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Martinez Real Estate Update - March

By
Real Estate Agent with Keller Williams

Martinez

 

The market has been pretty quiet among many Bay Area cities over the last few months of 2015, including Martinez. Home sales declined in all nine Bay Area counties in the first month of 2015 which was the the result of limited affordability, according to a report released by the California Association of Realtors. Additionally the sales drop-off in the Bay Area was attributed to intense demand and inventory shortages, which have driven up prices. The report also stated that the Bay Area was the only region in the state where the average home seller could expect to take in about 100 percent of original asking price. This is obviously great for sellers but buyers are in a state of limbo. With that, homes haven’t been moving as quickly as they were in 2014.

In Martinez, the median sale price in February was up year over year by 23%, from $460,750 to $568,500. Prices are clearly being driven up by the level of inventory. Speaking of inventory, the number of properties for sale in the month of February was 74, compared to 92 last February and roughly 79 in January of this year. There was both a year over year and month to month decrease. The number of new properties shot up from January to February but there was a year over year decrease of nearly 20%. The number of expired properties by month increased 175% year over year which can be attributed to the spike in home values do to the lack of inventory. The market definitely shifted in February but the numbers were still all over the board so hoping for a better March.