NorCal Homes March Market Update
The votes are in – March 2016 was a Seller’s market!!
The number of homes listed for sale increased by nearly 1.5% from February to March, assisting in the number of homes placed under contract to increase dramatically. As a result, the number closed increased by a whopping 24.7%. The average sold price was up over 3% from February, and almost 10% from this time last year. The average number of days a home stayed on the market in March was down by 15.6%, with sale prices appreciating.
“California continues to dominate the latest list of some of the busiest housing markets across the country. The Golden State boasts 13 of the 20 top markets. Realtor.com® identified the 20 hottest medium- to large-size housing markets for March. They analyzed the number of listing views per market (to show demand) and median days on the market (to show supply). According to their preliminary site data, housing inventory is down 2 percent year-over-year, which is making things quite competitive in many markets.”
If you’ve been holding on to a property, waiting for the right time to sell, statistics are showing the time is now! If you have any questions, reach out to us and we will be more than happy to help you explore your options.
Sources: MLS, RealtorMag.org