As you can see the number of sales of single family homes was pretty much the same in 2016 and 2015 but the median price went up significantly by 6.6%. Properties stayed on the market longer in 2016 but sellers got closer to their asking price.
The median price of a condo only increased slightly but the number of sales was way down (23.9% less). Condos stayed on the market longer in 2016 and the sellers had to negotiate more than in 2015.
So where are we headed? The forecast by the California of Realtors is predicting that the number of sales statewide will increase by 1.4% while the median price will go up by 4.3% in 2017. CAR is also forecasting that 30 year fixed rate mortgages will rise from 3.6% to 4.0%. If you are considering a purchase in 2017 it is wise to act sooner than later because your monthly payments are going to go up because of both rising interest rates and home prices.
*Statistics provided by Village Properties