Buying a home might possibly be the biggest purchase you ever make. Therefore, it is important that you make sure you are financially prepared for this commitment. Our team at EstaR Mortgage will go through your finances and help guide you throughout the loan process. As your local Alameda mortgage lender, we can inform you on the current residential market, and advise you on when the best time to buy is.
Alameda Market Update
Median Listing Price
According to Realtor.com, the median listing price for Alameda, CA. in March 2015 was $749,000. By the following year, the price rose 6.5% to $798,000. By March 2017, the median price was listed at an all-time high of $889,000. Since then, the price has decreased 8.5%, with the current median price listed as $813,000. If you are in the market for a home and need an Alameda mortgage, now would be the perfect time to buy due to this recent decline in the market. It is inevitable that the housing market will go back up, so buy now before the rates get more expensive.
Median Price Per Square Foot
The median price per square foot has consistently increased over the past three years. In March 2015, the median price was $444 per square foot and increased to $473 the following year. By March 2017, the median square footage price was $509 and by March 2018 the price was at an all-time high of $554. This 24.8% increase from three years ago suggests that the real estate in Alameda is becoming more valuable.
Median Days on Market
Comparing the median amount of time a home is listed on the market from 2015 to 2018 shows that homes have been selling at a quicker rate now than compared to three years ago. In March 2015 and 2016, the median time listed was 46 days and dropped to 42 days by March 2017. Homes are now selling at a median rate of 35 days, which implies the popularity of Alameda is increasing. If you are wanting a new home in this area, you should start looking now before your potential dream home comes off the market.
With this recent decline in listing price, now would be a great time to capitalize on this opportunity and purchase a new home. Contact your Alameda mortgage lender today at 510-463-003 for more information. Our team at EstaR Mortgage would love to work with you and help make your dreams of homeownership become a reality. So don’t wait, call our office today to get started.