Market Stats

Today we are posting a chart provided by the California Association of Realtors (CAR).  The Market at a Glance chart compares month over month and year over year statistics in six key categories that tell the  overall direction of the market.  So, how have things changes since last year.  Here are some of the key points.

First, the number of sales has increased by 15% since last year.

Second, the chart indicates that the median sales price has increased by 12%.  This is the one statistic that is really confusing because the increase does  NOT mean that values have gone up.  It only indicated that more homes are selling in a higher price range.  Lower interest rates mean buyers can afford higher priced homes.

Inventory is down to about a three month’s supply.  This is a level where we can see prices start to increase since there are more buyers than homes available.  Next time I will provide you with a great chart  on this topic.  Tied into this is the lowering of the days on the market again more buyers in the market.

Finally, interest rates have dropped by 1% over the last year reaching historic lows. This is fantastic for buyers.

All indications are that we are at or very near the bottom of the market.  With low interest rates and low prices NOW is the time to buy.  Indications are that prices may start moving up again, and we just  don’t know how long interest rates will stay down.

 

Posted by: Larry Smyth

 

Share Your Thoughts...

 
AGENT LOGIN

Equal Housing Opportunity. Equal Opportunity Employer.