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As we enter the spring homebuying season, inventory remains to be the biggest concern for REALTORS®. The all cash index continues to climb as well as multiple offers suggesting a very competitive housing market.

Market Conditions
• The floor calls index continued momentum increasing from last month. The index was 64 for March, up from 61 last month but down from 68 last year.
• The listing appointments and client presentations index was above 50 for the third time. The index increased slightly to 65 from last month’s 61 but was down from 71 last year.
• The open house traffic index reached its highest since January 2014. The index was 79 in March, up from last month at 69 but down from last year’s index of 74.
• Steadily increasing for the past six months, lack of inventory was the number one concern among California REALTORS®, 37%. Declining in housing affordability, 18%, and rising interest rate, 16%, followed.
• REALTOR optimism about market conditions has been increasing since it hit the trough in August 2016. The index was 64, down from 68 last month but up from 60 last year.

Last Transaction
• The percentage of properties selling below asking price decreased to 32% from 33% last year. Conversely, the percentage of properties selling above asking price increased from 34% last year to 39%. The percentage of properties selling at asking price decreased to 29%. The net percentage of properties sold above asking price was 7%, indicating that more properties are selling above asking price than below or at asking price.
• For the 39% of properties selling above asking price, the average premium paid over asking decreased to 9.2% from 12% last month and 9.8% last year.
• For the 32% of properties selling below asking price, the average percentage paid below asking price decreased to 8% from 14% last month and 9.6% last year.
• The share of properties that received multiple offers was 74%, up from 71% last month and 50% last year.  Also, the proportion of properties with three or more offers decreased to 45%, especially in the mid-range prices between $500,000 to $750,000. The average number of offers per property increased to 3.3 offers.
• The proportion of homes that had listing price reductions decreased in March, down 19% from last month’s 22% and from 21% last year.

March 2017:   PPT  |  PDF