Our Mountain Area real estate market is still looking good for buyers. Prices are still low (median purchase price), at 35% less than the peak year 2006, and interest rates are terrific.
Forecasters are expecting prices to continue upward in the last half of this year, though probably at a slower rate. The market continues to improve for sellers, as well. The median price for the past six months was $230,000, and varied not more than 5.7% from that number.
Although we sold fewer homes in May this year, 51 compared to 56 last year, the total dollar volume was up by 21%, from $11,089,200 last year to $13,446,000 this year. That is good news for sellers.
Inventories are increasing some as increased market value is moving more and more homeowners from "under water" status. Buyers are still having some difficulty finding what they want.
For the six month period ending May 30, we had an impressive 24% higher median price than a year earlier, and our total dollar volume was up by 8% from $66,233,513 to 70,381,428.
A more comprehensive market report showing monthly trends and prices over the past six months is available at oakhurstrealeEstate.info/ca/market-report/.
NOTE: This article is regarding single family homes, and does not include apartments, condos, or mobile/manufactured homes in parks.