Welcome to another monthly market recap. January comes to a close, and it’s time to take a look at the market statistics. This month there were a total of 25 sales in Mountain House. The median sale this month was a 4 bed/ 3 bath home at 2481 square feet for $426,000. While this sale is in line with previous months, there are some other changes taking place.
Right now homes are sitting on the market about 1-2 weeks longer than previous months. The average days on market is 37 days, with a range from zero days on market to 113 days. This is typical for winter months, as there are less buyers looking to move. Typically most families move during summer months to reenroll their kids for the fall semester.
That being said, the range of homes sold was very evenly spread out. Four condos sold, four 3-bedroom single family homes sold, 12 4-bedroom single family homes sold under 3,000 square feet, and four 4-bedrooms above 3,000 square feet sold. As usual the smaller 4 bedroom homes are still the most popular sale.
As I reflect on prices, it looks as if the condos are still very low in price comparable to the single family homes. With the HOA litigations against Cambridge Place coming to an end, we are sure to see a sharp rise in condo prices. Finally, those buyers who would like to purchase a condo with a loan can do so.
The other major player in the real estate market, the FHA loan limit, is starting to take effect. We will be watching to see what happens with prices of the larger homes, as FHA buyers can now only borrow up to $304,000. It will be interesting to see. Until next month, Caio.