Monday, September 28, 2015

California real estate: to keep in perspective...

To keep in perspective:

- California's largest gain in annual median price was in 1977: it went up 28.1% from 1976.

- California median price was $3,527 in 1940, and it was $447,010 in 2014.

- The largest decline in annual median price was in 2008: it dropped 37.8% from 2007.

- Between 1968 and 2014, the median price for single family homes has increased at an annual rate of 6.6%.
Source: California Association of Realtors.

Local Inventory:
In the County of Santa Clara, the number of houses and condominiums on the market went up to 7000-7500 in 2008.
By contrast, it was around 700 to 800 in the first few months of 2015.
This is an essential element of the real estate market locally, and the fact that it is currently (as of the last week of September) at around 1680 is also important: it is a relatively better time to look at buying a property than at the beginning of the year.  The inventory has been steadily increasing.

Thank you for reading!
Trends: Local prices and graphs.
A noteworthy local non-profit event:  Second Harvest Food Bank

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