If you’re thinking of buying or selling, then you should know that now is one of the best times to do so. We’ll explain the No. 1 reason this is true in today’s market update.
Summer has arrived, and our Hayward, CA real estate market remains as strong as ever. Today, I’d like to share the No. 1 reason this is the case, but before I do that, let’s take a look at the latest market stats.
131 new listings hit our local market in May 2019. At that same time last year, only 88 new listings came onto the Hayward, CA market. And of all the homes listed, it took about 23 days on average for them to sell in both May of 2018 and May of 2019.
The number of homes sold, however, dropped. Only 84 homes sold in May 2019, compared to the 95 that sold at that time last year. Similarly, the median sales price decreased from $728,000 to $712,500 over that same 12-month period. This means homes sold, on average, for 2.2% above list price in May 2019 and 5.7% above list price in May of 2018.
As these numbers show, our market has remained strong. Conditions have certainly cooled since last year, but we’re still in a unique position. Why? Well, we’re currently in a rare period of the market during which it’s a great time to buy and sell.
With all of this said, allow me to finally reveal the No. 1 reason our market remains so strong: interest rates. At an average of just 3.99%, today’s interest rates are still incredibly low. And given the dramatic impact interest rates have on buying power, buyers are very eager to make a move right now. For sellers, this is great news. When demand is high, your chances of selling quickly and for top dollar is too.
Of course, interest rates won’t stay low forever. If you want to take advantage of these conditions, you need to act soon.
So if you have any other questions, would like more information, or want to know how my team and I can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.