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The year started with listing prices more aligned with less price reductions and offers. However, with increases in listing appointments and open house traffic, REALTORS® expect the market to improve over the next year.

Market Conditions
• The floor calls index started the new year above 50, indicating an increase in activity. The index was 57 for January, up from 39 last month but down from 60 last year.
• After being in negative territory for the last four months, the listing appointments and client presentations index rebound to 60. The index is up from 40 last month but down from 64 last year.
• Of all the market condition indices, the open house traffic index increased the most annually and monthly. This month, the index jumped to 68, up from last month at 43 and from last year’s 67.
• More than doubling the rest of the concerns, lack of inventory was the number one concern among California REALTORS®, climbing five months straight to 36%. Declining in housing affordability, 15%, and rising interest rate, 14%, followed.
• REALTOR® optimism about market conditions has been increasing since it hit the trough in August 2016. The index was 65, flat from last month and down from 66 last year.

Last Transaction
• The percentage of properties selling below asking price decreased to 38% from 43% last month and from 47% last year. Conversely, the percentage of properties selling above asking price increased from 23% last month to 25% this month and from last year’s 17%. The percentage of properties selling at asking price increased to 36%. The net percentage of properties sold below asking price was 11%, indicating that more properties are selling below asking price than above or at asking price.
• For the 25% of properties selling above asking price, the average premium paid over asking decreased to 8.6% from 11% last month and 9.8% last year.
• For the 38% of properties selling below asking price, the average percentage paid below asking price decreased to 17% from 22% last month but increased from 13% last year.
• The share of properties that received multiple offers was 62%, down from 64% last month or 66% last year.  Also, the proportion of properties with three or more offers increased to 68%, especially in the mid-range prices between $400,000 to $750,000. The average number of offers per property decreased to 1.2 offers.
• The proportion of homes that had listing price reductions decreased in January, down 24% from last month’s 26% but unchanged from a last year.

January 2017:   PPT  |  PDF