OK, so this week officially saw the First Day of Spring of 2017 on Monday. Through last year’s elections and all the other social and economic issues we’ve collectively been through over the past 6 months, I can say at least for me, that I am a little eager to get back to the normal ups and downs of our economy (and home selling).
With my confession of my desire for normalcy, I have a few observations about where we came from, where we are at, and where we are going here in our southern California real estate markets. So here goes:
For the past couple of months and the months coming up we really have just experienced the turn-over from the old year to the new. January and February 2017 seem down-right abysmal when you compare the last couple of months to the rest 2016. But its an illusion! Check out this chart below:
This chart maps Riverside County and the Days on the Market and the list price associated with that listing. This chart maps the last couple of years from January 2013 to the present month. As you can tell from the graph, the days on the market spikes every new year, or every January and February. You can’t see it in the graph because we are currently in it, but this January and February will look the same when it’s data is available.
This happens every year. Every year I see it in the graphs and explain it to clients looking to buy or sell at the beginning of the year. Here’s another graph but this time of San Bernardino County listings and median list prices:
As you can tell, the graph for the San Bernardino County listings and median prices mirror the graph from the Riverside County listings and median list prices. Here’s another graph, this time mapping a few cities together to see what a mixed set of data will produce for us:
This graph mapped listings and list prices for Redlands, Beaumont and Yucaipa. These three cities represent the Pass Area and eastern Inland Empire and what the housing market has been doing these past couple months and years. So what does this mean for you? I guess it depends on who you are and what your real estate goals are.
If you’re considering selling your home and you are wondering when is the right time to list, you should talk to a real estate professional now to discuss your options. Do it before Spring really gets going though. Historically March is the real start to the Spring Home Selling Market. That’s when buyers really start poking their heads out and making moves. It also just so happens to be the height of tax returns! Many wouldn’t have a down payment without it!
If you’re thinking about buying a home, you couldn’t ask for more indicators to get off the fence and buy. Let’s count the major reasons why together:
- Sales are about to heat up for the year
- Interest rates are still low!
- Interest rates WILL go up this year (According to the Fed)!
So what’s your situation like? Give us a call and let’s talk about your options!