What a year!
We saw rates climb consistently throughout the year to as high as 8%, only to fall back to the 6% range by the end of the year. Thank goodness.
We also saw the supply of homes remain very tight in the 1 to 2-month range, even as the rates climbed. As of this afternoon, we have 546 homes for sale in Placer County and 337 in contract. That is only 1.6 months of inventory!
Many homeowners were simply uninterested in leaving their existing low rates throughout the year. The good news is that with rates falling recently, we may see more homeowners willing to make a move after holding off the past year.
The biggest surprise of all for many of the experts was the increase in home prices, due to the lack of supply. The median home price rose 6.5% in Placer County between November 22’ and November 23’ and 8.4% on the median.
Throughout the year, I had the privilege of assisting a diverse group of clients through this maze – first-time homebuyers, owners looking to avoid foreclosure, out-of-state movers, upsizers, and savvy investors.
As we step into 2024, the path is uncertain, but I'm ready to guide you through any real estate journey you have in mind.
Whether you're gearing up for a move now or later in the year, looking to upsize, downsize, or simply have a real estate question, I'm just a call e-mail or DM away.
Let's make your real estate dreams a reality in the upcoming year! ????????
Posted by Patrick Hake on