In a recent article in the Times Standard (November 18, “Housing market slowly shifting to benefit buyers, says real estate broker”) local realtor Charles McCann posits that the local market is slowly, but finally shifting to benefit buyers. For example, McCann points out, in January of 2017, there were only 220 houses on the market, prompting buyers to fight hard, and offer high, to get their new home. In contrast, in August of this year, there were 584 houses on the market, giving buyers more to chose from, and more bargaining power when negotiating with sellers on the price and other terms. The average time on the market is still only 15 days, meaning homes are moving quickly, but not as quickly as in 2017, when the average time on the market was down to 10 days before a sale.
The other good news, according to McCann, is that local home values are holding steady. While the median home price has not reached the 2006 high of $350,000, values are up from a low of $230,000 in 2013—with the median home price now standing at $310,000.
While no one can predict for sure what the impact of recent fires will be, it is a good guess that the demand for housing on the North Coast will remain strong and may rise steadily over time as climate refugees seek communities that offer a high quality of life and safety from the fires that have ravaged so many.
Read the full Times Standard Article HERE: