Chief Economist Talks To Malibu Association of Realtors

by ritasimpson on June 20, 2012

in How's The Market

 

I attended the Malibu Association of Realtors meeting yesterday, where Chief Economist, Leslie Appleton-Young,   of the California Association Of Realtors, gave our members a “Real Estate 2012 Forecast” overview. Here are some quick take aways:

  • The worst of the recession is over but the recovery will be slow
  • 8 out of 10 Renters Want to Buy a home in the future
  • Buying a Home Still viewed by 8 out of 10 as the Best Investment one can make
  • Contrast in outlook between Sellers and Buyers could not be sharper:

Prices will continue to go down:    60% of Sellers but only 15% of Buyers

Prices will stay Flat:                            30% of Sellers, 20% of Buyers

Prices will go Up:                                      5% of Sellers, 15% of Buyers

Unsure how Prices will go:                     5% Sellers, 50% of Buyers

Sellers Survey revealed that on average:

  • Home was listed for 7 months before opening escrow
  • Median escrow was 1.5 months
  • Only 40% of Sellers closed escrow on time
  • Reason for selling:    54% of Sellers felt they no longer could afford the home, only 7% saw the decline in values as an opportunity to Upgrade.

This represents the general overview of the California market. Malibu specifically however ma not share al these characteristics, although is under the influence of the general sentiments. As an example Sales in Malibu were UP 64% when comparing April 2011 to April 2012, Median Price of Sold Homes in the same period was UP 148% and properties under contract were up 125% quite the Upswing for Malibu!

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Post by Rita Simpson

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