Sun Pacific Mortgage & Real Estate | Hard Money Lender | Sonoma County, CA

California Bay Area’s Home Sales Substantial Gains

It is time to get onto the band wagon to buy an investment property or to buy your home and stop throwing away money on rent. Real Estate prices are increasing, why wait for them to go higher?

According to a recent blog post by Pacific Union, California and the Bay Area See Substantial Home Sales Gains in November, “home shoppers across major California regions — including the Bay Area — were quite active in November, boosting annual sales volumes by double-digit percentage points.”

“Across the nine-county Bay Area, home sales spiked by 18.7 percent on an annual basis. All local counties saw sales volumes pick up from the previous November, with gains ranging from 26.7 percent in Solano County to 0.7 percent in Marin County.”

“Marin, San Francisco, San Mateo, and Santa Clara counties remain the only Bay Area counties where the median sales price exceeds $1 million, but price growth in these most expensive of real estate markets is slowing. In Alameda and Sonoma counties, home prices grew at a faster clip than the regional or state average.”

“Eight of nine counties experienced inventory declines from last November, with only Contra Costa County recording a modest annual improvement.  Alameda, Contra Costa, San Francisco, San Mateo, and Santa Clara counties have the fewest number of available homes in California, all with less than a two-month supply. In a statement accompanying the report, CAR Senior Vice President and Chief Economist Leslie Appleton-Young said that rising interest rates could push more buyers to compete for a limited number of homes on the market, which might drive more price growth and further reduce affordability.”

So, what does this tell us?  Waiting to invest may not be the best strategy for 2017.  The lack of inventory will continue to be problem for the near future.  On the other hand, the appreciation that is possible, makes it worth the trouble to investigate the deals that are worth the effort.

See original article here: http://blog.pacificunion.com/california-and-the-bay-area-see-substantial-home-sales-gains-in-november/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+pacunionblog+%28Pacific+Union+Blog%29