Pending home sales in California saw the first double-digit annual increase in three years in February and also the largest gains since the housing crisis. According to a report from the California Association of Realtors, pending home sales increased by 15.6 percent year over year in February, the most significant annual increase since April of 2009.
The Bay Area also saw double-digit percentage increases which suggests that the pace of sales will pick up across the state in the coming months. This may finally give buyers a more level playing field.
Concord had a solid month in March, which is inline with the recent CAR data. The median sale price in Concord increased year over year by 17%, from $425,000 in March of last year to $497,500 in March of this year. The number of sold properties also increased year over year by 25% and there was an even larger month to month increase of nearly 60% from February to March. The number of new properties was down year over year by 13% but conversely the month to month increase since January has spiked up considerably which supports the recent CAR data that home sales are continuing to climb. And lastly, the average number of days a home lasted on the market decreased year over year by 6%. Overall, Concord real estate fared well in March. Looking forward to see if the CAR data proves to be true.
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