In its last quarterly housing survey for 1999, the California Association of REALTORS® says that the multiple offer market was "an integral component" as buyers "competed for a dwindling supply of homes."
Said C.A.R. President Richard F. Gaylord, "During the fourth quarter about a third of all homes received more than one purchase offer."
The survey, which was sent to 5,000 Realtors with over 500 surveys returned, also reported that:
22.7 percent of homebuyers submitted an offer on one other property before buying a home.
20.1 percent of homebuyers submitted offers on two or more properties before buying a home.
26 percent of sellers used all of their net cash proceeds from the sale of their home as a downpayment on their next home.
11.5 percent of all buyers said the stock market played a role in their decision to purchase a home, compared to 10.1 percent in the third quarter, 6.6 percent in the second quarter and 10.2 percent in the first
quarter of 1999.
REALTORS® reported that 15 percent of buyers and sellers used the Internet in the fourth quarter compared to 10 percent in the first three quarters of 1999.
The median sales price was $234,000, down slightly from $239,700 in the third quarter.
"Sellers continued to enjoy solid home equity gains in the fourth quarter," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Median net cash to sellers was $72,500 in the fourth quarter, a slight decrease from $73,000 in the third quarter 1999."
Additional findings from the survey:
During the fourth quarter 1999, the HFS reported a median price discount of 1.98 percent.
Nearly 34 percent of home sales were at or above the asking price, and almost 14 percent of home sales were above the asking price.
Homes were on the market for a median of 4 weeks in the fourth quarter 1999.
Published: March 15, 2000
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