I have been showing property and writing offers for clients and all of a sudden multiple offers started happening again. I just wrote an offer for a client $20k over asking and we didn’t get it. The final accepted offer was $50k over asking all cash. What is going on? So I started to dig into the data and this is what it is saying.
There were 775 homes for sale in January of 2011 and 804 in February of 2011. Contrast that to 482 homes for sale in January of 2012 and 506 for February of 2012. That is a 38% drop from January 2011 to January 2012 and a 37% drop from February 2011 to February 2012.
There were 103 homes sold in January 2011 and 99 in February 2011. Contrast that to 120 in January 2012 and 122 in February 2012. That is a 16% increase in homes sold from January 2011 to January 2012 and a 23% increase from February 2011 to February 2012.
Now these multiple offers make sense. Supply is way down and demand is up. Many times we have an equilibrium in rents v buy and people are starting to take advantage of low prices and historically low interest rates.
Have we hit a bottom? Let me know what you think.
Huntington Beach Real Estate Listings
See all Huntington Beach Homes $600 - $750k.
(all data current as of 11/23/2014)
$679,900 : 16202 Norgrove Circle, Huntington Beach3 beds, 2 full baths
$710,000 : 17322 Mill Circle, Huntington Beach4 beds, 2 full baths
$729,900 : 20331 Running Springs Lane, Huntington Beach3 beds, 2 full baths
$629,000 : 19761 Shorecliff Lane, Huntington Beach2 beds, 1 full, 1 part baths
$629,900 : 15391 La Salle Lane, Huntington Beach3 beds, 1 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.