Real Estate Sales Improving

by on January 10, 2011

My crystal ball is never fully clear but if the last week is any indication, there are buyers out there and they realize the incredible opportunity today’s real estate market presents and they are ready to write an offer!

We have had 12 people sign up for our home search in the last 7 days and several more have called me to schedule home searches in the area. Many of them are already pre-approved with a lender or are all-cash and ready to write an offer when they see the right opportunity.

Here is a little information on housing sales PAST so that you can look in the rear view mirror and maybe glean a little extra information to help with your future plans. Interest rates remain stable in the high 4’s or low 5’s and prices have come down in many areas.

  • The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February.  The November 2010 median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for the same period a year ago.  It was the first year-over-year price decline in a year.
  • November’s sales were up 9.2 percent from October’s revised pace of 449,480 but were down 8.6 percent from the revised 536,940 sales pace recorded in November 2009.  The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the November pace throughout the year.
  • “Unsold inventory declined slightly in November, as the number of active listings fell from October, particularly for homes priced above $500,000,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The decline in listings was reflective of seasonal factors and the foreclosure moratorium that took place in October.”
  • For more about the California housing market, watch a video of Ms. Appleton-Young as she discusses highlights of the November sales and price report.

Now may be the perfect time to buy for you. Give me a call and schedule an appointment to review your options and decide what’s right for you and your family.

Be Sociable, Share!

Previous post:

Next post: