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Real Estate

California

The real estate industry in California has grown over the years. A look at the 2020 forecasted industry shows that that GDP has grown 2.1% in 2019 will continue growing 1.6% this upcoming year with inflation growing two percentage points as well. Mortgage payments have decreased as well over the last year with an average of $2,345 in 2018 and $2,172 this year. The highest region is the San Francisco Bay Area and the lowest being Central Valley. The home sales, however, have been highest in Southern California at 48% and the lowest being region being the Central Coast. The San Francisco Bay Area home sales have actually decreased by 4.8% in 2019 while all other counties have increased. The amount of down payment has remained pretty high as well for all regions, with the San Francisco Bay Area to be the highest at $185,000 and the next highest at $139,000 for Central Coast.  aThe number of active listings has increased as well compared to 2018 but has dropped overall by double-digits over the past 6.5 years. In addition, as a result of the larger number of sales and the fewer listings, the unsold inventory index has declined since 2018 with the average months of supply going from 3.7 to 3.1 months. The number of days a listing is left on market for November 2019 is 25 days, meaning 2020 is starting at a lower time than most of 2019. Condos and Townhomes have had the strongest gain in the last 13 months as well.

Real Estate