California: November Real Estate Situation

The lowdown for California:   Source: CALIFORNIA ASSN. OF REALTORS®

Defying an otherwise struggling economy, California home sales remained red hot in November, breaking the 500,000 sales benchmark for the first time since January 2009 and reaching the highest level in 15 years, the California Association of Realtors® said.

November sales rose 5.0 percent from 484,510 in October to 508,820 units and were up 26.3 percent from a year ago, when 402,880 homes were sold on an annualized basis. The year-over-year, double-digit sales gain was the fourth consecutive and the largest yearly gain since May 2009.      

“Home-buying interest is at levels that we have not seen for years, setting the stage for a stronger-than-expected comeback that fully recovered all the sales that the market lost in the first half of the year due to the pandemic,” said 2021 C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “Housing supply remains an issue, however, as we will likely to see a shortage of homes for sale in the near term, which will put upward pressure on prices and dampen affordability for those who haven’t been able to take advantage of low rates.” 

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

Fabulous 1 Bedroom for sale in Mt View - Los Altos Schools - www.49ShowersA238.com 

California Real Estate Update

Here are some extracts of the current California Real Estate Update Report, from the California Association of Realtors, which you can browse here in its entirety.   

• Sales in resort communities remained hot in September as housing demand in those areas continued to surge from last year. South Lake Tahoe home sales continued to increase year-over-year by triple-digits (105.4%) for the second consecutive month …
• At the regional level, all major regions posted double-digit price increases from last year. … All regions except the San Francisco Bay Area set a new high in median price in September.   
• All but one of 51 counties tracked by C.A.R. reported a year-over-year price gain, with 39 of them growing 10 percent or more. Lassen had the highest price increase, gaining 51.4 percent year-over-year. Humboldt was the only county where the median price was flat from a year ago, and no counties experienced an annual price decline.

• C.A.R.’s statewide sales-price-to-list-price ratio* was 100 percent in September 2020 and 98.5 percent in September 2019.
• The statewide average price per square foot** for an existing single-family home was $321 in September 2020 and $287 in September 2019.
• The 30-year, fixed-mortgage interest rate averaged 2.89 percent in September, down from 3.61 percent in September 2019, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.98 percent, compared to 3.38 percent in September 2019.

If you like my updates, subscribe to my Blog!  Thank you for reading,

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
How much is your home worth?

Easy to Buy a Home in California?

How easy is it to buy a home in California?

According to an August 2019 Google poll that the California Association of Realtors conducted, this is the way it is perceived:

Click to see bigger

Actually, from my personal experience in different countries, it is really much easier to purchase and sell a home here.  It also takes a lot less time from start to finish.

Thanks for reading, call or text me for any question about the process.

Francis
My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (low!)

Offers over asking price in California.

To keep in perspective:

How many houses sell for over their asking price throughout California, over time?  This may answer your questions on this matter:

 

Thanks for reading!

Francis

 

Silicon Valley real estate specialist
Detailed, local trends etc...
Current mortgage rates
A place worth noting: Our Brother's Home in MountainView