People frequently ask me how the market is. It can be people I know from church, the teller at the bank, or even the checker at the grocery store. It’s something that seems to interest a lot of people, and so I will be compiling some interesting statistics on a weekly basis on how the market is doing. This week I am going to share the market activity for the month of February in 2014 and 2015. Let’s start with the numbers:
Homes Sold: Sutter County Yuba County
February 2014 57 39
February 2015 62 59
February 2014 $189,000 $190,000
February 2015 $212, 250 $212,750
One of the most interesting things about these numbers is that it wasn’t long ago that Yuba County was less expensive than Sutter County. As you can see from the statistics, that gap has closed. I don’t know what was happening in Yuba County in February 2014, but it looks like the sales normalized for that month in 2015. You will also see a rise in the median price in both counties of about 12%. The anticipated rate of increase was around 5%-6%. Our homes increased in price far faster than the rate of inflation and the rate of wage increases. You can see that the upward pressure on prices will reduce the affordability of homes in our area. So what is this telling you? If you are on the fence about getting into the market, maybe it’s time to take the leap. It doesn’t look like prices are going to drop any time soon, and interest rates have no where to go but up. The good news? We have fewer underwater homeowners, and that means they have more choices about their housing.