Mortgage rates have continued their slide, and lenders should be offering fixed-rate loans with rates starting in the threes again, with little or no points!  The new pendings are flowing, but we still haven’t seen a flood of new listings:

NSDCC Detached-Home Listings and Sales in March

Year
March Listings
Median LP
March Sales
Median SP
2015
497
$1,275,000
298
$1,137,500
2016
532
$1,470,000
252
$1,143,665
2017
505
$1,395,000
258
$1,074,000
2018
446
$1,549,000
259
$1,397,500
2019
396
$1,514,497
153
$1,320,000

The latest numbers are month-to-date, and will increase considerably with four business days to go.  But the March sales will end up well under last year’s count, though the lower rates should help boost sales in April and May.

There are threes on the street:

For those who want to prepare for making an offer and would like to review our contracts, the California Association of Realtors have made available a sample copy with explanations:

https://www.car.org/riskmanagement/Consumer-RPA

Don’t be surprised if it’s a little clunky.

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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