National Auction Markets Easing

With a surge of sellers keen to take advantage of strong buyer competition, the home auction markets reported lower clearance rates and clear signs that the white-hot market is beginning to cool.

A total of 2401 homes were reported as listed for auction on Saturday, May 15, which, although lower than last weekend’s May record 2563 listings, provided plenty of choices for buyers.

The national average weekend clearance rate was down on Saturday, falling from 83.1% to 80.9% – the lowest result since the 77.7% recorded on January 30.

This is the fourth consecutive weekend that clearance rates have fallen and is well below the peak national average of 88.5%, recorded on March 5.

Sydney hosted another incredibly busy weekend of auctions, with 9990 Sydney auctions reported on Saturday – just below the previous weekend’s May record 1014.

With a larger volume of auctions, the Sydney clearance rate fell to 82.9%, down on the previous weekend’s 83.5%, and the fourth consecutive weekend of falling rates.

Sydney recorded a median price of $1,641,000 for houses sold at auction at the weekend, just below the $1,650,000 reported over the previous Saturday, but 16.4% higher than the $1,410,000 recorded over the same weekend last year.

Melbourne again saw a surge in auction volumes, which pushed the clearance rate down to a year low reporting a clearance rate of 78.6%, well below the 80.7% recorded the previous weekend.

A total of 1149 homes were reported listed for auction in Melbourne on Saturday, just below the 1248 May record auction the previous weekend and well ahead of the 82 auctioned over the same weekend last year.

Melbourne reached a median price of $1,093,000 for houses sold at auction on the weekend, which was 4.1% higher than the $1,050,000 recorded over the previous weekend and up 8.9% on the 1,002,944 recorded over the same weekend last year.

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.

National Auction Markets Easing

While results remain strong, clearance rates are trending lower.

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