Oakhurst Area Housing Market Report

March Home Market
A Lion and a Lamb
By Ed Bailey

March 2014 was like both a “Lion” and a “lamb,” for our local real estate market. Our dollar volume in sales of single family residential properties (excluding mobile homes, condos, etc.) was up 19% at $12,288,520 compared to $10,298,349 in March 2013, even though we sold 18% fewer homes. For the past year our dollar volume was up by 19% also, at $135,318,958 compared to $111,426,422 for the same 12 months a year earlier.

The past 6 months shows a median price increase of 24%, and the past 3 months shows a 31% increase over a year earlier, indicating a continuing upward price trend. Are we heading into another bubble? I don’t think so, at least not any time soon. Our median home price of $229,000 is still 36% below the median home price of $356,000 in the peak year 2006.

We have a low inventory of existing homes for sale, and a high inventory of vacant land. We have seen more movement in vacant land sales recently, as existing home prices increase, making building new homes more attractive. All the agents I am talking with are optimistic about the coming year – So am I.

Note: The comprehensive monthly housing market report is available at: http://www.oakhurstrealestate.info/ca/market-report/