Written by
Posts with tag 'agent'
Sunshine Properties Blog
RSS Feed
Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 42 Posts
- 2025 | 133 Posts
- 2024 | 168 Posts
- 2023 | 105 Posts
- 2022 | 144 Posts
- 2020 | 12 Posts
- 2019 | 44 Posts
- 2018 | 106 Posts
- 2017 | 80 Posts
Uncategorized | 834 Posts
February
7
7
Today's Mortgage Interest Rates
Mortgage rates are down over the past week. The 30-year fixed mortgage rate is 6.60% for the week ending January 18, 2024, according to data from Freddie Mac. This represents a decrease of 0.06% from a week ago.
The 15-year fixed rate mortgage stands at 5.76%. That's 0.011% lower than a week prior. At that rate, you'll pay $831 per month in principal and interest for every $100,000 you borrow.
The rate you'll actually receive will vary based on the price of the home you're buying, your credit history, and the size of the down payment you're making. You can compare the offers below to find your best rate.
February
7
7
California Housing Market Report
California Housing Market Report
Housing Market California
Both Realtors, investors, home buyers and renters across California continue to wait in limbo for the 2024 California housing market to unfold. Is this spring the "inflection point" the media have touted for markets?
California Realtor Sentiment in December. Screenshot courtesy of CAR.org.
Is this the year, frustrated buyers will finally have the opportunity to buy, or will rising home prices leave them all behind? While mortgage rates and payments declined in December, home and condo prices climbed slightly. And as the charts below reveal, active listings are weakening. Despite growing optimism in consumers, the properties simply aren't there nor affordable.
Improving Sentiment is Noteworthy
Surveys show consumer sentiment is rising and Realtor's outlook is positive as well. Most of it might be ignoring the lagging effects of the rapid FED rate hikes, and focusing solely on cheaper mortgages coming. But sellers will still face steep challenges in selling their homes.
And stats show that homeowners aren't listing their homes. And new reports have it that baby boomers aren't willing to let go of their homes. There doesn't seem to be a solution for the housing crisis, and as the US and California economy return perhaps later this year, it's easy to see home prices in California picking up pace.
California Association of Realtors' latest report reveals single-family home sales across the state stayed flat for December 2023, while being down 7.1% from Dec 2022.
The statewide median price for houses fell .3% from November, yet is still up 4.3% from 12 months ago.
Home prices follow normal seasonal pattern. Screenshot courtesy of CAR.org.
Home Prices Still in Upward Trend
Are new record prices predicted for 2024? Despite the seasonal trend, as you can see in the CAR chart below, home prices fell last year with a decided reversal in 2023.
Home Price Growth Chart California. Screenshot courtesy of CAR.
Home Sales in December
Sales fell again in December. However, year over year we saw a shocking decline of 24.8% in sales. 2023 was a year many would like to forget. And now the question is, will 2024 bring improvement? As you'll see below in the charts, the trend is toward fewer listings and higher prices. That's not necessarily good news for buyers or rental property investors, as sellers feel they can get a better price later.
Homes sales as bad as the Great Recession. Screenshot courtesy of CAR.org.
Supply Issues
Sales vs List Price, California. Screenshot courtesy of CAR.org.
Demand Never Seems to Fade in California
While the state has suffered a major loss of businesses and residents, there is a continuous supply of new residents arriving and businesses being formed. The attraction of the Golden State never seems to falter.
The FED continues to struggle with its battle with inflation while sending signals both ways regarding expected rate cuts this year. There's lots to consider in weighing the California real estate market outlook besides mortgage rates. Consumer spending, which has supported the economy may have to continue doing so, until more housing can be built and small business gets full traction again.
Sales of existing resale homes rose very slightly at a seasonal rate of 224,000.
The good news is that mortgage rates have stayed below last October's levels and will likely fall further as the year progresses. Without knowing how the FED will react to a slowing economy, it's difficult for buyers and sellers to know what to do.
Mortgage rates and payments decline. Screenshot courtesy of CAR.org
Current 2024 C.A.R. President Melanie Barker said, "The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continues its negative impact on housing inventory and demand. With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well."
Sales in all major California housing regions dipped in December with the Central Valley and San Francisco regions seeing the largest declines (14.8% year over year) and (-11.8% year over year) respectively. 37 of 52 counties saw a reduction in sales year over year.
Home prices on the other hand rose in all regions with the Central Coast and the San Francisco Bay Area rising 12.6% in median price.
Unsold inventory fell 16.7% month over month across the state and supply was reduced from 3 to 2.5 days.
Active Listings
Active Listings declined year over and from November.
Active Resale Home Listings Drop. Screenshot courtesy of CAR.org.
New Listings
New Home Listings Still Negative. Screenshot courtesy of CAR.org.
Housing Supply Chart
Housing supply continued its relentless slide as more than half 52 counties reported drops.
California Housing Supply Falls. Screenshot courtesy of CAR.org.
Home Prices County By County
The biggest home prices changes month to month occurred in Santa Barbara with a 32.2% rise to $1,190,000, San Bernardino up 6.5% to a new median price of $506,000.
The largest drop in prices came in San Francisco, down 5.5% to $1,450,000, San Diego down 4.3% to $911,500, Contra Costa down 7% to $800,000 and Alameda down 4.5% to $1,175,000. Napa saw a price growth in December of 12% or $100,000 to $925,000.
Napa County after a 15.4% in price during October, saw a big downshift of 19.7% last month, which was up from 15.6% monthly price drop in September. Santa Barbara prices too fell again last month by 34.3%, after a 33% rise in October, and a 20.5% drop in September.
The Bay Area suffered huge drops in sales (-14.6%) and that was down 22.4% from 12 months ago. San Mateo home prices dropped .3% to $1,800,000, while in Monterey prices dropped fell 1.6% to $929,000. San Francisco home prices fell 5.5% whiles sales slumped 39%. Santa Clara too suffered a 17.3% drop.
San Bernardino bucked the trend with a 16.9% growth in sales.
In Southern California which has the biggest impact on the California average prices fell 4.2%. Orange County had sales drop 8.1% while prices jumped 14.9%. Los Angeles County saw prices drop 5% while sales declined 3%.
Condominium/Townhouse Market
As the stats reveal, condo prices fell $25,000 on average in December while sales slid 3.7%. Year over year, condo prices are still up 8.2%.
Condo Prices and Sales Year over Year. Screenshot courtesy of CAR.org.
Condo Price California. Screenshot courtesy of CAR.org.
2024 Market Forecast
CAR felt optimistic in its 2024 housing market forecast with falling mortgage rates, rising prices, economic expansion, and with demand for homes strong.
Home prices are predicted to rise 6.2% to a record median price of $680,300 next year. Housing affordability will remain flat. Out of all of it, and despite an outmigration of Californians to low-tax states, the state remains viable and people want to buy homes here.
RedFin Report California
Redfin's house sales price numbers are just slightly below those of CAR.
Home price growth in California. Screenshot courtesy of Redfin.
Cities with Highest Rent Price Growth
California Metros with strongest Price growth in December. Screenshot courtesy of Redfin.com
Zillow Report for California in December
Home Prices California, last 10 years. Screenshot courtesy of Zillow.com
Also, see the sales/price trends in other markets including the Atlanta Housing market, New Jersey Housing market, Nashville housing market, Denver Housing market, and Las Vegas housing market.
* Many thanks to CAR, Redfin and Zillow for the market info and graphics.
Rental Property Management Excellence. Share on Your Website or Social Channels!
Will California Home Prices Fall in 2024?
Although the buyer market is deteriorating, there are plenty of buyers with funds who can jump into the market for homes or rentals when mortgage rates ease. Although rent prices are falling in California, and likely will further in 2024, there is always a possibility of higher California rent prices. as the economy rises from a short downturn. However, economists are divided on the economic outlook. With energy prices low and reshoring of manufacturing to the U.S, it's hard to get gloomy about 2024 and beyond.
When mortgage rates fall further, it could set off a wave of homes on the market. This could present financial issues for landlords as renters leave rentals to occupy their own homes.
Rent prices are down $45 per month according to Zillow's rental report for December 2023, and this down $230 from one year ago. There are 74,558 units for rent in its system.
The biggest factors for the housing market forecast:
- timing of FED drops in high-interest rates and mortgage rates
- inflation is easing, especially energy prices (for now)
- unemployment is expected to increase
- some return-to-head-office mandates are drawing Californians back to the big metros
- home prices strongly bolstered by economy
- supply is growing only slightly but not enough to fill buyer demand
- tech sector doing well yet looming rate driven recession will impact Silicon valleys fortunes
- repatriation of manufacturing will bolster US GDP and employment
- continued exodus of residents and businesses to lower tax states
Forecasted for This Year
Unexpectedly for most Realtors, homeowners and home sellers, the debt ceiling crisis may result in upward pressure on interest rates. If rates persist, it could deflate many of the optimistic projections for sales. And prices would likely still rise given the severe housing shortages.
C.A.R. Vice President and Chief Economist Jordan Levine predicted that "High inflationary pressures will keep mortgage rates elevated, which will reduce homebuyers' purchasing power and depress housing affordability in the upcoming year. With borrowing costs remaining high in the next 12 months, a pull-back in sales and a downward adjustment in home prices are expected in 2023."
Levine added, "Home prices will also moderate further over the next several months as interest rates remain elevated in the near term and seasonal factors come into play."
The baseline scenario of C.A.R.'s "2024 California Housing Market Forecast" sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022."
The revised California median home price forecast is for a rise 0f 6.2% to $860,300 in 2024, a -1.5% drop this year to $810,000 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year.
California housing market forecast CAR Chart by Year. Screenshot courtesy of CAR.
The rental market however appears to be a different story from the home resales market. Rental property investors have a completely different opportunity to recover their costs (with well selected properties).
Californians Looking Elsewhere
California has the highest percentage of people looking to buy elsewhere. California, New York, District of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from. The top 5 states homebuyers searched to move to were Florida, Texas, Arizona, Maryland, and South Carolina.
The combination of housing market downturn risk, rising interest rates, and inflation may anke Californian homeowners consider selling their property this fall. Yet, letting go of low, locked in rates is perhaps the key reason why many will not sell. That selling intention is lessened by desires to get a comfortable price, having to make extreme relocation choices, and entering into a new, more expensive mortgage.
As layoffs in the corporate sector grow against fast-rising mortgage rates, August and September's housing market decline may worsen the October and December outlook.
The forecast for landlords and the rental sector is a little better. Those rental managers who use a next-generation property management software are most likely to generate the best profitability in 2023. See more on the rental market forecast. Find the best rental properties in California.
Looking for the best cities to buy a rental property and need to learn more about property management services? Get more insight and tips on the rental market on the ManageCasa Blog.
California Rent Prices
11 California cities ranked as most expensive for renters out of top 70 in the US according to a new report from Zumper. See recent California rent price stats provided by Zumper.com.
| 1 Bedroom | 2 Bedrooms | ||||||
| Rank | City | Price | M/M% | Y/Y% | Price | M/M% | Y/Y% |
| 2 | San Francisco, CA | $3,000 | 3.4% | 7.5% | $3,950 | -1.3% | 7.0% |
| 3 | San Jose, CA | $2,570 | 3.6% | 19.0% | $3,130 | 2.0% | 15.9% |
| 6 | Los Angeles, CA | $2,360 | 0.0% | 18.0% | $3,200 | 0.6% | 16.4% |
| 7 | San Diego, CA | $2,320 | -6.1% | 20.8% | $2,910 | -6.1% | 14.6% |
| 9 | Santa Ana, CA | $2,110 | 3.4% | 24.1% | $2,770 | -3.5% | 23.7% |
| 10 | Oakland, CA | $2,100 | 2.4% | 5.0% | $2,800 | 1.1% | 10.7% |
| 14 | Anaheim, CA | $1,860 | -2.6% | 12.0% | $2,470 | -6.1% | 22.3% |
| 18 | Long Beach, CA | $1,710 | -1.7% | 6.2% | $2,280 | -5.0% | 7.5% |
| 24 | Sacramento, CA | $1,600 | 0.0% | 8.8% | $1,980 | 1.0% | 7.6% |
| 31 | Fresno, CA | $1,520 | 6.3% | 25.6% | $1,680 | 5.0% | 15.1% |
| 69 | Bakersfield, CA | $1,060 | -1.9% | 9.3% | $1,380 | 0.7% | 15.0% |
Read more on the San Francisco Market, San Diego market, and Los Angeles market.
Please note that CAR designates the Los Angeles Metropolitan Area as a 5- region that includes Los Angeles, Orange, Riverside , San Bernardino , and Ventura. The Bay Area includes: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. And the Inland Empire includes Riverside and San Bernardino counties.
Is it a Good Time to Buy a Home in California?
According to C.A.R.'s monthly Consumer Housing Sentiment Index, in April 2023, 59% of consumers said it was a good time to sell, up from 55% the previous. Only about 25% feel it is a good time to buy a home, unchanged from last year. With rent prices falling, is hanging on for a few more years wise? Will you be searching for a new rental home? See national rent prices city by city and cost of living city by city.
Will California's Home Prices Continue to Rise in the next 12 months?
A lot of buyers are asking whether home prices will rise or fall? Renters are wondering if rent prices will fall? High demand, low mortgage rates, and low inventory will likely skew homes and condo prices higher. The trend is here and the return of buyers is here. A number of factors are contributing to California's positive sales stats:
- desire to live away from the city in suburbs and rural regions and willingness top pay top dollar or homes
- record-low mortgage rates
- moving to regions (pandemic destination) that offer more room perhaps with an office or garden>
- wealthy buyers have the funds ready
"Low rates and tight housing inventory are contributing factors to the statewide median price setting a new record high three months in a row from June to August. A change in the mix of sales is another variable that keeps pushing median prices higher, as sales growth of higher-priced properties continued to outpace their more affordable counterparts," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.
California Realtor's Survey
The latest survey of Realtors shows fewer are withdrawing offer, more are listing new properties, and are not optimistic about sales or prices.
California Housing Market Forecast
C.A.R. Predicted More Home Sales and Higher Prices for 2021: Leslie Appleton-Young delivered her updated California housing market forecast for 2021. She expected sales to continue to improve through 2021.
The prediction is based on growing buyer demand that's pushed California's median price above $700,000 and low inventories that will cause price increases. As know now, sales have declined.
California's weekly showings index rose to 182.3% higher than it was in September of 2019. Mortgage rates have dropped back down and purchase applications rose 24.2% on an annual basis last week.
Share the news and market insight on your blog!
This updated report covers important stats including home prices, sales, and recent home sales trends from CAR, NAR, DOT, St Louis Fed, NAHB, Statista, Zillow and more. For national home price trends see the US real estate housing market.
The key story with Los Angeles, San Francisco, San Jose, Santa Clara, San Diego, Orange County, Riverside, San Bernardino, etc. is the lack of listings.
See more on the US housing market, UK housing market, New Jersey market, Nashville market, and Hawaii real estate market.
Property Management Software for Landlords | California Cities to Buy Rentals | Best Cities to Buy Property | Florida Rental Properties | Best Florida Cities to Buy Property | Florida Rental Market Report | Property Management | Property Management Companies California | Switch Property Management Software | Highest Property Taxes in US | Apartmentalize 2024 | HOA Software | Best HOA Software Features | HOA Websites
Get all the latest articles and information via email:
Article Categories
See all "
We'd love to connect with you. Let's share our property management stories, links, and experiences.
Join us on Facebook!
Try ManageCasa Property Management Software for free!
Create a Free AccountRelated Posts
-
How to Use Modern Property Management Software
A Guide to Using Property Management Software Some amazing new property management software platforms are available for landlords, HOA managers, and multifamily property managers to enjoy today. In fact, these new SaaS-based platforms remove a lot of the tough tasks that result in landlords to outsource management to a property management company. With automation and…
Article belongs to Gord Collins
February
1
1
C.A.R. launches FortressFire's Wildfire Disclosure Report for California residential real estate transactions
FOR RELEASE
January 11, 2024
C.A.R. launches FortressFire's Wildfire Disclosure Report for California residential real estate transactions
Los Angeles, Calif. (Jan. 11) -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has partnered with FortressFire to provide Wildfire Disclosure Reports (WFDRs) in California that document the specific vulnerabilities of a home and provide a roadmap for how to protect and insure it, for the safety and security of homeowners' investments.
Leveraging satellite imagery, machine learning, and advanced physics models, these reports provide essential insights into wildfire vulnerability, insurability challenges, and property compliance complexities, particularly in wildfire hazard zones rated "moderate" through "extreme risk."
As the...
February
1
1
California home sales remain stagnant in December, C.A.R. reports
For release:
January 17, 2024
California home sales remain stagnant in December, C.A.R. reports
- Existing, single-family home sales totaled 224,000 in December on a seasonally adjusted annualized rate, flat from November and down 7.1 percent from December 2022.
- December's statewide median home price was $819,740, down 0.3 percent from November and up 6.4 percent from December 2022.
- For the year as a whole, statewide home sales were down 24.8 percent.
LOS ANGELES (Jan. 17) – December home sales remained near the 16-year low reached in November as the sales decline for 2023 as a whole experienced its steepest drop since 2007, the CALIFORNIA ASSOCIATION OF REALTORS®(C.A.R.) said today.
Infographic: https://www.car.org/en/Global/Infographics/2023-12-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 224,000 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
December's sales pace was essentially unchanged from the revised 223,940 homes sold in November and was down 7.1 percent from a year ago, when a revised 241,070 homes were sold on an annualized basis. Sales of existing single-family homes in California have been below the 300,000 threshold since September 2022 and will likely stay below that level in the first quarter of 2024. While the deceleration in the year-over-year loss was due primarily to the low level of pending sales recorded a year ago, the slowdown could be a sign that the market is turning the corner, especially since rates in the past couple of weeks have remained well-below the recent peak recorded in late October. For the year as a whole, the state recorded an annual sales level of 257,630, a decline of 24.8 percent from the revised sales level of 342,530 reported in 2022. The annual sales decline in 2023 was the biggest drop in existing home sales in California since 2007.
"The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand," said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. "With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well."
While California's statewide median price dipped 0.3 percent from November's $822,200 to $819,740 in December, it posted its largest year-over-year gain since May 2022. The December median home price rose 6.4 percent from a revised $770,490 recorded a year ago. With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California's median price in at least the early part of 2024. For 2023 as a whole, California's median home price slipped 0.6 percent to $813,980 from 2022's $818,900 figure but is expected to climb to $860,300 in 2024.
"Easing inflationary pressure and a soft economic outlook suggest that we will see some interest rate cuts in the upcoming year, which bode well for a housing market recovery," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "With rates declining to a 7-month low in late 2023, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year. The improvement is expected to be gradual as tight housing supply will remain the norm in 2024."
Other key points from C.A.R.'s December 2023 resale housing report include:
- At the regional level, sales in all major regions dipped in December on a year-over-year basis. The Central Valley region recorded the biggest drop of 14.8 percent from a year ago.The San Francisco Bay Area (-11.4 percent) was the other major region with a double-digit sales loss from the prior year, as seven of the nine counties in the region experienced an annual sales decline. The Far North (-8.2 percent), Southern California (-6.2 percent) and the Central Coast region (-4.0 percent) also posted sales dips from last December but at a more moderate pace.
- Thirty-seven of the 52 counties tracked by C.A.R. registered a sales decline from a year ago, with 23 counties dropping more than 10 percent year-over-year and 14 counties falling more than 20 percent from last December. Trinity (-45.5 percent) had the biggest sales dip, followed by Yuba (-41.9 percent) and Calaveras (-39.3 percent). Fourteen counties recorded sales increases from last year, with Glenn (112.5 percent) gaining the most year-over-year, followed by Lassen (69.2 percent) and Madera (51.0 percent).
- At the regional level, home prices increased in all major regions from a year ago in December. The Central Coast region and the San Francisco Bay Area both posted a jump of 12.6 percent year-over-year at the end of 2023. Three of the four counties in the Central Coast region recorded a double-digit gain last month, with Santa Cruz being the only exception with a drop of 10.6 percent year-over-year. Southern California (6.3 percent), the Central Valley (5.5 percent), and the Far North (4.1 percent) also registered an increase in their median prices from a year ago in December, but their growth was more moderate.
- Home prices continued to show year-over-year improvement in many counties, with 44 counties across the state registering a median price higher than what was recorded a year ago. Lassen (60.3 percent) posted the biggest increase in price in December, followed by Del Norte (47.0 percent) and Mono (37.6 percent). Six counties experienced a decline in median price from last year, with Lake dropping the most at -14.9 percent, followed by Santa Cruz (-10.6 percent), and Plumas (-8.9 percent).
- Unsold inventory statewide decreased 16.7 percent on a month-over-month basis and dipped slightly from December 2022 by -3.8 percent. The Unsold Inventory Index (UII), which measures the number of months needed to sell the supply of homes on the market at the current sales rate declined from 3.0 months in November to 2.5 months in December. The index was 2.6 months in December 2022. With mortgage rates sliding back to the lowest level since early August, the market will hopefully see more for-sale properties being listed as we kick off the new year.
- Active listings declined from a year ago in 32 counties in December, with 27 of them registering a double-digit decrease. Shasta posted the biggest year-over-year dip at -65.5 percent, followed by Alameda (-41.4 percent) and Contra Costa (-39.4 percent). Nineteen counties recorded a year-over-year gain, with Santa Barbara jumping the most at an increase of 36.1 percent from a year ago, followed by Amador (27.3 percent) and Lake (24.4 percent). On a month-to-month basis, all but one county recorded a drop in active listings last month, and Sutter was the only county registering a monthly increase in for-sale properties in December.
- New active listings at the state level dipped again from a year ago for the 18th consecutive month, but the annual decline remained below 3 percent for the second month in a row.With rates dropping at the end of 2023 and moving mostly side way at the start of 2024, the market could see a slight uptick in the number of new listings in January.
- The median number of days it took to sell a California single-family home was 26 days in December and 33 days in December 2022.
- C.A.R.'s statewide sales-price-to-list-price ratio* was 99 percent in December 2023 and 96.1 percent in December 2022.
- The statewide average price per square foot** for an existing single-family home was $398, up from $373 in December a year ago.
- The 30-year, fixed-mortgage interest rate averaged 6.82 percent in December, up from 6.36 percent in December 2022, according to C.A.R.'s calculations based on Freddie Mac's weekly mortgage survey data.
Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.
*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 51 counties.
Leading the way…® in California real estate for more than 117 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
December 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
|
December 2023 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
|
State/Region/County |
Dec. 2023 |
Nov. 2023 |
|
Dec. 2022 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
|
Calif. Single-family home |
$819,740 |
$822,200 |
|
$770,490 |
r |
-0.3% |
6.4% |
0.0% |
-7.1% |
|
Calif. Condo/Townhome |
$635,000 |
$660,000 |
|
$587,000 |
r |
-3.8% |
8.2% |
-3.7% |
-0.2% |
|
Los Angeles Metro Area |
$760,000 |
$785,000 |
|
$716,500 |
|
-3.2% |
6.1% |
2.5% |
-3.5% |
|
Central Coast |
$979,500 |
$955,000 |
|
$869,860 |
|
2.6% |
12.6% |
-2.7% |
-4.0% |
|
Central Valley |
$462,000 |
$474,800 |
|
$438,000 |
r |
-2.7% |
5.5% |
4.0% |
-14.8% |
|
Far North |
$364,500 |
$375,000 |
|
$350,000 |
|
-2.8% |
4.1% |
-6.2% |
-8.2% |
|
Inland Empire |
$570,000 |
$567,500 |
|
$535,000 |
|
0.4% |
6.5% |
8.0% |
1.3% |
|
San Francisco Bay Area |
$1,182,000 |
$1,250,000 |
|
$1,050,000 |
r |
-5.4% |
12.6% |
-14.6% |
-11.4% |
|
Southern California |
$790,000 |
$824,500 |
|
$743,180 |
|
-4.2% |
6.3% |
1.1% |
-6.2% |
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
$1,175,000 |
$1,230,000 |
|
$1,050,000 |
r |
-4.5% |
11.9% |
-15.9% |
-9.1% |
|
Contra Costa |
$800,000 |
$860,000 |
|
$760,000 |
r |
-7.0% |
5.3% |
-8.3% |
-19.4% |
|
Marin |
$1,555,000 |
$1,649,500 |
|
$1,500,000 |
r |
-5.7% |
3.7% |
-13.0% |
-6.0% |
|
Napa |
$925,000 |
$825,000 |
|
$824,000 |
|
12.1% |
12.3% |
-14.0% |
-21.0% |
|
San Francisco |
$1,450,000 |
$1,535,000 |
|
$1,564,000 |
|
-5.5% |
-7.3% |
-39.1% |
-22.0% |
|
San Mateo |
$1,800,000 |
$1,805,000 |
|
$1,675,000 |
|
-0.3% |
7.5% |
-11.2% |
8.3% |
|
Santa Clara |
$1,725,000 |
$1,717,500 |
|
$1,478,000 |
|
0.4% |
16.7% |
-17.3% |
0.2% |
|
Solano |
$562,000 |
$570,000 |
|
$580,000 |
|
-1.4% |
-3.1% |
-14.6% |
-29.2% |
|
Sonoma |
$812,930 |
$793,620 |
|
$785,000 |
|
2.4% |
3.6% |
-3.1% |
-7.3% |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
$853,340 |
$897,990 |
|
$799,670 |
|
-5.0% |
6.7% |
3.0% |
-5.1% |
|
Orange |
$1,300,000 |
$1,300,000 |
|
$1,131,760 |
|
0.0% |
14.9% |
-8.1% |
-7.6% |
|
Riverside |
$607,500 |
$620,000 |
|
$575,000 |
|
-2.0% |
5.7% |
2.9% |
-2.4% |
|
San Bernardino |
$506,000 |
$475,000 |
|
$466,940 |
|
6.5% |
8.4% |
16.9% |
7.6% |
|
San Diego |
$911,500 |
$952,000 |
|
$850,000 |
|
-4.3% |
7.2% |
-5.1% |
-17.3% |
|
Ventura |
$882,500 |
$902,500 |
|
$818,000 |
|
-2.2% |
7.9% |
-1.3% |
-8.3% |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
$929,000 |
$944,000 |
|
$775,000 |
|
-1.6% |
19.9% |
-17.6% |
-7.2% |
|
San Luis Obispo |
$956,000 |
$894,500 |
|
$830,000 |
|
6.9% |
15.2% |
-8.3% |
-2.2% |
|
Santa Barbara |
$1,190,000 |
$900,000 |
|
$1,055,000 |
|
32.2% |
12.8% |
6.3% |
-4.1% |
|
Santa Cruz |
$1,050,000 |
$1,300,000 |
|
$1,175,000 |
|
-19.2% |
-10.6% |
22.7% |
-2.4% |
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
$397,000 |
$415,000 |
|
$396,000 |
|
-4.3% |
0.3% |
4.4% |
-10.2% |
|
Glenn |
$349,500 |
$324,000 |
|
$286,750 |
|
7.9% |
21.9% |
13.3% |
##### |
|
Kern |
$374,180 |
$375,000 |
|
$365,000 |
|
-0.2% |
2.5% |
-8.3% |
-25.7% |
|
Kings |
$380,000 |
$355,000 |
|
$337,000 |
|
7.0% |
12.8% |
51.1% |
22.4% |
|
Madera |
$410,500 |
$414,500 |
|
$410,500 |
|
-1.0% |
0.0% |
48.0% |
51.0% |
|
Merced |
$385,000 |
$367,500 |
|
$340,000 |
|
4.8% |
13.2% |
-11.7% |
-33.8% |
|
Placer |
$633,020 |
$659,000 |
|
$620,000 |
r |
-3.9% |
2.1% |
4.7% |
-7.9% |
|
Sacramento |
$535,000 |
$522,290 |
|
$489,900 |
r |
2.4% |
9.2% |
-0.7% |
-19.0% |
|
San Benito |
$789,890 |
$782,500 |
|
$765,000 |
|
0.9% |
3.3% |
3.1% |
-8.3% |
|
San Joaquin |
$530,000 |
$550,000 |
|
$515,000 |
r |
-3.6% |
2.9% |
13.0% |
-20.8% |
|
Stanislaus |
$462,500 |
$470,000 |
|
$420,000 |
|
-1.6% |
10.1% |
-5.0% |
-22.5% |
|
Tulare |
$362,000 |
$375,000 |
|
$353,500 |
|
-3.5% |
2.4% |
4.6% |
-18.1% |
|
Far North |
|
|
|
|
|
|
|
|
|
|
Butte |
$418,000 |
$428,500 |
|
$408,500 |
|
-2.5% |
2.3% |
6.0% |
2.9% |
|
Lassen |
$272,500 |
$170,000 |
|
$170,000 |
|
60.3% |
60.3% |
69.2% |
69.2% |
|
Plumas |
$360,000 |
$400,000 |
|
$395,000 |
|
-10.0% |
-8.9% |
-26.1% |
-26.1% |
|
Shasta |
$355,760 |
$367,500 |
|
$348,000 |
|
-3.2% |
2.2% |
-15.9% |
-15.3% |
|
Siskiyou |
$331,500 |
$325,000 |
|
$295,000 |
|
2.0% |
12.4% |
3.7% |
21.7% |
|
Tehama |
$305,000 |
$287,000 |
|
$285,600 |
|
6.3% |
6.8% |
-15.4% |
-24.1% |
|
Trinity |
$287,000 |
$211,000 |
|
$280,000 |
|
36.0% |
2.5% |
50.0% |
-45.5% |
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
$415,000 |
$403,000 |
|
$400,000 |
r |
3.0% |
3.8% |
-28.9% |
-22.9% |
|
Calaveras |
$437,500 |
$512,500 |
|
$449,500 |
|
-14.6% |
-2.7% |
-15.0% |
-39.3% |
|
Del Norte |
$487,000 |
$420,000 |
|
$331,250 |
|
16.0% |
47.0% |
9.1% |
20.0% |
|
El Dorado |
$660,000 |
$650,000 |
|
$580,000 |
r |
1.5% |
13.8% |
-16.0% |
-14.9% |
|
Humboldt |
$425,000 |
$430,750 |
|
$392,500 |
|
-1.3% |
8.3% |
27.0% |
10.6% |
|
Lake |
$315,000 |
$318,500 |
|
$370,000 |
|
-1.1% |
-14.9% |
-15.9% |
-30.2% |
|
Mariposa |
$442,000 |
$320,000 |
|
$359,000 |
|
38.1% |
23.1% |
77.8% |
6.7% |
|
Mendocino |
$599,000 |
$532,000 |
|
$599,000 |
|
12.6% |
0.0% |
-21.9% |
-19.4% |
|
Mono |
$1,052,500 |
$985,000 |
|
$765,000 |
|
6.9% |
37.6% |
-60.0% |
-14.3% |
|
Nevada |
$537,000 |
$585,000 |
|
$512,500 |
r |
-8.2% |
4.8% |
44.8% |
18.3% |
|
Sutter |
$429,500 |
$397,000 |
|
$383,500 |
|
8.2% |
12.0% |
5.0% |
-4.5% |
|
Tuolumne |
$444,000 |
$381,250 |
|
$380,000 |
|
16.5% |
16.8% |
-8.1% |
0.0% |
|
Yolo |
$630,000 |
$620,000 |
|
$590,500 |
r |
1.6% |
6.7% |
-22.1% |
19.6% |
|
Yuba |
$440,000 |
$461,320 |
|
$414,000 |
r |
-4.6% |
6.3% |
-25.9% |
-41.9% |
r = revised
December 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
|
December 2023 |
Unsold Inventory Index |
Median Time on Market |
||||||||
|
State/Region/County |
Dec. 2023 |
Nov. 2023 |
|
Dec. 2022 |
|
Dec. 2023 |
Nov. 2023 |
|
Dec. 2022 |
|
|
Calif. Single-family home |
2.5 |
3.0 |
|
2.6 |
r |
26.0 |
21.0 |
|
33.0 |
r |
|
CA Condo/Townhomes |
2.5 |
2.9 |
|
2.6 |
|
27.0 |
21.0 |
|
32.0 |
r |
|
Los Angeles Metro Area |
2.7 |
3.1 |
|
3.1 |
|
27.0 |
23.0 |
|
35.0 |
r |
|
Central Coast |
3.0 |
3.4 |
|
2.7 |
|
19.0 |
21.0 |
|
29.0 |
r |
|
Central Valley |
2.6 |
3.2 |
|
2.4 |
r |
25.0 |
20.0 |
|
32.0 |
r |
|
Far North |
3.2 |
4.1 |
|
4.1 |
r |
37.0 |
33.0 |
|
50.0 |
r |
|
Inland Empire |
3.3 |
3.9 |
|
3.7 |
|
34.0 |
28.0 |
|
41.0 |
r |
|
San Francisco Bay Area |
1.5 |
1.8 |
|
1.6 |
|
23.0 |
17.0 |
|
33.0 |
r |
|
Southern California |
2.6 |
3.0 |
|
2.9 |
|
26.0 |
21.0 |
|
33.0 |
r |
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
|
Alameda |
0.9 |
1.3 |
|
1.3 |
r |
15.0 |
13.0 |
|
21.0 |
r |
|
Contra Costa |
1.2 |
1.6 |
|
1.4 |
r |
18.0 |
14.0 |
|
30.0 |
r |
|
Marin |
1.5 |
2.2 |
|
1.4 |
|
66.0 |
48.5 |
|
60.5 |
r |
|
Napa |
4.1 |
4.8 |
|
2.8 |
|
85.0 |
62.0 |
|
68.5 |
r |
|
San Francisco |
1.5 |
1.7 |
|
1.5 |
|
48.0 |
47.5 |
|
42.0 |
r |
|
San Mateo |
1.1 |
1.7 |
|
1.4 |
|
17.0 |
13.0 |
|
22.5 |
|
|
Santa Clara |
1.1 |
1.4 |
|
1.3 |
|
12.0 |
10.0 |
|
17.5 |
|
|
Solano |
2.9 |
2.7 |
|
2.0 |
|
45.0 |
31.0 |
|
58.0 |
r |
|
Sonoma |
2.5 |
3.2 |
|
2.2 |
|
61.5 |
59.0 |
|
56.0 |
r |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
2.6 |
2.9 |
|
3.1 |
|
23.0 |
20.0 |
|
31.0 |
r |
|
Orange |
2.0 |
2.3 |
|
2.4 |
|
24.0 |
20.0 |
|
33.0 |
r |
|
Riverside |
3.3 |
3.6 |
|
3.7 |
|
32.0 |
28.0 |
|
41.0 |
r |
|
San Bernardino |
3.3 |
4.3 |
|
3.8 |
|
38.0 |
28.5 |
|
41.0 |
r |
|
San Diego |
2.2 |
2.5 |
|
2.2 |
|
18.0 |
15.0 |
|
23.0 |
r |
|
Ventura |
2.4 |
2.7 |
|
2.3 |
|
37.0 |
25.0 |
|
41.0 |
r |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
|
Monterey |
3.2 |
3.0 |
|
3.2 |
|
14.0 |
22.0 |
|
36.0 |
|
|
San Luis Obispo |
3.1 |
3.3 |
|
2.8 |
|
27.0 |
26.0 |
|
29.0 |
r |
|
Santa Barbara |
3.2 |
3.5 |
|
2.3 |
|
14.5 |
14.0 |
|
29.0 |
|
|
Santa Cruz |
2.2 |
4.0 |
|
2.5 |
|
24.0 |
18.0 |
|
24.0 |
|
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
|
Fresno |
3.1 |
3.5 |
|
2.9 |
|
21.0 |
17.5 |
|
32.0 |
r |
|
Glenn |
1.9 |
2.7 |
|
4.0 |
|
54.0 |
38.0 |
|
26.5 |
r |
|
Kern |
2.8 |
2.8 |
|
2.4 |
|
19.0 |
18.0 |
|
24.5 |
|
|
Kings |
2.2 |
3.6 |
|
3.2 |
|
42.0 |
15.0 |
|
22.5 |
|
|
Madera |
3.5 |
6.2 |
|
4.6 |
|
30.0 |
36.0 |
|
33.0 |
r |
|
Merced |
3.2 |
3.5 |
|
2.4 |
|
36.0 |
28.5 |
|
32.5 |
r |
|
Placer |
2.4 |
3.0 |
|
2.6 |
r |
33.0 |
24.0 |
|
40.0 |
r |
|
Sacramento |
2.0 |
2.5 |
|
2.0 |
r |
27.0 |
21.0 |
|
31.0 |
r |
|
San Benito |
3.0 |
4.1 |
|
2.3 |
|
39.0 |
18.0 |
|
44.5 |
|
|
San Joaquin |
2.4 |
3.3 |
|
2.0 |
r |
22.0 |
19.0 |
|
40.0 |
r |
|
Stanislaus |
2.7 |
2.9 |
|
2.2 |
r |
19.0 |
21.0 |
|
29.0 |
r |
|
Tulare |
3.0 |
3.5 |
|
2.6 |
|
26.0 |
13.0 |
|
31.0 |
|
|
Far North |
|
|
|
|
|
|
|
|
|
|
|
Butte |
3.1 |
4.0 |
|
4.2 |
|
27.0 |
20.0 |
|
45.0 |
r |
|
Lassen |
4.2 |
7.6 |
|
7.3 |
|
47.0 |
19.0 |
|
94.0 |
|
|
Plumas |
4.9 |
4.7 |
|
3.4 |
|
102.0 |
49.0 |
|
94.0 |
r |
|
Shasta |
1.6 |
3.8 |
|
3.8 |
r |
33.5 |
33.0 |
|
33.0 |
r |
|
Siskiyou |
6.1 |
NA |
|
6.0 |
|
37.5 |
41.0 |
|
32.0 |
r |
|
Tehama |
5.0 |
4.7 |
|
5.1 |
|
83.5 |
58.5 |
|
72.0 |
|
|
Trinity |
14.2 |
24.3 |
|
NA |
|
139.5 |
76.0 |
|
77.0 |
|
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
|
Amador |
6.6 |
5.7 |
|
4.2 |
r |
34.0 |
32.0 |
|
49.0 |
r |
|
Calaveras |
5.2 |
5.5 |
|
3.4 |
|
69.5 |
23.5 |
|
77.0 |
|
|
Del Norte |
7.3 |
7.7 |
|
6.5 |
|
69.0 |
16.0 |
|
77.0 |
r |
|
El Dorado |
3.2 |
4.4 |
|
2.8 |
r |
50.0 |
32.0 |
|
48.0 |
r |
|
Humboldt |
4.1 |
5.9 |
|
4.1 |
|
37.5 |
26.5 |
|
17.0 |
|
|
Lake |
8.8 |
8.5 |
|
5.2 |
|
55.0 |
36.5 |
|
73.0 |
r |
|
Mariposa |
4.8 |
10.8 |
|
4.9 |
|
31.0 |
76.0 |
|
20.5 |
|
|
Mendocino |
11.7 |
9.6 |
|
7.7 |
r |
109.0 |
80.5 |
|
90.0 |
r |
|
Mono |
2.8 |
1.5 |
|
4.0 |
|
71.5 |
46.0 |
|
129.0 |
|
|
Nevada |
2.7 |
5.2 |
|
3.0 |
|
53.0 |
43.0 |
|
50.0 |
r |
|
Sutter |
2.4 |
2.6 |
|
3.1 |
r |
28.0 |
16.0 |
|
48.0 |
r |
|
Tuolumne |
3.9 |
4.5 |
|
3.9 |
|
48.0 |
38.5 |
|
40.0 |
r |
|
Yolo |
2.7 |
2.6 |
|
2.9 |
r |
34.0 |
19.0 |
|
39.0 |
r |
|
Yuba |
4.7 |
3.6 |
|
2.5 |
r |
36.0 |
25.0 |
|
41.0 |
|
r = revised
Article belongs to CAR.org