REAL ESTATE MARKET CONDITIONS SEPTEMBER

Dated: 09/05/2017

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REAL ESTATE MARKET CONDITIONS SEPTEMBER

As the summer homebuying seasons ends, the floor calls, listings appointments, and open house traffic index continue to remain positive. The premium paid over listing increased annually but multiple offers eased the first time this season. Many REALTORS® noting more buyers are getting priced out.

Market Conditions
• For the third month in a row, the floor calls index declined. The index was 52 for July, down from 54 last month and last year.
• The listing appointments and client presentations index has been above 50 since the beginning of the year. The index declined to 54, down from 57 last month and 55 from last year.
• Even though the open house traffic index continued to dip last month, the index saw year over year growth for the fifth straight month. The index was 56 in July, down from last month at 63 but up from last year’s index at 52.
• Lack of inventory continued to be the number one concern among California REALTORS®, reaching 30%. Decline in housing affordability and inflated home prices followed with 24% and 18% respectively.
• REALTOR® optimism about market conditions continued and remained above fifty. The index increased after four months of straight declines registering a 55 in July, an increase from 52 last month and last year.

Last Transaction

• The percentage of properties selling below asking price remained flat from last year at 36%. The percentage of properties selling above asking price increased from 34% last year to 35%. The percentage of properties selling at asking price increased to 29%. The net percentage of properties sold above asking price was -1%.
• For the 35% of properties selling above asking price, the average premium paid over asking increased to 9.3% from 6.8% last month and 7.8% last year.
• For the 36% of properties selling below asking price, the average percentage paid below asking price increased to 13% from 9.8% last month, but down from14% last year.
• The share of properties that received multiple offers was 64%, down from 74% last month and 66% last year.  Also, the proportion of properties with three or more offers decreased to 40%. The average number of offers per property remain at 2.8 offers from a year ago.
• Home prices are more in line with the market as the proportion of homes that had listing price reductions decreased.  Down from 21% last month and 26% last year to 21% in July.

As the summer homebuying seasons ends, the floor calls, listings appointments, and open house traffic index continue to remain positive. The premium paid over listing increased annually but multiple offers eased the first time this season. Many REALTORS® noting more buyers are getting priced out.

Market Conditions
• Home prices are more in line with the market as the proportion of homes that had listing price reductions decreased.  Down from 21% last month and 26% last year to 21% in July.

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