August tends to mark the waning of housing activity ahead of the school year.
Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings were down 15.8 percent for single family homes and 22.5 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 18.6 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 10.4 percent to $1,380,000 for single family homes and 10.8 percent to $1,175,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.8 percent for single family units and 27.6 percent for Condo/TIC/Coop units.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing.
Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
Click here for full report: SFAR_MarketFocus_2017-August
3200 Years Of History In One Picture…
Thankfully, no loggers took it down, nor forest fires or earthquakes. Just a quiet life in a California forest for all these years
Not every tree has a nickname, but ‘The President’ has earned it. This giant sequoia stands at 247 feet tall & is estimated to be over 3,200 years old.
Imagine, this tree was already 700 years old during the height of ancient Greece’s civilization and 1200 years old when Jesus lived and Rome was well into its rule of most of the western world and points beyond.
The trunk of The President measures at 27 feet across, with 2 BILLION needles From base to top.
Because of its unbelievable size, this tree has never been photographed in its entirety, until now.
National Geographic photographers have worked along with scientists to try and create the first photo that shows the President in all its glory.
They had to Climb the tree with pulleys and levers, and took thousands of photos. Of those, they selected 126 and stitched them together, to get this incredible portrait of the President. And here it is:
The man standing near the trunk of the tree is a good indicator of the tree’s size.
Incredible, isn’t it?
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
New Listings were down 28.9 percent for single family homes and 20.4 percent for Condo/TIC/Coop properties. Pending Sales remained flat for single family homes but decreased 19.0 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 9.7 percent to $1,431,000 for single family homes and 12.4 percent to $1,175,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 36.0 percent for single family units and 32.3 percent for Condo/TIC/Coop units.
Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
Click here for full report: SFAR_MarketFocus_2017-July