We’ve hit bottom…it’s going up.
Monday, December 28, 2009 2 comments
Great new for the real estate market. November stats are in and they look impressive. The number of transactions are up almost everywhere you look. That’s partly due to low inventory and new tax credit incentives.
To give you an idea about the housing inventory; in November 2008, Fremont had 367 active listings; compared to now, Nov.2009 there were 199…that’s 45% less.In the smaller city of Union City, there were 172 listings in 11/08 and now only 51 in 11/09, that’s a 70% reduction. It’s no wonder you’re hearing stories of 10 to 20 offers on the good deals…everyone is looking for one.
What about home sales? Well, Fremont had 67 in Nov.2008 and 92 in Nov.2009. That’s a 37% increase. Union City had only 28 in Nov. 2008 and 40 in Nov. 2009. That’s a 43% increase.
Overall the California median house price rose 5.8% in November. And California home sales increased 4.7%. (compared to a year ago). The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.
If you are waiting for the real estate cycle to hit bottom, it’s here now. And, in my opinion, it will stay fairly flat for a year or so before it starts going up again. I’ve seen this market before…it will go up.
So get ready and start looking to buy your next home…investment or personal use. Don’t get left behind.
~ Barry Ripp
Helping buyers and sellers since 1985. I’d love to help you too.
Hello.
I would like to put a link to your site on my blog roll if you want to do the same for mine. It would be a good way to build up both of our readerships.
thank you.
Great news indeed!