As we head into the summer period and schools are beginning to wind down for the year, we are seeing the usual increase in inventory. Expect further increase in early summer, as is typical of our cyclical market. There is still no real indicator of a trend happening that is extremely dynamic.
We are part of an area where jobs are very strong and the ability to buy a house is high. The housing affordability index is now at 25% for California (up from 14% no so long ago). This is greatly due to prices decreasing in outlying, less desirable areas of the state. More particular to our local areas would be folks who are deciding that it is time to invest their fortunes in real estate. When one gets a roof over his/her head, stability, and a tax write-off, sooner or later one realizes the excellent investment that real estate is.
A common pattern across all counties in the report, Bay Area Homes Sales, is days on market decreasing. Last year was a slower year and homes tended to take more time to actually sell. This market has been stronger than last year's market. Inventory that sat around from last year should now all be absorbed. Look for the number of days on market to decrease even further.
San Mateo County boasts the highest percentage of list price received at 101.18% average! Santa Clara County is now averaging 100.36%. In all areas reported, since last month, single family home prices have increased, with exception of San Benito County. The average price of condos has decreased in all counties reported, with exception of Santa Clara County
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