San Gabriel Valley Home Sales:
Market Predictions For 2015
Zillow’s Chief Economist Sees A Calmer, More Solid Market In The Coming Year
As we come to the end of 2014 people are wondering just what to expect from the coming year. Will 2015 see a re-birth of the crazy and volitile market action of 2013? Or will we see a continued calming of the waters? 2014 has seen a slowing of the insane action of 2013, and that type of “market solidifying action” is generally what we’re expecting in 2015.
For instance, the figures for Median Prices in California show an incredible 27.5% increase in 2013. This year that slowed to a more reasonable, but still very large 11.8%. The California Association of Realtors is predicting that 2015 will see a still positive, but much more normal rate of increase at 5.2%.
L.A. Times Dec. 2, 2014 6 AM
“In his predictions for 2015, Zillow chief economist Stan Humphries said he expects home values to rise 2.5% next year — positive territory but well below the 6% clip seen over the last 12 months. That slower pace, coupled with home builders shifting to construct more houses at lower price points than they have been, should help pull more first-time buyers into the market.” …
A More Reliable And Stable San Gabriel Valley Home Sales Market Seen For 2015
Yes, the real estate market is slowing down. And, yes, this is actually good news. As counter-intuitive as that might seem, rapidly moving and volitile markets provide opportunities for speculators, but actual buyers and sellers are better served by reliable, solid markets built on solid foundations. That type of “foundation building” is what we’ve been seeing the market do recently, and the more “normal” type of market action is what we can now expect for the coming year. The reverberations of the giant crash of a few years ago seem to be shaking themselves out, leaving calmer waters to navigate in the immediate future. This is good news for both buyers and sellers.
From Brion Costa, as well as the rest of us here, we wish you and yours a joyous Holiday Season and a Happy New Year!