House flippers and other real estate investors in California are seeing their window of opportunity closing, and new statistics published by DataQuick show they must act fast.
DataQuick’s statistics show that the median price of all houses and condos sold in California in November was $291,000, up 19.3 percent from November 2011. Additionally, the number of homes sold jumped almost 15 percent to 37,481. As you can see, the housing market is warming up.
What’s most interesting, especially from a real estate investor’s perspective, is that 32.5 percent of all November home sales were all-cash deals, according to DataQuick analyst Andrew LePage. That’s more than twice the average.
Keep in mind there’s a chance the increase in prices has been driven by speculation. “While some speculators buying up homes at a bottom can be positive, the sort of price rises that you are seeing there may be excessive,” Dean Baker, co-director of the Center for Economic Policy and Research in Washington, said in an email to the Los Angeles Times.
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