RSS Feed by Calculated Risk on 3/15/2012 05:24:00 PM
Thursday, March 15, 2012
DataQuick: Bay Area California Home Sales increased in February
From DataQuick: Bay Area February Home Sales at Five-year High
A total of 5,702 new and resale houses and condos sold in the nine-county Bay Area in February. That was up 4.1 percent from 5,479 in January, and up 14.2 percent from 4,991 in February 2011. The year-over-year sales increase was the eighth in a row, according to San Diego-based DataQuick.Still over 50% of the market is "distressed". Here is an update to Tom Lawler's table of selected high distressed sales markets including the Bay Area. With the exception of Reno, the distressed share of sales is down from February 2011, the share of short sales has increased and the share of foreclosure sales are down:
...
Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up about half of the Bay Area’s resale market.
Foreclosure resales ... accounted for 27.4 percent of resales in February. That was up from a revised 27.2 percent in January, and down from 32.6 percent a year ago.
Short sales ... made up an estimated 23.1 percent of Bay Area resales last month. That was down slightly from an estimated 23.5 percent in January – the high point for this cycle – and up from 20.1 percent a year earlier.
...
Last month absentee buyers – mostly investors – purchased a record 26.0 percent of all Bay Area homes sold, up from a revised 25.2 percent in January and 23.4 percent a year ago.
| Short Sales Share | Foreclosure Sales Share | Total "Distressed" Share | ||||
|---|---|---|---|---|---|---|
| 12-Feb | 11-Feb | 12-Feb | 11-Feb | 12-Feb | 11-Feb | |
| Las Vegas | 29.3% | 26.6% | 42.0% | 51.6% | 71.3% | 78.2% |
| Reno | 28.0% | 30.0% | 42.0% | 36.0% | 70.0% | 66.0% |
| Phoenix | 28.1% | 21.1% | 23.3% | 49.6% | 51.4% | 70.7% |
| Sacramento | 31.9% | 22.1% | 33.9% | 49.2% | 65.8% | 71.3% |
| Minneapolis | 15.0% | 13.6% | 42.3% | 47.9% | 57.3% | 61.5% |
| Mid-Atlantic (MRIS) | 16.4% | 14.5% | 17.5% | 27.2% | 33.9% | 41.7% |
| Orlando | 33.3% | 23.7% | 28.9% | 49.9% | 62.2% | 73.6% |
| Southern California | 20.5% | 19.7% | 32.5% | 37.0% | 53.0% | 56.7% |
| Bay Area, California | 23.1% | 20.1% | 27.4% | 32.6% | 50.5% | 52.7% |
The NAR will report February existing home sales next week on Wednesday March 21st.
