San Leandro Real Estate Update - December

2014 has been a great year for the San Leandro 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 San Leandro real estate, there were several significant decreases throughout many areas. The one area that we saw an increase was with the median sale price. There was a slight year over year increase of 13%, from $420,000 to $473,000. The number of sold properties decreased year over year by 22% from 59 to 46. With that being said, there was a month to month increase, from October to November, nothing substantial but in increase at that. The number of new properties and for sale properties were down slightly year over year. And lastly, there was a 21% year over year decrease of the months supply of inventory from 1.5 to 1.2. Let’s hope we see more increases in December to close out the year!

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