Local Market Report – November 2019
If you remember, the housing market slowed markedly late last year. Sales plunged and this spring prices dipped for the first time since 2012. We’ve seen the 8% appreciation rate of 3-4 years ago drop by 50% and more.
However, there have been recent signs of a pickup. Rising incomes and falling mortgage rates have contributed to that boost. According to the Bureau of Labor Statistics the average hourly earnings in California have risen by about 5% in 2019 compared to 2018. In mid-November, the average rate on a 30-year fixed mortgage was 3.66%. This is down a whole percentage point from a year ago. That interest change would save a significant $260 on a monthly mortgage payment for a $535,000 home.
While we’re still experiencing bidding wars in our area (provided a home has been prepared well, priced strategically, and marketed professionally) it’s not likely we’ll see the same extravagantly high pricing of 3-4 years ago. There are several reasons for that, which we won’t go into here, but suffice it to say “it just ain’t gonna happen”.
Though we’ve entered the Holiday Season, buyers are still out in full force, and inventory is still markedly low. This would be a great time to sell, but if you might be be hesitant about selling in winter, this video will answer some of the questions and concerns you have.
Now let’s take a look at November’s data for the cities in our area. Contact me if you have any questions or would like more in-depth data on any city or your particular neighborhood or home.
|A “balanced market” is a 6 month supply of homes. A “sellers’ market” is anything less than that, while a “buyers’ market” is any that has more than 6 month supply.|
|CITY||November Average Sales Price||Year over Year Appreciation||November Ave. Days on Market||Total # of Sales – November||Total # of Sales – YTD||Active Listings||Months of Supply||Previous Yr Supply Change|
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind the scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course. Learn more here.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com