Have you seen the latest data from the California Association of Realtors (CAR)®? Check out the infographic below which summarizes some of the key facts and figures behind our state’s home sales and inventory levels.
As you can see, inventory is up ever so slightly year-over-year, from 3.2 months this time last year to 3.4 months of inventory this year. Median price growth is currently at 3.2%, the figure estimated by many media sources at the beginning of 2019. In addition, price growth has slowed overall… but not stopped. So, what does all of this mean to you?
1 | Keep in mind that these trends are statewide averages, the local trends in your county, city and micro-market are likely to be very different so please be sure to reach out to an active, full-time, experienced agent in your area for any questions about value or local sales.
2 | Real estate continues to be a wise investment! Price growth is still happening, and the longer you wait to enter the market, the longer before you see the potential results.
3 | The surprise drop in rates did not impact the purchase market as much as many people would have expected. While it feels natural to assume that rates are a deal-breaker (or not) for homebuyers, there are many facts besides rates which determine who is buying and when. In short, try not to hyper focus on one aspect of the market when there are many pieces to the puzzle!
If you have any questions about the market in San Mateo County or Santa Clara County, or would love a trusted referral within another part of the state, please don’t hesitate to reach out!
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/