Active
Volume: 19 (0)
Low: $1,598,000 (0)
High: $12,500,000 (0)
Average: $3,152,842.11 (0)
Median: $2,450,000 (0)
Under Contract
Volume: 5 (-17%)
Low: $1,699,000 (0)
High: $2,325,000 (-17%)
Average: $2,048,399.80 (-5.5%)
Median: $2,049,999 (-5.5%)
Pending
Volume: 1 (100%)
Low: $2,795,000 (100%)
High: $2,795,000 (100%)
Average: $2,795,000 (100%)
Median: $2,795,000 (100%)
Sold (last 30 days)
Volume: 1 (-50%)
Low: $2,660,000 (+33%)
High: $2,660,000 (0)
Average: $2,660,000 (+14%)
Median: $2,660,000 (+14%)
Average % Difference between List Price and Purchase Price: -11% (-21%)
No changes to the available inventory. That to me is quite impressive. Again, I think it stems from the insecurity of the election and winding down to the end of the year. Many people aren't interested in making drastic financial investments during this time in part because they want to keep the year clean in terms of taxes. I'm still fascinated be the aggressive difference between the list price versus purchase price. Residential income properties appear to be maintaining a large gap, whereas other markets appear to be closing on the gap. I would suspect that this is in part because investors are might be more likely to negotiate, seeing as this kind of purchase is an investment and not an emotional purchase.
Last year, I think we saw several more emotional purchases in the residential income market. However, I think many of those were people looking to purchase vacation homes and not necessarily about generating income. There seemed to be a trend of the more remodeled properties selling for high numbers and not necessarily those that required the "elbow grease". Even I sold a property to a family local to Orange County that wanted a beach house. They ended up renting the back studio for about $2,000/month and continue to enjoy the front house for themselves. These buyers don't seem to be around anymore.
Going back to a pure financial investment, purchase prices and selection has been far more aggressive. I suspect that things will continue to be tight for the next several months. It will take some time for people to feel confident about how Trump policy will impact their economic future and how to invest accordingly.
Volume: 19 (0)
Low: $1,598,000 (0)
High: $12,500,000 (0)
Average: $3,152,842.11 (0)
Median: $2,450,000 (0)
Under Contract
Volume: 5 (-17%)
Low: $1,699,000 (0)
High: $2,325,000 (-17%)
Average: $2,048,399.80 (-5.5%)
Median: $2,049,999 (-5.5%)
Pending
Volume: 1 (100%)
Low: $2,795,000 (100%)
High: $2,795,000 (100%)
Average: $2,795,000 (100%)
Median: $2,795,000 (100%)
Sold (last 30 days)
Volume: 1 (-50%)
Low: $2,660,000 (+33%)
High: $2,660,000 (0)
Average: $2,660,000 (+14%)
Median: $2,660,000 (+14%)
Average % Difference between List Price and Purchase Price: -11% (-21%)
No changes to the available inventory. That to me is quite impressive. Again, I think it stems from the insecurity of the election and winding down to the end of the year. Many people aren't interested in making drastic financial investments during this time in part because they want to keep the year clean in terms of taxes. I'm still fascinated be the aggressive difference between the list price versus purchase price. Residential income properties appear to be maintaining a large gap, whereas other markets appear to be closing on the gap. I would suspect that this is in part because investors are might be more likely to negotiate, seeing as this kind of purchase is an investment and not an emotional purchase.
Last year, I think we saw several more emotional purchases in the residential income market. However, I think many of those were people looking to purchase vacation homes and not necessarily about generating income. There seemed to be a trend of the more remodeled properties selling for high numbers and not necessarily those that required the "elbow grease". Even I sold a property to a family local to Orange County that wanted a beach house. They ended up renting the back studio for about $2,000/month and continue to enjoy the front house for themselves. These buyers don't seem to be around anymore.
Going back to a pure financial investment, purchase prices and selection has been far more aggressive. I suspect that things will continue to be tight for the next several months. It will take some time for people to feel confident about how Trump policy will impact their economic future and how to invest accordingly.
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