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REALTOR® expectations continued to decrease worrying about the growing inventory problem. Furthermore, multiple offers eased and paired with an increase of listing price reductions and more properties selling below listing.

Market Conditions

• The floor calls index continued momentum increasing from last month. The index was 66 for April, up from 64 last month and from 65 last year.
• The listing appointments and client presentations index was above 50 for the fourth time. The index increased remain 65 from last month but was down from 67 last year.
• Even though the open house traffic index dipped from last month, the index continued to climb for the fourth straight month. The index was 73 in April, down from last month at 79 but slightly up from last year’s index of 72.
• Climbing to the highest levels since inception, lack of inventory was the number one concern among California REALTORS®, reaching 48%. Declining in housing affordability and rising interest rates followed, both at 13%.
• REALTOR optimism about market conditions declined for the second straight month. The index was 59, down from 64 last month and 61 last year.

Last Transaction

• The percentage of properties selling below asking price decreased to 38% from 40% last year. The percentage of properties selling above asking price also decreased from 32% last year to 31%. The percentage of properties selling at asking price increased to 31%. The net percentage of properties sold below asking price was 7%, indicating that more properties are selling below asking price than above or at asking price.
• For the 31% of properties selling above asking price, the average premium paid over asking increased to 10% from 9.2% last month and 9.6% last year.
• For the 38% of properties selling below asking price, the average percentage paid below asking price increased to 17% from 8% last month and 12 % last year.
• The share of properties that received multiple offers was 68%, down from 74% last month and 68% last year.  Also, the proportion of properties with three or more offers decreased to 44%. The average number of offers per property decreased to 3.2 offers.
• After four months of straight declines the proportion of homes that had listing price reductions increased in April, up 26% from last month’s 19% and from 23% last year.

April 2017:   PPT  |  PDF