2014 has been a great year for the Walnut Creek 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 Walnut Creek real estate, it was a fairly stable month with no real highs or low lows. The median sale price was up 10% year over year from $785,500 to $862,500. The number of sold properties also increased slightly year over year by 5%, from 42 to 44. Contrastly, the amount of new, for sale and under contract properties all decreased slightly by roughly 10%. There was also a drastic increase in the number of expired listings, with a 71% increase, from 7 in November 2013 to 12 in November 2014. Lastly, the average amount of days a home stayed on the market in November increased year over year by 15%, from 27 days to 31 days. Overall, November was a solid month. Let’s hope December ends with a bang!
Saturday December 13th…See you there!
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