2014 has been a great year for the Orinda 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 Orinda real estate, the month ended on a high note with notable increases in median sale prices and new properties. The median sale price increased by 18% year over year, from $1,052,000 to $1,245,000. There was a slight decrease from October to November which is likely why the number of new properties increased by a whopping 50%. Buyers were jumping on the chance to get in a home with a slightly lower price. The average number of days a home was on the market was down 30%, which can also be attributed to the slight dip in median sale prices. November was a busy month for buyers in Orinda. We’ll see if that’s the case for December.