Talking Points
- The share of homes selling above asking price rose from 34 percent a year ago to 39 percent in March, according to the CALIFORNIA ASSOCIATION OF REALTORS®. Conversely, the share of properties selling below asking price dipped to 32 percent from 33 percent in March 2016. The remaining 29 percent sold at asking price, down from 34 percent in March 2016.
- For homes that sold above asking price, the premium paid over asking price was essentially unchanged from a year ago at 9.2 percent.
- The 38 percent of homes that sold below asking price sold for an average of 8 percent below asking price in March, compared to nearly 10 percent a year ago.
- The share of properties receiving multiple offers trended higher for the third straight month to the highest level since February 2016. Nearly three-fourths of properties for sale (74 percent) received multiple offers in March, up from 50 percent in March 2016.
- The share of properties receiving three or more offers in March was 45 percent, compared to 49 percent a year ago.
- The market for homes priced under $200,000 was the most competitive in March, posting the largest gain in receiving three or more offers, rising from 31 percent in March 2016 to 47 percent in March 2017.
- As prices become more in line with the market, listing price reductions declined to 19 percent in March, down from 21 percent in March 2016.
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