May Market Flash: A Springtime Upswing
Spring shopping season is here and with it comes evidence of an upswing in the market. March worked its magic- for all our regions! February-to-March sales activity rose by 15% at least, almost 40% at most. Rising median home prices, a sufficient amount of inventory on the market in many areas and still generous interest rates have created a favorable situation for those in the hunt for a new home. If the historically strong spring market has its way, we should be looking forward to bright and sunny summer months to come.
Statewide: the median resale price of a single-family detached home in California for March was $580,090, an increase of almost 4% over February and roughly 3% over March 2006. Unsold resale inventory represented an 8.7 month supply, compared to about 4.7 months for the same month a year ago. Median number of days on the market was 56, up from 44 a year earlier, but below 60 for the first time since October.
Bay Area: The California Association of Realtors’ March median price figure, $785,380, is improved by 5.5% from February and by 5.6% from March, 2006. The Santa Clara County median price has risen 5.1% in a month and 9.2% for the year, to a striking $830,000. March sales are up by nearly 35% for the month. Silicon Valley is currently riding on sales of relatively few and expensive properties.