Auction Markets Still Hot Despite Flood Of Listings
A sharp rise in auctions had little effect on clearance rates.
By Terry Christodoulou
Mon, May 3, 2021 10:00am
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This past Saturday, May 1, saw the home auction markets resume at full pace with a total of 2287 auctions reported in the nation’s auction capitals, an increase of 33.9% over the previous weekend and the highest offering since the Super Saturday of March 27.
Despite the surge in auctions, the average clearance rate held firm at 83.3%, just below the 83.4 of the previous weekend.
The Sydney auction market continues what is the strongest start to the year for the local housing market since 1989.
Reporting a clearance rate of 84.6%, Sydney fell just shy of the 85.1% recorded the previous weekend, and well above the COVID-impacted 52.4% recorded this time last year.
While Sydney’s Saturday result was the second consecutive weekend of marginally lower clearance rates, it was achieved despite a 39% increase in the number of homes offered for sale.
A total of 934 auctions were reported on Saturday, compared to the previous weekends 672, while the median price of $ 1,590,500 for houses sold at auction at the weekend was 9.7% higher than the $1,449,900 reported over the previous Saturday.
Melbourne fared similarly with the auction market recording its highest clearance rate in a month – a figure of 80.1% – up on last week’s 79.0% and well ahead of the COVID-impacted 34.7% of the same weekend last year.
The strong result comes as 1084 homes were listed for auction on Saturday, well above the 835 of the previous weekend and the 157 auctioned over the same weekend last year.
Melbourne recorded a median price of $1,001,000 for houses sold at auction on the weekend which was 2.6% higher than the $975,000 recorded over the previous weekend.
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Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market
By CASEY FARMER
Tue, Aug 27, 2024 < 1 min
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A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
