MARKET UPDATE FOR JANUARY 2016

View from above!

Photo by Amir Zee, View from Lafayette
building 11th floor Long Beach, CA 

The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.

New Listings were down 6.9 percent for Single Family homes and 1.4 percent for Townhouse-Condo properties. Pending Sales increased 4.9 percent for Single Family homes and 19.4 percent for Townhouse-Condo properties.

The Median Sales Price was up 7.3 percent to $590,001 for Single Family homes and 7.4 percent to $376,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 30.0 percent for Single Family units and 37.9 percent for Townhouse-Condo units.

Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this year.