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According to this article published today by NBC NEWS business, 42.1% of all U.S. homes that sold in December were cash purchases as compared to 38.1% in November. In December 2012 cash purchases were only 18% of the sales. From 18% to 42.1% – that’s quite an increase.
In Tuolumne County we have seen a significant number of all cash purchases over the last few years. Like the example in the article, we also saw a month over month increase where in December, 32% of our home sales were all cash as compared to 24% in November. Unlike the national numbers December 2012 was identical to 2013 and in addition, year over year the percentage of our cash purchases has remained fairly steady. Here is a break down since 2010:
Sales Cash Percent
2013 907 312 34
2012 911 316 35
2011 784 307 39
2010 625 212 34
Cash buyers are awesome for sellers but they make for stiff competition for buyers needing a loan. Will this trend continue? Stay tuned and I’ll keep you posted.
In the meantime, if you see national real estate news and would like to know how the Tuolumne County real estate market compares, shoot me an email or give me a call. I’d be happy to help. email@example.com or 209-536-3000.
Source of Sold Information: Tuolumne County Association of Realtors MLS