2015 Market Update

Inventory

We are seeing fairly low inventory with sellers holding onto properties with their low-interest rate mortgages they received when rates were at an all time low in the 2% category. This is making a new interest rate less appealing.  That being said, interest rates are still at historic lows and had a recent dip around 3.5%. 

Sales

We have sold our listings extremely quickly this summer – some in 1-4 four days! Properties that are priced well and show well will sell quickly. There are usually multiple offers on homes and July was a HUGE sales month.

Fall Predictions

The California Association of Realtors (CAR) predicts rates will be up ¼ % by end of year, which slightly alters affordability. Home prices are predicted to be up 5% by next year.

Buyers or Seller's Market?

Though there are pockets of good inventory, we are definitely in a seller’s market. The market currently retains a three-month supply of homes, which means that buyers are generally less able to purchase homes far below their listing price. Timing is everything however. Buyers who are pre-approved and do their homework are able to jump on a good opportunity.