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HomeGain Releases 3rd Qtr California Home Prices Survey

Yesterday HomeGainthe first company to provide free instant home valuations online, released the third quarter results of our nationwide survey of nearly 1100 HomeGain current and former Realtor members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President so far. On this real estate blog we published the national and regional 3rd Qtr results.

Today we are releasing the California home values survey data. In the coming days we will be releasing home values survey data from Texas, Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Massachusetts and other states.

The 3rd quarter California home prices survey data reflects some significant changes from the 2nd quarter California home prices survey.  In the second quarter only 18% of home buyers thought that homes in the Golden State were fairly valued vs. 34% who think so in the current survey. (see question 3)

In the third quarter survey 34% of  California Realtors expect home prices to rise in the next six months, vs. 22% who thought home prices would rise in the second quarter suvey and vs. just 9% of California Realtors who thought home prices would rise in the next six months in the first quarter survey. (see question 6)

Fifty-one percent of California Realtors somwhat approve or strongly approve of Obama’s performance as President vs. 42% nationally. (see question 9)

In the second quarter survey 65% of California Realtors approved of Obama’s performance vs. 57% nationally.

Set forth below is the first, second and third quarter   California home prices data with the national data in parenthesis:

1. On average, in the last year do you think your homeowner clients home values have:

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

Decreased: 80%/85%/98% (81%/84%/90%)

Increased: 9%/4%/2% (6%/3%/2%)

Stay the same: 11%/10%/0% (13%/12%/8%)

2. On average, what do your homeowner clients believe that their home is worth?

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

10-20% higher: 28%/35%/31% (38%/35%/45%)

10-20% less: 5%/9%/6% (5%/8%/10%)

1-9% higher: 26%/23%/* (25%/24%/*)

1-9% less: 7%/9%/* (7%/9%/*)

21-30% higher: 5%/8%/16% (8%/8%/14%)

21-30% less: 5%/2%/* (2%/3%/*)

At listing price you recommend: 17%/10%/19% (11%/10%/14%)

More than 30% higher: 3%/3%/* – (3%/2%/4%)

More than 30% less: 4%/1%/* (1%/2%/1%)

3. How do your home buyer clients feel that homes are priced?

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

Fairly priced: 34%/18%/23% – (20%/19%/18%)

Overpriced by 10-20%: 17%/35%/29% (30%/30%/32%)

Overpriced by 21%+: 2%/4%/* (4%/4%/10%)

Overpriced by less than 10%: 26%/25%/17% (30%/29%/21%)

Underpriced by 10-20%: 11%/10%/11% (8%/8%/14%)

Underpriced by 21-30%: 3%/1%/6% (2%/1%/2%)

Underpriced by 31%+: 3%/2%/* (1%/1%/2%)

Underpriced by less than 10%: 4%/4%/* (5%/5%/5%)

4. What is the average difference in price between what sellers believe their home to be worth and the amount at which you eventually list the house?

Q3CA/Q2CA (Q3NATIONAL/Q2NATIONAL)

Greater than 11-20%: 1%/8% (5%/7%)

Greater than 21%: 3%/3% (3%/3%)

Greater than 5-10%: 11%/16% (9%/10%)

Less than 11-20%: 22%/ 25% (24%/23%)

Less than 21-30%: 5%/1% (4%/5%)

Less than 5-10%: 39%/40% (43%/43%)

Little or no difference in price: 19%/5% (12%/8%)

5. What is the average difference in price between what the home is listed at and what the home sells for?

Q3CA/Q2CA (Q3NATIONAL/Q2NATIONAL)

Greater than 11-20%: 4%/4% (4%/4%)

Greater than 21%: 2%/1% (2%/2%)

Greater than 5-10%: 11%/9% (5%/5%)

Less than 11-20%: 18%/26% (24%/27%)

Less than 21-30%: 4%/3% (3%/4%)

Less than 5-10%: 44%/ 54% (54%/53%)

Little or no difference in price: 17%/4% (8%/5%)

6. In the next six months, do you think the values of homes in your market will:

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

Decrease: 28%/27%/69% (31%/29%/53%)

Increase: 34%/22%/9% (23%/22%/11%)

Stay the same: 38%/51%/23% (46%/49%/36%)

7. What percent of homes in your area are foreclosures?

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

Less than 10%: 22%/40%/25% (36%/26%/37%)

10%-20%: 17%/26%/15% (27%/15%/26%)

21%-30%: 20%/11%/19% (17%/12%/16%)

31%-50%: 23%/13%/28% (13%/7%/15%)

51%-75%: 11%/9%/8% (5%/3%/5%)

75%: 7%/1%/5% (2%/3%/2%)

8. What is the average home price in your area?

Q3CA/Q2CA/Q1CA (Q3NATIONAL/Q2NATIONAL/Q1NATIONAL)

$151K-$300K: 31%/56%/19% (52%/56%/59%)

$301K-$500K: 35%/30%/38% (21%/20%/21%)

$501K-$800K: 19%/4%/26% (7%/5%/6%)

$801K+: 10%/1%/8% (2%/3%/2%)

Less than $150K: 5%/9%/4% (18%/16%/11%)

9. How do you think Barack Obama is performing in his role as President?

Q3CA/Q2CA (Q3NATIONAL/Q2NATIONAL)

Somewhat approve: 21%/36% (21%/31%)

Somewhat disapprove: 18%/14% (19%/19%)

Strongly approve: 30%/29% (20%/26%)

Strongly disapprove: 30%/21% (40%/24%)

* Data not available.

See Q2 National and Regional Results

Try HomeGain’s Instant Home Values tool

California information:

Check California home prices on homegain.com:

Los Angeles home values

San Diego home values

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San Francisco home values

Long Beach home values

Fresno home values

Sacramento home values

Santa Ana home values

Santa Barbara home values

Anaheim home values

Bakersfield home values

Riverside home values

Stockton home values

Chula Vista home values

Fremont home values

Modesto home values

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Glendale home values

San Bernardino home values

Huntington Beach home values

Laguna Niguel home values

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HomeGain third quarter real estate home values survey results are based on responses of nearly 1,100 Realtors in the United States. State survey results for Q3 are available for the following states : Florida home values, Texas home values

Louis Cammarosano

homegain.com

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Comments

arrow1 Response

  1. 110 mos, 1 wk ago

    Reading between the lines, it looks like homes are selling for around 5-10% less than the list price but that number shifted quite a bit from Q2 to Q3 towards ‘Little or no difference’ (question 5). I wonder how much of that is market stabilization and how much is sellers and agents realigning their expectations to the current economic conditions.

    These numbers are interesting. I look forward to seeing the results from Texas.

    http://www.hizzou.com

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