2014 has been a great year for the Pleasant Hill 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 Pleasant Hill real estate, the median sale price increased slightly by 8%, from $567,000 to $615,000. The median sale price was the only area where an increase took place. All other areas saw a slight decrease. The number of properties sold decreased year over year by a whopping 55%. There was a similar dip from October to November, likely due to the looming holiday season. Additionally, the number of properties under contract by month decreased year over year by 16%, from 25 to 21. The number of new properties that came on the market also decreased significantly by nearly 35% year over year. Lastly, the amount of for sale properties by month decreased by 6% year over year. Despite the decreased in November Pleasant Hill is still a great real estate market. Let’s hope December brings better results.
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