The California Associaiton of Realtors® provided the latest infographic on what the market experienced in January of 2015. The San Francisco Bay Area led the state with a median single family home price of $669,590 for the month of January. Meanwhile the number of sales in the San Francisco Area fell by 14.2% year over year.
Right now the market is tight as inventory is low. Home buyers are coming off of the fence because of low interest rates. As well, lower oil and gas prices in January and February provided a bit of breathing room in many budgets. This is inspiring renters to move towards home ownership.
In a survey conducted by Freddie Mac on Home Ownership and Rental Perceptions renters held a very high view of home ownership. In fact, 91% of those surveyed said that owning a home was something to be proud of.
Buyers are coming off of the sidelines and inventory is down.
All this means that for the foreseeable future, Sellers are in the driver’s seat.