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2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise
The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.
The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.
According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.
The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.
Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.
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The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.
The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.
According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.
The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.
Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.
...Read Full Article
Fall 2018 Market Update
If you can qualify, now is an exceptional time to buy a home in Tracy. Call Grace, your local representative for HouseHunt.Com now for more information at 209-640-7722
Average Sold Home Price: $225,000
Average Time on Market: 60-90 days
Best Selling Price Range: $150,000 - $199,000
Existing Home Prices for the past 90 days: No Change
Market Trend: Decreasing
Buyer's or Seller's Market: More buyers than sellers
Buyer Activity for the past 90 days: Increasing
Seller Activity for the past 90 days: Decreasing
Multiple Offers? Yes
Multiple Offers Commentary: Higher down payments are more successful.
What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? More than 50%
Is Financing Available For Qualified Buyers? Yes
Comments on Financing For Qualified Buyers: Yes, always available.
Housing Inventory: Limited Supply
Housing Inventory Comments: Super Hot Market! Bidding wars, multiple offers, all cash, highest dollars down, conventional offers beating out FHA/VA buyers. Very low inventory, lowest in years. Also, lowest interest rates in decades. Buyers know it is a GREAT time to buy. Heck, even Warren Buffet says, It is still the very best time to buy real estate, period especially before the interest finally start to rise.
Greatest Activity: Investors
Best reason to buy or sell: Lower prices with good selection and competitive interest rates creates a perfect time to buy in Tracy!
Nearest Metro Area: Stockton
Housing Hot Spots: Most cities within the San Joaquin County area are considered Housing Hotspots
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Mortgage Rates for Dec 10th, 2018
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Grace R. Alvarez CENTURY 21 M & M Associates Specializing in Tracy Real Estate 912 W. 11th St. Tracy, California 95376 209-640-7722 Email Me | Receive New Listings by Email |
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(Because current market conditions can change rapidly in any given marketplace,
please check with Grace R. Alvarez for current Tracy, CA market conditions before acting on this information.)
please check with Grace R. Alvarez for current Tracy, CA market conditions before acting on this information.)
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