The May Real Estate market is heating up right ahead of summer. Although we had a lot of gloomy days in May and June, we are definitely trending towards a busy summer housing market. Sunny days and packed open houses are in the future.
In May 2023, we saw the number of days on market drop to 17 days which is the lowest it has been in 10 months! Homes are selling more quickly, and for more money.
The California Median Home price hit a 9 month high and clocked in at $836,110.
From the California Association of Realtors market data – “California’s housing market rebounded in May as home sales surged to the highest level in eight months and the statewide median price notched above $800,000 for the second straight month”
With mortgage interest rates so high (relatively speaking), why are home prices still going up? As Jordan Levine, Chief Economist at C.A.R. explains: “California still has more homebuyers than homes to put them in. It is this imbalance between supply and demand that continues to put upward pressure on home prices and nudge the median price up month over month since the beginning of the year. ”
What does this mean for you?
SELLERS: This is still an incredible time to sell, benefit from your gains in home equity, and buy another home. Even though you can’t take your mortgage interest rate with you, if you are over 55 years old or an eligible homeowner, you can take your property tax with you when you buy and sell using Proposition 19 which was passed in California.
BUYERS: Make sure your real estate agent (a KALEO agent) is well-versed in negotiations and knows how to beat out multiple offers. It is an art, not a science, in getting your offer accepted and KALEO agents want to help you find the home of your dreams!
As it often is in California, we are low on listings with active listings down 20 percent year over year. One more time: we are low in listings in California, so no matter what condition your property is in — distressed, full of stuff, out-dated, or brand new — there is a buyer for your home.
Reach out anytime.
