The number of Bay Area homes on the market tightened as 2014 ended and continue to in the first month of 2015. According to the California Association of Realtors December home sales and price report, the months’ supply of inventory for single-family homes across the Bay Area dropped to 1.7 in December, down from 2.3 in November. With that, the Bay Area real estate market remains heavily tilted in favor of sellers, as it did one year ago. Along with inventory levels, home prices also dipped across the Bay Area. Even with the month-over-month slips, Bay Area counties remain the state’s most expensive with CAR stating that homes are selling for an average of 0.6 percent above asking price.
January real estate in Martinez saw slight increases in a few areas but for the most part, most areas were on the decline. The median sale price decreased from $546,000 in January 2014 to $480,000 this January. Conversely, the number of sold properties by month was up year over year by 23%, from 22 to 27. The number of sold properties in Martinez decreased slightly month to month, from 33 in December to 27 in January. As far as new properties, there was was a 33% year over year decrease from 46 to 31. And lastly, the number of for sale properties by month was down year over year by 17%. The Martinez real estate market was pretty quiet, with not much activity. Hoping for a better February!