Commentary
Happy New Year!
2023 brought a rough real estate market, one we are happy to say goodbye to! Home sales in the US saw the lowest sales tally since 1995! In our local mountains, every area experienced much the same with 2023 total sales coming in much lower than 2022. Many factors had a hand in the slowdown but none more than the high interest rates. By the end of the year however, the scare of recession faded and mortgage rates started to ease. So what can we expect in 2024?
Home prices in California are expected to rise by single digits and sales will start to rise as well. It’s doubtful we’ll see the levels of 2021 but we should continue to make progress throughout the year. The rate of increase will largely depend on the mortgage rates which are expected to drop into the low 6’s by year’s end. That may not be enough to move a lot of sellers into the market but it will definitely nudge enough to increase the inventory and stabilize prices. It shouldn’t go unmentioned that we have some serious issues facing us that could change the forecast on a dime. We have two wars happening in the world, major insurance issues in our state and of course it’s an election year. That said, we’re looking ahead thinking 2024 should be a better year!
We have changes ahead on our team as well! We plan to offer you even better service by providing our market statistics via our website. That means we will be mailing a QR code for you to use. This will give you direct access to our quarterly statistics as well as home searches, community information and more. Be on the lookout for our next mailer with all of the information. We’re excited about the new format and look forward to even more interaction with you!
If you’re considering buying or selling this year, let us know how we can be of assistance. From pricing to helping you prepare your home for sale, we can help! We’re your neighborhood experts and understand mountain property. Coldwell Banker Sky Ridge Realty is #1 in listings and sales mountain wide and with 60 agents behind us, we know what it takes to get the job done!
MARKET STATUS REPORT
3TH QUARTER 2023
In an effort to provide the latest report on market activity in the Running Springs area, I have compiled the following statistics for your review. This is a compilation of information taken from the California Regional Multiple Listing Service, is accurate as of December 31, 2023 and includes residential properties only.
MARKET ANALYSIS FOR LISTINGS
Active Listings 42
Price Range $269,000-$5,995,000
Median Listing Price 4th Quarter 2023 $429,000
Median Listing Price 3rd Quarter 2023 $427,000
Median Listing Price 4th Quarter 2022 $399,000
Average Price Per Square Foot $328
MARKET ANALYSIS FOR SALES
Sold Homes 4th Quarter 2023 36
Sold Homes 3rd Quarter 2023 46
Sold Homes 4th Quarter 2022 44
Average Days On The Market 62
Price Range $175,000-$590,777
Median Sales Price 4th Quarter 2023 $357,500
Median Sales Price 3rd Quarter 2023 $377,500
Median Sales Price 4th Quarter 2022 $400,000
Average Price Per Square Foot $317
Homes Currently In Escrow 7
Are you interested in homes for sale in the mountain? The Lassak Team has been active in the Running Springs area since 1981. Contact us for information directly.
