2014 has been a great year for the Martinez real estate market. And with recent 2015 projections coming out for the U.S. real estate market, 2015 will likely be even better. Freddie Mac’s economic outlook for 2015 calls for 3 percent growth in the U.S. economy, which means good news for Bay Area housing. Home value appreciation is expected to drop slightly which is a positive for buyers and sellers. Home values have appreciated so much throughout the last year so many homeowners are all in all in a good place. This also means buyers will be more active. As far as interest rates are concerned Freddie Mac projects mortgage rates to average 4.6 % and increase up to 5 % by the end of the year. So, if you’re looking to buy, now is the time, as rates have dropped below 4% in the recent weeks. Overall, projections are positive for both buyers and sellers in 2015.
As far as the month of November for Martinez real estate, we saw many positive increases across the board. The median sold price was up only 1% year over year from $465,000 to $467,678. There was a more substantial increase in the number of sold properties, with an increase of 28%, from 25 to 32. Additionally, the number of properties under contract increased year over year by 68% from 22 to 37. Another increase was the number of new properties by month which increased year over year by 14%, from 28 to 32. And lastly, the number of for sale properties by month increased by 9% year over year. November was a great month for Martinez. Let’s hope for the same in December!