Those of you who read our last blog post will remember that I am part of a discussion group on Linked In that asked a question about real estate in various markets across the United States. We got some more responses and I wanted to post another sampling so that my readers could see that this is definitely a trend that the national news has not yet picked up on. See some of these other comments:
Arizona markets are HOT! We have low inventory in most areas and price range. The Luxury home market is starting to move also. Multiple offers and lots of investors.
Kingman, Arizona; last week, one of our agents wrote 5 offers and all 5 had multiple offers. Inventory is low, prices are low, humidity and temperatures are low; Cost of Living is Low; Demand is High!!!
Phoenix real estate is a zoo. One house had 15 offers in first 3 days of listing, sold on short sale for 40k above list. Makes one want to sell donuts instead.
San Diego is insane with multiple offers and prices jumping 10% in some areas since the fall. Fasten your seat belts, we’re in for a bumpy ride.
Here in southern CA we are seeing multiple full price offers and over list price offers
The market in the Hampton Roads – Virginia Beach, Virginia – Norfolk- Chesapeake, Virginia areas have seen a tremendous influx of buyers over the past several weeks. I most recently had buyers competing for a house with multiple offers while the seller continued to show the home an additional 13 times the first day on the market. The house was priced competitively and was in good condition…..that’s the key. Agents are busy and sales are happening in Hampton Roads.
In our Manhattan Beach market, we are seeing an astonishing absorption rate of over 50 percent ! That means that more than half of the homes on the market will be in escrow within a month! As shown in the first chart below, we haven’t seen absorption rates like this since the heydays of 2005. For Redondo Beach, the trends are almost as strong, as shown in the second chart. And finally, the third chart shows the entire Palos Verdes Peninsula — the rate is not as high there, but the upward trend is still quite striking!
What all of this tells us is that if you want to buy a home in Manhattan Beach, Redondo Beach, or Palos Verdes, you need to be working with agents like us at the Fabulous South Bay Team who are connected to the market and can provide you with our Elite Circle level of service, where we actively network with other agents and find out about homes for sale BEFORE they hit the MLS — this will allow you to possibly get in and get under contract BEFORE the bidding war starts. If you are interested, please give us a call and we can discuss the Elite Circle with you.