Your Real Estate Market Snapshot for January 2016 from SFAR

The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.Snip20160217_3

New Listings were down 24.1 percent for single family homes and 11.2 percent for Condo/TIC/Coop properties. Pending Sales decreased 11.9 percent for single family homes and 8.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 19.0 percent to $1,160,000 for single family homes and 17.8 percent to $1,060,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 21.4 percent for single family units but was up 14.3 percent for Condo/TIC/Coop units.

Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this year.

Click here for full report: SFAR_MarketFocus_2016-January