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Monthly Real Estate Market Report- January 2016

March 29, 2016

03.23.2016_01January 2016 sales of single family homes, condos, and townhomes were down compared to December 2015, but up from the year before. The decline in month-to-month sales reflects a standard slowing that often happens after the holidays. With economic issues in the equities market, more investors are turning to real estate as a safer investment. We could continue to see prices go higher in the coming months, especially in coastal regions like the Bay area. Median prices were also up compared to a year ago.

Reviewing the details of month-to-month data, in January there were fewer residential homes (single-family homes and condominiums) sold compared to December, with 24,505 homes sold in January, 29.8% less than the final count of 34,906 homes sold in December. Compared to a year ago in January 2015 there was a 3.9% increase in sales. Month-to-month median prices also went down comparing January 2016 to December 2015. The median price for all homes in December was $410,000 compared to $400,000 in January. Comparing year over year, median prices increased, with single family homes moving 8.1% higher than the year before, and condos increasing by 6.6%.

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Cash sales for January were in line with what has been the average over the last several months. January cash sales comprised 21.5% of all home sales, just above the 21.3% average for the last six months. The county that saw the most cash sales was Tulare with 31.7%. This was followed by Santa Barbara County with 27.7% in cash sales, Monterey County with 27.6% cash sales and Riverside County having 24.9% in cash sales for the month. With one in five transactions being cash sales, the number of investors looking toward real estate is still holding strong.

Flip sales saw a drop in activity for January, coming at 32.8% lower than the month prior, but these sales were up 9.6% from over the last 12 months. This is a normal drop in activity due to seasonal fluctuations. Typically flip sales increase with the spring and a rise in activity. The trend in seeing negative equity lessened continued in January as well, we are showing 1 in 17 homes underwater, compared to 1 in 9 a year ago. This is great news reflecting the continued rise in home values across the board.

When you are ready to sell or buy a home, me and my team are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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One Comment leave one →
  1. March 30, 2016 6:18 am

    I enjoyed reading this.. Thanks a lot for this. Keep it up!

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