Ca. Assoc of Realtors State of Housing 2009
California Assoc. of Realtors statistics on the State of Housing 2009 show that the average time homes are owned has declined from 10 years in 1999 to 5 years for all home sellers, but the portion that are second home and investment sellers declined to 3.5 years.
Sales volume for existing homes in Ca. and the US bottomed out at the same time in 2007 and only showed improvement in mid-2009. Sales had risen 28% over 2008 by the 3rd quarter of 2009. The median price hit a low in Feb 2009 to $245,170, then began to rise to $271,000 currently and projected to be $280,000 by 2010 ( to $597,000 in May 2007).
Homes break out at 77% below $500,000, 3% above $1,000,000 and 20% between $500 and $1,000,000. Inventory supply is 9 mo. for the above $1mmm category, 3 months for those below $$500,000 and 4 months between $500 and $1mm.
The really great news is that 1st time home buyer as a % of total buyers rose to 47%, mostly because of the tax credit of $8,000, which could be requested in the same year as the purchase. (This level had been reached only in the 1993 and 1995 years).
Distressed homes, at the state level, REO/foreclosures and short sales made up almost half (46.5 percent) of all annual sales in 2009, an increase from 35.6 percent in 2008. Median price of distressed properties was $250,000 vs. $485,000 non-distressed. was $250,000 vs. $485,000 non-distressed. The top reason for selling in S. Cal was short sales and foreclosures, 28% and in N. Cal., 19%, and 43% in the rest of Cal.
The profile of the 2009 1st time home buyer was that most had an income above $80,000, were 32 years old, received an interest rate of 5.5%, and made up 53% of total buyers. Those able to buy homes made up
80% and condos 16.8%, the median home price was $365,000 with an average square footage of 1900 up from 1600 in 2005, 34% were able to get FHA loans; 35% were single and 31% were married.
How Clients Found Agents in 2009
Recommendations of friends 27.7%
Client was friend/relative/neighbor 19.4%
Represented in previous transaction 17.0%
Listing agent for home purchased 1.0%
Yard signs 3.1%
Newspaper/Internet/Magazine Ad 5.2%
Direct mail/telephone marketing 1.2%
Other 25.3%
Sales volume for existing homes in Ca. and the US bottomed out at the same time in 2007 and only showed improvement in mid-2009. Sales had risen 28% over 2008 by the 3rd quarter of 2009. The median price hit a low in Feb 2009 to $245,170, then began to rise to $271,000 currently and projected to be $280,000 by 2010 ( to $597,000 in May 2007).
Homes break out at 77% below $500,000, 3% above $1,000,000 and 20% between $500 and $1,000,000. Inventory supply is 9 mo. for the above $1mmm category, 3 months for those below $$500,000 and 4 months between $500 and $1mm.
The really great news is that 1st time home buyer as a % of total buyers rose to 47%, mostly because of the tax credit of $8,000, which could be requested in the same year as the purchase. (This level had been reached only in the 1993 and 1995 years).
Distressed homes, at the state level, REO/foreclosures and short sales made up almost half (46.5 percent) of all annual sales in 2009, an increase from 35.6 percent in 2008. Median price of distressed properties was $250,000 vs. $485,000 non-distressed. was $250,000 vs. $485,000 non-distressed. The top reason for selling in S. Cal was short sales and foreclosures, 28% and in N. Cal., 19%, and 43% in the rest of Cal.
The profile of the 2009 1st time home buyer was that most had an income above $80,000, were 32 years old, received an interest rate of 5.5%, and made up 53% of total buyers. Those able to buy homes made up
80% and condos 16.8%, the median home price was $365,000 with an average square footage of 1900 up from 1600 in 2005, 34% were able to get FHA loans; 35% were single and 31% were married.
How Clients Found Agents in 2009
Recommendations of friends 27.7%
Client was friend/relative/neighbor 19.4%
Represented in previous transaction 17.0%
Listing agent for home purchased 1.0%
Yard signs 3.1%
Newspaper/Internet/Magazine Ad 5.2%
Direct mail/telephone marketing 1.2%
Other 25.3%
Labels: Cal Housing 2009 from the Ca Assoc of Realtors summary
posted by Westside Investor's Eye at
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