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Best Sept. sales for O.C. brokers in 3 years
October 28th, 2009, 2:00 pm · 43 Comments · posted by Jeff Collins
Click to enlarge
With the homebuyer tax credit deadline looming, revenue from broker-handled deals increased last month to the highest level for a September in three years.
Broker transactions — which account for about 85% of all local home sales — generated nearly $1.4 billion in Orange County last month to be divvied up between home sellers, brokers and agents, the Southern California Multiple Listing Service reported.
In addition, the SoCal MLS figures show:
| Month | Distress |
|---|---|
| Feb-09 | 60.8% |
| Mar-09 | 56.1% |
| Apr-09 | 54.4% |
| May-09 | 49.1% |
| Jun-09 | 43.8% |
| Jul-09 | 41.6% |
| Aug-09 | 41.7% |
| Sep-09 | 37.2% |
- Revenue was up 12.3% from a year ago. Broker deals generated $1.2 billion in September 2008.
- Revenue also increased by nearly $149 million from August, a reversal of the typical trend. In the past four years, revenue dropped from August to September.
- September’s revenue was the highest since September 2006, when local sales generated a total of $1.6 billion. In September 2005, the month before the housing slump hit, broker deals generated almost $2.2 billion.
- Brokers handled 2,454 home sales last month through the MLS, the most for a September since 2005. In addition, that’s up 8% from September 2008 and up by 75 deals from August.
- The median price for a detached home was $512,600 last month, vs. $503,100 a year ago and $524,600 for August.
- Distressed sales’ share of the market has been falling steadily since February. Bank-owned homes and short sales (homes selling for less than their debt) made up 37.2% of the deals last month, vs. 60.8% in February. (See chart at right.)
- Broker revenue averaged nearly $1.5 billion a month between January 2005 and September 2009.
- The low points: Revenue fell below $1 billion a month from September 2007 and March 2008; and again from January through April this year.
- The peak: June 2005, when total revenue topped $2.7 billion.
Related news:
- Buying non-foreclosed homes surges in O.C.
- Winning streak ends for O.C. broker revenues
- O.C. home sales dollars hit 2-year high
- Is nightmare for O.C. broker sales over?
- O.C. broker battering seems nearly over
- Realtors see O.C. price mini-winning streak end
Real estate trends:
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43 Comments
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Govt housing welfare FTW.
Paying the piper in response to Govt housing welfare FTL
What do you mean Govt housing welfare? You’re not making any sense, what a fukkken moron. Angry, bitter, stupid idiot.
Wow - another person who got up on the wrong side of the bed. What is with the angry, bitter people on this blog?
Seems like alot of angry bitter people like to call others angry bitter people.
Bogey and I were referring to the following: Artificially low interest rates, backed by the full faith & trust of the US TAXPAYER, $8000 tax credits that cost the US TAXPAYER $100,000 for each additional home sold, quasi-governmental entities backing risky mortgages in turn backed by the US TAXPAYER, FHA low-down loans that are defaulting at record rates backed by the US TAXPAYER. Do I need to go on or do you give up?
You have a lot of nerve to call someone an angry, bitter, stupid idiot in response to them noticing there is a lot of Marxi_st governmental housing policy these days intended to halt the mechanisms of the free market correction of the housing bubble.
Sharpster, hope you don’t kiss your french kiss yo momma with that mouth.
really sharpster - your not so sharp comment easily wins the dumb comment of the day
So Bogey (rants, bill, mav, etc), tell us (us being the 20 readers of this blog), besides whining all day here, what have you done to try to right this horrible injustice. Write letters to your congressman? Go to town hall meetings? Stand in front of Stater Bros passing out fliers? Or do you think we actually care what you or anyone else posts here?
From here, VOR, it appears you care way too much.
Been looking that way since the crash began.
.
This blog is for entertainment purposes only. Any resemblence to reality is purely,…..well, nevermind….there is none. So, does it amuse me? Yes. Does it inform, enlighten or make any difference?…………. HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
But we know it’s important to you pdu, so just keep posting. You may hit on something. You know the story of the blind squirrel…………
Again, if attorneys like VOR are in the green in RE - why do they care what people who decided not to buy overpriced RE think? Clearly, VOR is negative, or else he wouldn’t be here - just like shockg. The bulls who bully the bears for being smarter and not buying inflated RE are those bulls who are underwater, not those who are sitting comfortably on equity.
You whine just as much as anyone Mr. ESQ - pity your clients.
I know this wasn’t directed at me, but I’ll answer anyway. I actually have written both of our senators and Bailout Campbell multiple times. Especially pertaining to the bailouts & stimulus. It probably doesn’t make much difference, and they probably didn’t even read my letters, but at least I can say I did something about it other than complain.
Oh, and I voted against Cambell and our Senator. AND I’m voting against the housing bubble by not buying. Voted against McCain AND Obama, since they are both pro-big government and pro-taking money from taxpayers and giving it to corrupt insolvent banks.
I really feel let down by Republicans who are supposed to be against this kind of crap.
All right! I take it you were a Bob Barr voter!
No
I did, but it doesn’t matter anyway. The electoral college gave all our votes to Obama. Unless you live in a swing state, your vote does not count.
Hey counselor, as pdu mentioned, it does appear you’ve taken valuable time out of your day on multiple occasions to expend thoughts and respond to some of my posts.
Thanks for caring :)
Q: going forward, would I be correct to assume you’ll not be responding anymore to my posts?
just say’n
Never assume……….
There you go. This blog is a real think tank!!
lol
Haha, Not only is rants losing his hair, he’s losing his mind too!
shockg, good news today for the NAR.
PORTLAND, Ore. (AP) — Costco Wholesale Corp. said Wednesday that it will start accepting food stamps at its warehouse clubs nationwide after testing them at stores in New York.
Funny
The new rants is more entertaining than the original sir rants a lot.
A look into OC’s future?
Silicon Valley: Abandoned
South Bay is now littered with ghost buildings and empty office complexes.
http://www.businessinsider.com/alaska-miller-silicon-valleys-ghost-towns-2009-10#bordeaux-center-sunnyvale-1
Denver just had two feet of snow. I think that I will go swimming and pontificate on the future of OC real estate.
You should go to the beach tomorrow midday. It’s absolutely gorgeous. Maybe you can contemplate the future of OC real estate while swimming with the rest of OC’s unemployed midday at the beach.
Today was an amazingly beautiful day. I went on a great afternoon/evening run with my wife by UCI/backbay and was just marveling about the weather. I don’t think I’d ever want to live anywhere else. And yet I’m still not going to buy your overpriced home.
Seriously, why buy a home if you can rent one for half to 2/3’s the price. I like taking 4 or 5 vacations a year, putting money in the bank and having one nice car. Cali is all about image and ppl will go into deep debt to build the impression of wealth. Most are dead broke.
Funny example, at the gas station a few weeks ago. The guy in front of me was paying for gas in change and taking forever. He pays and I look outside as he gets in his Porsche. Damn near pissed me pants.
The problem isn’t the price. The problem is your low salary and huge sense of entitlement. My I suggest you get an education.
I wish you could slap people through the internet.
Too bad rants can’t give a dirty banana to the monkey - whoops, looks like it already happened.
Yes, you My suggest - what an education you have monkey. And to think, many renters make more than you, little worker bee.
Once again, the uneducated depressed monkey can only take out aggression on others in better financial shape. Monkey going crazy in her cage. Monkey losing it.
Everything I write is getting blocked now
And to think, SC2 is in his 50’s and acts like a child. lol
I have your mind so screwed up you have no idea what to think.
Follow the rest of the bubble blog sheeople
Sorry - sheople is a term reserved for people like you. Try again.
I can tell you what most realtors do all day, well it ain’t making money. The crawl the craigs-list ads all day long looking for people renting their homes and try to sell their services. I had a house for rent and got daily calls from realtors trying to have me list it with them. It was pretty entertaining.
A speculator is somebody who practices financial speculation, which involves the buying, holding, selling, and short-selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives, or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. Speculators are willing to take large, but calculated risks in search of large rewards over a short time period. Benjamin Graham once described speculation as “a rat race of trying to get the highest possible return in the shortest period of time.” Graham strongly believed investing should be in securities where the principal investment was reasonably safe and there were “satisfactory” returns.
Great point! This is a really nifty expose on speculation. Thanks for sharing. And yet I’m still not going to buy your overpriced home. I’ll let my landlord continue subsidizing my rent. How do you like THAT for reasonably safe and satisfactory returns?
Yeah!
Woo hoo!
Nasty!