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Here in the San Gabriel Valley,the upper end homes are doing real well. We had two listings one for over 1.5 million and the other over for 2.5 million was in escrow on the same week
Many properties in the $400-600's have multiple offers as well.Some are sold above listing price
Greetings from Minneapolis/St Paul area:
Has your overall housing inventory increased or declined? Increased
Have the number of sales increased or declined? Increased just this month
Has the DOM increased of declined? Increased
Have the prices decreased, leveled, or declined? Declining yet more slowly than last year.
If sales have increased, what segment of the market has caused the increase; Short Sales, REO's, normal Resales, new builds?
Is any segment of your market receiving multiple offers? Yes. Higher end well priced.
Have more buyers started looking in your area? Yes.
Who are these buyers, investors, relocations, move ups, move downs, need to buy, bargain hunters, low ballers, etc? Move up but downsizing square footage. They are moving from the 'burbs to the city. (Recent empty nesters)
What are the buyers looking for; price, location, best house, etc? Location
I just ran this for a customer as we have been having issues finding them a home. The majority of homes on the market are non-approved short sales, many with multiple offers but still showing active.
This report shows what has sold since Jan in their sq. footage. As you will note, the trend shows improvement. Pricing is up, Days on the market shorter and the list price to sale price ratio has improved for sellers (or they have been more realistic in pricing their homes)
Solds:
DATE RANGE LP/SP SQ.FOOTAGE DOM PRICE
JAN-APRIL 85% 2294 92 $659,333
APRIL-AUG 90% 2276 116 $673,632
AUG 93% 2302 56 $685,875
ACTIVE 2500 84 $725,337
My buyers has been feeling that there are no good properties available and seeing pricing not come down to a level they were anticipating. This week we went to look at 4 homes, all priced reasonable, 3 went into escrow (in one week) and one was a non-approved short sale with no call back from the agent and a discontinued phone number of the home owner.
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