2012-11-01mortgagenewsdaily.com

Fifty-seven percent of home sales featured multiple offers in 2012, the highest in at least the past 12 years.  Each home that received a multiple officer received an average of 4.2 compared to 3.5 offers in 2011.  Lower priced homes and distressed properties - bank-owned real estate (REO) and short sales - had more multiple offers than market sales, seven out of ten compared to one-half.

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Competition has led to higher prices and 41 percent of homes sold at the asking price, the highest portion since 2005 and up from a long-run average of 32 percent. Homes also sold faster with market sales taking 32 days on average compared to 67 days in 2011 and REOs in 30 days compared with 50 days last year. Short sales still take longer than other sales because of the complexity of the process but the number has been cut to 90 days from 141.


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