The chart above shows the Tuolumne County Association of Realtors latest stats for the real estate market in Tuolumne County. Where the average sales price has dropped 12% since the second quarter last year. Foreclosures are also way up and the luxury home market has seen a 35% decline in sold prices. It is not surprising given the fact that the Federal Reserve Bank has increased interest rates 10 times in the last year in a effort to bring CPI rate down.
At the same time, we are seeing homeowners insurance premiums skyrocket, specially after the two biggest insurance companies are not writing new policies in CA.
If you are planning on selling a property, pricing your home properly from the very beginning is essential in determining the length of time it will take to sell your home. Basically, the first two weeks that the property is on the market is the most important time for capturing as much interest as possible. If not interest has been generated in the first few weeks, it is likely that the listing may be overpriced.
In addition, the California Association of Realtors shows that the median price for single family homes from May 2022 to May 2023 declined 5.5%. Also, the number of sales declined by 41.3%. However, there has been a shortage of supply of inventory that has also contributed to a decline in the number of sales.
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