The California Association of Realtors (CAR) recently reported the state's December numbers and the important take aways are impressive:
1. Sales up .2% for December in comparison to November.
2. Sales up 28% December 2020 in comparison to December 2019
3. Statewide median sale price is $717,930
4. Median sale price increased by 2.7% between November of 2020 and December 2020
5. Median sale price increased by 16.8% for December 2020 in comparison to December 2019
6. Active listings fell by 47%
This is unseasonably well for December. Direct from CAR:
“Home prices, which usually peak during the summer, were unseasonably strong in December,” said C.A.R. Vice President and Chief Economist Jordan Levine. “The imbalance between supply and demand continues to fuel home price gains as would-be home sellers remain reluctant to list their homes during the pandemic, contributing to a more-than-40-percent year-over-year decline in active listings for the seventh straight month.”
Also fueling this demand for housing are low interest rates. I spoke with a lender this week regarding a cash out loan. She was hesitant to tell me about a not so great interest rate of 3.5%. In comparison to years past and decades past, these are phenomenal rates!! This improves our buyers' purchasing power. Improved purchasing power in conjunction with lower inventory has really pushed pricing to new heights.
For additional local numbers, please see the attachment below:
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