What Happened in the Cardiff Real Estate Market in January 2012?
As a buyer or seller in the Cardiff real estate market, having information about the current market conditions will enable you to make an informed decision regarding what to do with regard to buying a home in Cardiff, or selling your Cardiff home.
The Cardiff real estate market is small and very localized, and knowing what is going on with regard to inventory and sales is important for making an informed buying or selling decision. Finding comparables for determining price for either a listing or a purchase can sometimes be tricky because of the limited inventory and the diversity of homes for sale.
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Here is a summary of the Cardiff real estate market for January 2011 based on information provided by the MLS (private sales are not included). These data are deemed reliable but are not guaranteed.
|
|
TOTAL |
DETACHED |
ATTACHED |
|
# SOLD |
6 (down 57%) |
5 (down 44%) |
1 (down 80%) |
|
Average $ |
$576,083 (down 11%) |
$619,300 (down 14%) |
$385,000 (down 30%) |
|
DOM |
107 |
109 |
98 |
|
Sale $/List $ Ratio |
96% |
97% |
94% |
The number of homes sold in Cardiff in January dropped dramatically. Average sales prices also declined fairly significantly. But given the very small number of homes sold, it is unwise to draw any conclusions about trends, especially given pricing.
At the end of January 2011 there were 6 homes in the Cardiff real estate market with a Contingent status, 1 more than last month (i.e., short sale and REO homes that had offers being reviewed by the lenders). Until approved these homes are considered active and are included in the Active statistics below.
As of January 2011 there were 41 Cardiff homes for sale, 5% fewer than last month and the 5th month of inventory decline, thus making the inventory even more competitive in the Cardiff real estate market. This represents an inventory of only 4.5 months for attached homes (up from 4.1 months last month) and 3.4 months for detached homes (up from 3.2 months in December). One might now consider this a seller’s market for detached homes.
19 Cardiff homes came on the market in January, more than twice as many new listings as in December. 11 homes went pending in January as compared to 7 in December (up 57%), good news for Cardiff home sellers.
READ MORE: How Important is Inventory when Buying or Selling? Very!!
Data are based on information provided by the MLS for homes that went under contract in the last couple of months. If you would like more details about the Cardiff real estate market with regard to current activity as well as the specific areas such as the Walking District and the Composer District, please let me know.
SEARCH FOR HOMES FOR SALE IN CARDIFF BY THE SEA CALIFORNIA
READ MORE:
Cardiff Homes for Sale – What Happened in the Cardiff Real Estate Market in December 2011?
Cardiff Homes for Sale – What Happened in the Cardiff Real Estate Market in November 2011?
Cardiff Homes for Sale | Cardiff Real Estate Market Report for October 2011
Cardiff Homes for Sale | Cardiff Real Estate Market Report for September 2011
Cardiff Homes for Sale | Cardiff Real Estate Market Report for August 2011
Cardiff Homes for Sale | Cardiff Real Estate Market Report for July 2011
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Hi Jeff, I was just sure this was going to be a much improved report and I am surprised a bit. There is still lots of hope for our Spring market though.
Jeff - I definitely wouldn't draw any conclusions based on those numbers. I'm betting next months report for Cardiff Homes will have a big increase.
William - well it IS January and I guess I am not too surprised with the holidays just having passed. February will be much more telling, one way or the other. And it is such a small market it's hard to say much about trends.
Jeff
Wow, what a downer. How are your inventory levels? That's skewing numbers here. We just don't have enough, especially in some price ranges.
Jeff, I wonder whether many homes were taken off the market and will come back on by March? It is good for the sellers right now to have the ball in their court...grab those sales in Cardiff!