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IRVINE, CA—Sales to institutionalinvestors—entities that purchase at least 10 properties ina calendar year—accounted for 4.3% of all sales of single-familyhomes and condos in the third quarter of the year, representing thelowest level since the fourth quarter of 2010, according to areport from RealtyTrac. The figure is downfrom 5% in the previous quarter and down from 5.3% a year ago, thefirm reports.
According to Daren Blomquist, VP of RealtyTrac,“Institutional investors are still actively purchasingsingle-family rentals, but continue t gravitate toward marketswhere lower-end inventory is still available. Meanwhile, there hasbeen a recent surge in cash buyers in some markets, oftencoinciding with either a rebound in distressedsales attracting bargain-hunting cash buyers or a booming jobmarket engendering a competitive bidding environment where cash isking.”
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