Market Pulse Survey, April 2015

MARKET PULSEApril 2015

1

Survey Methodology

Monthly online survey of 300+ CA REALTORS

Respondents are asked about their last closedtransaction and business activity in their market areafor the previous month and the last year.

2

LASTTRANSACTION

3

Median Sale Price Up 8.4% MTM

Q: What was the sale price of your last closed transaction?

$402,000 $415,000$450,000

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

Median

4

SERIES: Market Pulse SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS

4/10TransactionsClosed BelowAsking Price

Q: Did your last closed transaction sell over, at or below asking price?

0%

10%

20%

30%

40%

50%

60%

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

Over Below At

5


Premium Paid OverAsking Price Increased

Q: At what percentage was your last closed transaction sold over asking price?

8.7%7.7%

10%

8.0%

10%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Average

6


Discount on Asking Price Stable

Q: At what percentage was your last closed transaction sold below asking price?

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

20142015YTD

Average -5.8 -5.6 -5.8 -6.3 -12% -13% -11% -11% -11% -11% -8.0 -11%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

7


More Properties Receiving MultipleOffers

Q: How many offers did the seller in your last closed transaction receive?

0%

10%

20%

30%

40%

50%

60%

70%

80%Ja

n-14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

8


Number of Offers Up

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2.92.7

3.6Average

Q: How many offers did your last closed transaction receive?

9


Share of Listings with Price Reductions Up

Q: Were there any listing price reductions before escrow opened in your last closed transaction?

20%

25% 26%28%

33%

29%31% 31% 31%

23%

28%

0%

5%

10%

15%

20%

25%

30%

35%

10


% of Previous Renters Fluctuates

Q: Was the buyer of your last closed transaction a renter immediately prior to purchasing the property?

0%

10%

20%

30%

40%

50%

60%Ja

n-14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

11


Fewer Sellers Becoming Renters

Q: Did the seller of your last closed transaction become a renter immediately after selling the property?

0%

5%

10%

15%

20%

25%

30%Ja

n-14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

12


Share of First-time Buyers Fluctuating

Q: Was the buyer of your last closed transaction a first-time buyer?

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%Ja

n-14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

% First-time Buyers Long Run Average

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Majority Purchases are Primary Residences

Q: What was the intended use of the property?

69%78% 73%

21%16% 19%

0%10%20%30%40%50%60%70%80%90%

100%Ja

n-14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

Primary residence Investment Vacation home Other

14


International Buyers Fluctuate

Q: Was the buyer an international client (one who was not a citizen or permanent resident of the U.S.)?

0%

2%

4%

6%

8%

10%

12%

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

% International Buyers Long Run Average

15


MARKET CONDITIONS

16

Floor Calls from Potential Clients Increased

Q: Compared to last month, the number of floor calls from potential clients in your market area this month was

0%

10%

20%

30%

40%

50%

60%

70%

Last MonthDown Flat Up

17


ListingAppointments/Presentations toClientsIncrease

Q: Compared to last month, the number of listing appointments and presentations to clients in yourmarket area this month was

0%

10%

20%

30%

40%

50%

60%

70%

Last Month

Down Flat Up

18


Open HouseTraffic Up from LastYear

Q: Compared to last month/year, open house traffic in your market area this month was

0%

20%

40%

60%

80%

Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

Last Month Down Flat Up

0%10%20%30%40%50%60%70%80%

Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

LastYear

19

Auctions Steady

Q: Compared to last month/year, the number of auctions in your market area this month was

0%

20%

40%

60%

80%

Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15


0%

20%

40%

60%

80%

Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15

LastYear

20

All Cash Purchases Increasing

Q: Compared to last month/year, the number of all cash purchases in your market area this month was

0%

10%

20%

30%

40%

50%

Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15


0%

10%

20%

30%

40%

50%

60%

70%

Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15

LastYear

21

Majority of REALTORS Expect Better MarketConditionsOver the NextYear

Q: What are your expectations for market conditions over the next year?

0%

10%

20%

30%

40%

50%

60%

70%

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

Worsen Same Improve

22


Top 10 Counties

Q: In which county do you live?

March 2015 April 2015

1 Los Angeles Los Angeles

2 San Diego San Diego

3 Orange Riverside

4 Riverside Orange

5 Sacramento San Bernardino

6 Alameda Sacramento

7 Santa Clara San Mateo

8 Placer Santa Clara

9 San Bernardino Alameda

10 Sonoma San Francisco

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Documents

Market Pulse Survey, April 2015