On December 19, 2016, California Association of Realtors (C.A.R) reported that condo and town-homes values decreased 0.7% to an average price of $416,700 in November of 2016 from $419,800 in October of 2016, but gained 4.9% from price of $397,350 in November of 2015. While, condo and town-homes sales declined 4.6% in November of 2016, from October of 2016, but jumpup 21.4% from November of 2015 for condo and town-homes in California.
There were 2.6 months supplies of available inventory of homes in November of 2016, lower from 2.8 in October of 2016, and down from 3.4 months in November of 2015. An average it took 28.5 days to sell a home in November 2016, higher from 28.1 days in October 2016, but dropped from 34.1 days in November of 2015 for condo and town-homes in California.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young, stated Moreover, with the specter of rates drifting higher, more buyers may rush in to buy homes and compete for a dearth of homes available for sale, which could put upward pressure on home prices and lead to a further decline in affordability.”
For complete more detailed information about the California Association of Realtors’ November of 2016 California condo and town-homes sales and value report, please http://www.car.org/newsstand/newsreleases/2016releases/nov2016sales?view=Standard