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MARKET UPDATE: Home Prices, Home Sales and Interest Rates, OH MY!

Wednesday, January 27, 2021   /   by Monique 'Moey' Nichols

MARKET UPDATE: Home Prices, Home Sales and Interest Rates, OH MY!

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Market Update
San Luis Obispo County hasn't seen much change with New Listings hitting the market in comparison to the previous couple weeks. We did see a nearly 13% increase in properties going Pending. With more than 15% less properties sold this past week, the uptick of escrows opened, and no influx of inventory hitting the market, we're still very much in a Seller's Market.
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A swell of buyers are looking to enter the market, keeping demand firm amidst the continued historically low interest rates. By the 4th quarter this year, experts are forecasting that refinance volume will decrease, largely because many will have already refinanced due to these low rates.
In 2020, median listing prices grew 13.3%, according to Realtor.com. Experts forecast prices will stay on this upward track.
Even if home prices rise as forecasted, that won't dampen home sales. In fact, growth in the home sales in 2021 could be the largest since the 1980's, according to Matthew Speakman, economist at Zillow.
Low mortgage rates will continue to support strong house-buying power as more and more millennials age into homeownership, keeping demand robust. While the supply-demand imbalance will persist, existing homeowners who were hesitant to sell amidst the worst of the pandemic may be encouraged to bring their homes to market, relieving some of the supply shortage. Swelling demand and the potential for greater supply means housing market potential in 2021 is likely to remain strong and build off a historic 2020

BOTTOM LINE:
" Looking ahead in 2021, the economy will be kept in recovery mode thanks to the recent stimulus bill and additional construction of affordable homes in the coming year." - Danielle Hale, Chief Economist at Realtor.com


KEY: SFH = Single Family Home FRM = Fixed Rate Mortgage
SFR = Single Family Residential
All data comes from the CRMLS, InfoSparks, Michael Lewis Marketing Suite, Altos R.E., Keeping Current Matters, Corelogic, Showing Time, Realtor.com, Freddie Mac, Fannie Mae, Mortgagecalculator.com, Wall Street Journal, First American Title Co., NAR (National Association of Realtors) & CAR (California Association of Realtors).
Current as of 1/26/2020.


The Hardest Working Team
On The Central Coast
Dick Keenan
DRE# 00860187
Narlene Carter Keenan
DRE# 00976857
Kyra Dykes
DRE# 02040105
Melissa Crooks
DRE# 02000537
Moey Nichols
Marketing
Bruce Carson
DRE# 02079988
Chris Cucchiara
DRE# 02023880

DRE# 02005015
Each Office is Independently Owned and Operated.


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The Keenan Carter Group
Richard Keenan And Narlene Carter Keenan
350 James Way, Ste 130
Pismo Beach, CA 93449
805-773-7711
Keller Williams Realty Central Coast DRE# 02005015
The Keenan Carter Group DRE# 00860187
Each Office is Independently Owned and Operated.

Based on information from California Regional Multiple Listing Service, Inc. as of June 15, 2021. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
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