March Real Estate Update

California ranks as the second least affordable state for millennial homebuyers behind Hawaii, with mortgage principal and interest payments accounting for more than one-third of the average household income. According to the California Association of Realtors’ most recent Housing Affordability Index, 31 percent of the state’s residents — regardless of age — could afford to purchase the median-priced single-family home in the fourth quarter of 2017, compared with 58 percent nationwide.

As for Alamo, the median sale price went up year over year by 6% from $538,000 to $572,500.
Sold properties were up year over year by 2% from 45 to 46.
Properties under contract went up year over year by 45% from 42 to 61.
New properties went up year over year by 11% from 63 to 70.
For sale properties also went up year over year by 10% from 105 to 116.
Expired properties went up by 57% from 7 to 11.
The average days on the market went up by 17% from 18 to 21.