California Housing Market Update September 2017

California Housing Market Update September 2017

The California Association of Realtors has released their September monthly update on the California Housing Market. This report is a summary of data from multiple multiple listing systems across the state.

California Housing Market Update

Summary Statistics

The median price in California is up 7.5% year-to-year. The Median housing price was $555,410 throughout California.

The average days on market was 20 days for the entire state (well priced homes in Contra Costa County sell faster). At the report there was about 3.2 months of supply on the market.

Most homes were selling at 99.1% of list price. Which is up 0.5% from last year.

Summary Analysis

The California Housing Market sill remains active. A large part of this is due to the job creation seen in the Bay Area and other parts of the state. Indications of a housing shortage and the lack of supply of homes for sale are evidenced by the list to sale price ratio (99.1%) and the brevity of time on market.

For Home Buyers

Home Buyers should realize that sellers aren’t having to lower their price much to sell their homes. In some cases, sellers are still receiving multiple offers. Having a dedicated real estate agent that is working to help you accurately gauge interest in a property and set an offer strategy is essential.

For Home Sellers

The shortage of homes on the market indicate that reasonably priced homes will sell quickly. Working with a professional full-time agent is essential to an accurate pricing strategy.

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