Prices went up over 11% in 2020 and the forecast was that values and prices would only increase by 6.8% but the actual increase for 2021 was 20.3%. Hi I’m Tanja Odzak with our East Bay Home Broker by eXp Realty.
About 67% of homes that are closing above list price and homes are still going pending quickly was at seven days and now it’s nine days for home to go pending. Homes are still going pending quickly. More homes were sold in 2021 than homes have been sold per year in the last seven years and we’re predicting to end the year selling somewhere between 440,000 single family homes. We are selling more homes over a million dollars in California than homes under $500,000. Also we are selling more homes over $2 million dollars in California than in history.
If you look at the 2021, fastest growing cities 69% are homes a million dollars and 25% are over $2 million. All positive signs of the 2022 real estate market to continue to trend up. The Bay Area, Orange County, and Los Angeles tend to be vacation areas and second homes which is also conducive to a positive housing market.
Housing is growing fastest in California’s core. If you look at home sales growth by broad region, it’s the coastal and frankly the least affordable parts of California that are actually doing the best. The Bay Area is up 32. 8%. The Central Coast up 26. 6%. Southern California up 23. 2% whereas all of California as a whole is up 21. 3%. As the demand for second homes or larger homes because of remote work continues to increase.
We are predicting this to help the housing market as well. 35% of sellers actually left the state and less and one third of sellers who sold stayed in their same county. More folks are able to work remotely so moving away from California has never been easier and this is going to make it a bit easier for people to find homes who are staying here in California.
35. 5% in 2021 were first time home buyers. So more than one third of buyers are first time home buyers. And 32% of them put down 20% or more. Which shows they have more skin in the game more so to speak. Only two point percent put down 0% and 4. 4% paid all cash as a first time home buyer so the housing market forecast for 2022 according to California Association of Realtors looks good the average income for realtors in 2020 was $180,000, which was an increase of 16.1% from the previous year.
However, the median income for the bottom 80% of realtors was $35,000, which was a decrease from the previous year by 16. 7%. So even in the midst of all time high price and a 15-year high in terms of transactions. 30% of agents are doing about 70% of the business which is on average about 10 deals per year and the other 70% of real estate agents are doing less than besides a piece which by the way, if you’re a realtor interested in making a change, I’d love to talk to you about it.
Again, this is Tanja Odzak, our East Bay Home broker by eXp Realty.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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