Sales Decline in California Real Estate Market

Home sales in the California market dipped below its average sales volume for the prior 12-month period. In this week's report, they fell 35.0% to 13 homes sold over the last 30 days. Meanwhile, close-by Chesapeake Ranch Estates-Drum Point reported 24 homes sales, the highest number from all the surrounding cities. Potential buyers should note that prices went up in California, with the median for this period rising from $221,950 to $240,000. With decreasing sales and the availability of eight months of inventory, California is a solid buyer's market.

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Demographic facts for California:

  • This area has a median house value of $235,700.
  • The area gets an average of 101 rainy days each year. (U.S. average: 100)
  • The unemployment rate for this area is 5.2%.
  • The students per teacher ratio in this area is 17.4:1. (15.3:1 = national average)

Data reported through 10/13/2016

Comments:

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O Brien Realty
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Home Towne Real Estate
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RE/MAX One
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