Antelope Valley Existing Home Market

– June existing home sales (495) fell -10.6% vs. June of 2011
– the average selling price in June though was up +3% ($141,282) vs. June of 2011
– 40% of all sales in June were foreclosures, with 30% being short sales
– this means that 70% of all sales were some type of “distressed sale”- not good
– residential agents say that sales fell due to a shrinking inv

entory as the number
of available home listings in GAVAR is down 50% vs. one year ago
– agents also say the banks are slowing down in their processing of short sales and foreclosures
– inventory is also being held back by the loan modification process as some homeowners wish to go that route first before deciding to sell
– inventory is so thin that “buyer fatigue” is now common; some buyer have
made 10-20 offers with no acceptance
– buyers making repeated offers on different homes are getting beat out
by investors with cash, making the escrow quicker and easier, as no loan
qualification process or appraisal is needed.
– one particular buyer has made 28 offers and failed to get acceptance on all 28

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