The California real estate market has seen some competition in 2012, as conditions have favored buyers, according to the California Association of Realtors.
CAR's Annual Housing Market Survey found that record low mortgage rates and favorable home prices helped 57 percent of home sales receive multiple offers. This was the highest amount in more than 10 years. Home sales saw an averaged of 4.2 offers, up from 3.5 in 2011.
"Well-qualified buyers are recognizing the once-in-a-generation opportunity to purchase a home in California and are jumping into the market," said CAR president LeFrancis Arnold. "However, the fierce market conditions have forced buyers to compete with all-cash offers and investors setting off multiple offers and bidding wars…"
Sellers have benefited from increased competition as 41 percent of homes sold were able to receive their asking price or more during a sale. They also saw their homes being bought faster, with an average of 32 days compared to 67 in the previous year.
Mortgage rates have remained near all-time lows throughout this year, and are still favorable as of November 1, according to Freddie Mac.