Taste: to perceive or experience the flavor of. Flavor: an indication of the essential character of something.
2015 was a good year for Residential Real Estate in Tuolumne County. Year over year, we saw modest gains across the board with the Median Sales Price up 3%, the Average Sales Price up 6% and the Total Number of Sales up 3%. Distress sales continued to decline. In fact this year there were only 17 short sales as opposed to 47 in 2014. That was a 64% decrease.
If I had to pick one word to describe how the market felt in 2015 I would choose: stable.
With the Feds recently raising the interest rates everyone is expecting mortgage interest rates to finally rise this year. I’m hearing from my lending industry friends that rates are expected to hit about 4.5%. That is not a huge increase but it will result in either increased payments or buying less home for the same money. All of this talk of interest rate increases has created huge buyer demand. The challenge is that we only have about 4 months worth of inventory for sale. For those thinking of selling in 2016, now may be a good time to list.
If you would like a detailed 2015 Sales Summary of the Tuolumne County Real Estate Market shoot me an email or give me a call. I’m happy to help. firstname.lastname@example.org or 209-536-3000.