March existing home sales and median price accelerate from previous month and year
California home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Making sense of the story
Existing, single-family home sales totaled 415,220 in March on a seasonally adjusted annualized rate, up 5.5 percent from February and 5.7 percent above March 2015.
March’s statewide median home price was $483,280, up 8.9 percent from February and up 4 percent from March 2015.
The median number of days it took to sell a single-family home declined in March to 29.9 days, compared with 41.4 days in February and 34.2 days in March 2015.
March’s sales level rose above the 400,000 level for the first time in three months.
C.A.R. President Pat “Ziggy” Zicarelli commented, “California’s housing market is moving in the right direction as we enter the spring home-buying season, but sales growth will likely be isolated in areas where inventory is more abundant and housing affordability is less of an issue. For example, in the Bay Area, where inventory is extremely tight, annual sales are down in the double-digits in seven of the region’s nine counties.”
The number of active listings increased slightly for the third consecutive month after declining for five straight months, but was not enough to boost housing supplies. Active listings increased 3.9 percent from February on a statewide basis.
The increase in active listings was outpaced by the rate of home sales, causing C.A.R.’s Unsold Inventory Index to drop from 4.6 months in February to 3.6 months in March.
Remodeling projects with the most bang for your buck
If you are thinking of selling your home, you may want to consider doing a remodeling project to bring in buyer interest and garner top dollar for your home sell. But what should you remodel, especially when thinking out getting the most return on your investment?
Thankfully, the CALIFORNIA ASSOCIATION OF REALTORS has complied a quick cheat-sheet for you, based on information provided by the Cost vs. Value Report 2013 by NAR and Remodeling magazine.
In order of the most cost recouped percentage-wise, here are the top 10 most cost-effective remodeling projects:
This very interesting case is a mixed bag of “he said, she said” accusations and statements. All in all, when selling your home it always pays to DISCLOSEEVERYTHING of past and present conditions, whether “latent” or “evident” and when buying a home, have thorough inspections while reviewing all paperwork from seller carefully.
In this specific case, the buyer sues the seller and agents for negligence and failure to disclose, withdraws suit to seller and buyer agent and keeps statutory failure to tell seller of defects in home since agent was selling same home for 2nd time after current seller bought home. Agent is awarded sanctions or damages for attorney fees in counter suit against buyer for incorrect lawsuit since the disclosures were provided to buyer by agent.
The following article was provided by California Association of Realtors, Real Legal Department. Continue reading →
Up from the previous year, sellers in 2013 are feeling pretty good about the current level of home prices.
43% of sellers think that real estate prices will move up in a year (while in 2012 only 9% thought that way). With time, home sellers tend to think that home prices are even more likely to rise; 58% of sellers in 2013 Continue reading →
Water year 2013 (Oct. 1, 2012 – Sept. 30, 2013) was recorded as the driest year in California history, and 2014 is projected to be worse.
Currently, 99 percent of California is abnormally dry. As a result of dry weather conditions and this year’s snowpack at 24% of the normal average, major river systems have had significant loss in surface water and ground water levels throughout the state have dropped dramatically. With two-thirds of the rainy season behind us, there is little chance for the water supply to recover. Continue reading →