Real Estate is a career that makes you a lifelong learner because the market, people’s needs, and economy is always changing. Our role at the KALEO office requires us to adapt quickly, research, and study our craft.
Now that the March 2023 housing market statistics are released by the California Association of Realtors, let’s play a game of UP / DOWN. Did the statistic go up or down?
Did the Time on the Market go up or down?
Down! The number of days on market dropped to the lowest level since August 2022 at 19 days on market.
Did housing supply go up or down?
Down! The number of new listings continues to decline from last year. The year to year change in new listings is down almost 30 percent (29.9%).
Did market competitiveness go down or up?
Up! As the Sales Price-to-List Price ratio bounces back, that is an indicator that market competitiveness is increasing.
Did the California Median Home Price go up or down?
Up! California Median Home Price for March 2023 closed at $791,490 which represents the first increase in home prices since October 2022.
One of the most common questions people have is: “Is this a good time to buy? Is this a good time to buy?”
These are subjective questions because they depend on your individual needs. It is almost like the question: “Is this a good time to buy bottled water?” If you are at Disneyland and it is hot and you are thirsty, then even if it might not be the best pricing of water, you might need to buy it! That is not to say that prices are high in housing so only buy if you absolutely need to, it is an illustration that whether the timing is right depends on your finances, motivation, and options to wait.
Call KALEO today to talk more about listing your home or starting the home buying search.
Source: California Association of Realtors California March 2023 Price and Sales Report