California Pending Home Sales Rise in January | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on February 24, 2011

in Buyers, Latest News

Pending home sales in California increased in January, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 93.6 in January, rising 13.6 percent from December’s index of 82.4, based on contracts signed in January. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

“Pending sales typically rise in January from a seasonally slow November and December,” said C.A.R. President Beth L. Peerce. “January’s pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.”

Distressed housing market data:

  • The total share of all distressed property types sold statewide in January was 54 percent, up from 50 percent in December, but down from 56 percent in January 2010.
  • Conventional sales made up the remaining share at 46 percent in January, down from 50 percent in December, but up from 44 percent in January 2010.
  • Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32 percent in January, up from 30 percent in December, but was down from 37 percent in January 2010.
  • The statewide share of short sales increased to 22 percent in January, up from 20 percent in December and up from 19 percent in January 2010.
  • The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
  • The statewide median price of conventional properties sold in January was $367,150, 38 percent higher than the short sale median price of $265,500 recorded in January, and 85 percent higher than the January REO median price of $198,000.

Multimedia:

                                             

Share of Distressed Sales to Total Sales

 
Type of Sale           Jan-10           Dec-10           Jan-11
REOs (real estate-owned)           37%           30%           32%
Short Sales           19%           20%           22%
Total Distressed Sales           56%           50%           54%
 
                                             

Distressed Sales by Select Counties

(Percent of total sales)

 
County/Region           Jan-10           Dec-10           Jan-11
CA           56%           50%           54%
San Diego           34%           28%           33%
Marin           37%           34%           43%
Orange           41%           38%           43%
San Luis Obispo           49%           46%           47%
Los Angeles           54%           50%           54%
Mendocino           49%           57%           55%
Napa           68%           54%           59%
Sonoma           54%           55%           61%
Kern           69%           71%           70%
Sacramento           68%           66%           73%
Riverside           78%           67%           73%
San Bernardino           76%           72%           74%
Solano           76%           74%           81%
 

*Note: C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later.

The year 2008 was used as the benchmark for the pending homes sales index. An index of 100 is equal to the average level of contract activity during 2008.

Posted on Irvine Orange County Real Estate Market News

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