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 was pretty slow for the Pleasant Hill real estate market. There was steady decreases across the board, including in the median sale price. Year over year the median sale price was down by 10%, from $626,000 in January 2014 versus $565,000 this January. And there was a month over month decrease of 20% from December to January. Additionally, the number of properties sold was down year over year by 32%, from 22 in January 2014 to 15 this January. And like the median sale price, there was a larger month over month decrease with 27 homes sold in December versus 15 homes in January. Along with these areas, there were year over year decreases in new homes and for sale homes. Pleasant Hill real estate didn’t see much positive growth in January but market predictions say 2015 is slated to be a good year so we will focus on the latter.