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Demand Soars as Homes Are Selling Faster

by Ashlie DuCros

 

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011.

In some markets, homes are spending even less than a month listed for sale, most notably in places like California.

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list.

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today.

Source: “Homes selling faster as buyers outpace supply,” USA Today (March 17, 2013)

For more information, please contact us at Aducroshomes@gmail.com, or 714-743-9778

 

Home Prices Finally Returning to Normal

by Ashlie DuCros

After years of wild swings, the U.S. housing market is slowly returning to normal

The latest forecast from Fiserv (FISV) Case-Shiller predicts home prices will increase by an average of 3.3% annually over the five years ending September, 2017.

Home prices: Biggest winners and losers

These cities will see the biggest swings in home prices through the 12 months ending September 30, according to Fiserv's estimates.

City

Forecast change

Medford, Ore.

9.7%

Santa Fe

8.1%

Billings, Mont.

5.5%

Syracuse, N.Y.

5%

Yuma, Ariz.

4.8%

Orlando, Fla.

-8.3

Merced, Calif.

-8.5%

Riverside, Calif.

-8.6%

Warren, Mich.

-9%

Miami

-10.7%

 

These cities will see the biggest swings in home prices through the 12 months ending September 30, according to Fiserv's estimates.

"2012 was the first year since 1997 that the housing market has resembled something [close to] normal," said David Stiff, Fiserv's chief economist. "For the past 15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash psychology."

From 1998 until the housing bubble peaked in 2006, home prices grew by 5% or more a year. But once the bubble burst, home prices plunged, falling 30.5% through the end of September 2012.

Related: Million-dollar foreclosures

It wasn't until late 2011 that markets started to stabilize, according to Stiff. Between September 2011 and September 2012, average U.S. home prices rose 3.6%. By then, 62% of the 384 metro areas Fiserv tracks reported rising home prices, up from just 12.5% of all markets during the same period a year earlier.

Many of the metro areas hit hardest by the housing bust recorded the biggest price gains during those 12 months. In Phoenix, for example, prices climbed back by nearly 21%; prices in Detroit rose almost 16%; and homes in San Jose, Calif., gained 12.5%.

 

For more information, please contact Ashlie DuCros at 714-743-9778, or go to www.AshlieDuCros.com

March 2013 Orange County Home Stats

by Ashlie DuCros

 

 March 2013 Homes For Sale VS Homes in Escrow

  For Sale In Escrow      
Anaheim 130 192      
Anaheim Hills 66 43      
Brea 18 35      
Fullerton 123 98      
Irvine 207 178      
Laguna Beach 176 22      
Newport Coast 68 17      
Orange 131 105      
Tustin 55 70      
Yorba Linda 80 68      
           
Check out these numbers of homes for sale vs. in escrow for the month of March in Orange County real estate. For more information, please contact us at Aducroshomes@gmail.com, or 714-743-9778    

 

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Ashlie DuCros & Associates
Coldwell Banker Previews Global Luxury
21580 Yorba Linda Blvd.
Yorba Linda CA 92887
714-743-9778
Fax: 714-849-5489