While the media constantly bombards us with how depressed the housing market and economy is, there is encouragement that there are many people who are doing quite well and have money to invest in real estate.
Wednesday, January 19th, 2011 at 7:49 pm
The results are in for Contra Costa home sales for 2010, as compared to 2009 sales. All data was obtained from CCAR.org website.
Pending Sales in the Contra Costa region for Single-Family Detached homes were up 19.8% from December 2009 to arrive at 303 contracts written. Townhouse-Condo Attached homes saw Pending Sales increase by 42.9 percent to 180.
The December Median Sales Price for Single-Family Detached homes was $555,000, down 7.5 percent from a year ago. Townhouse-Condo Attached homes saw a December Median Sales Price of $215,000, a decline of 23.2% from a year ago. For all of 2010, detached homes saw a 9.5% increase; townhomes and condos prices decreased 1.2%. Read the rest of this entry