Have you been following the signs? Price trends in the Granite Bay area continued their recent uptrend this week. While still below the market's high point, we've seen a nice run recently.
This week: The median list price in Granite Bay is $950,000.
Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Supply and Demand: Home sales have been exceeding new inventory for several weeks. While still a Buyer's market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a true Seller's Market. We've had a few spikes on the Market Action Index to flutter into a Seller's Market, but we're not 100% in the zone yet. Hang onto your hat...we'll see if things continue to shift next week!
Quartiles: Investigate the market in quartiles - where each quartile represents 25% of homes ordered by price.
Most Expensive 25% of properties: Median Price $1,674,950
Upper/Second 25% of properties: Median Price $1,074,000
Lower/Third 25% of properties: Median Price $795,359
Bottom/Fourth 25% of properties: Median Price $600,000