The California Housing Market: Trends and Forecast 2021
There is little doubt that the California housing market forecast is projected to be positive. CAR conducted a survey and found the following opinions generally held by most of the experts:
- Buyers, sellers, and agents agreed that home prices will likely remain on their upward trend in the short term.
- 60% of agents believe that prices will rise in the coming weeks.
- 46% think that sales and listings will grow in the coming weeks.
- An average of 675 new listings per day was reported in the week of January 24-30, a growth of 4.1%
- Agents don’t see huge changes ahead in the coming months.
- Zillow predicts that home prices will rise by 10.6% in the next 12 months.
- For repeat buyers there is an increasing desire for a larger second home.
- 35% of buyers are opting for a property with more rooms.
- 37% of buyers are opting to live in a suburb rather than a city.
- 26% of buyers are opting to live in rural areas rather than cities or suburbs.
As of January 31, the California real estate statistics read as follows:
- Median price rose 27% YTY, the largest gain in nearly 7 years
- Median time on the market: 12 days
- Active listings dropped sharply from last year down 53.4%
- January saw the highest sales level since 2009 at 484,730 units (up 22.5%)
- All major regions’ median prices continued to increase from last year by double digits.
Every indicator points to a robust real estate market for California into the rest of 2021. So if you’ve considered moving up, moving down, moving out of town, now is the time to sell! Marketing is hot and there are Buyers out there who want to buy your home.
Best, Forest – The Guy in the White Hat
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.