A Look at Auburn Real Estate

05 Nov A Look at Auburn Real Estate

As we enter the fall real estate season, the real estate market often shifts into a slower period. Based upon current data, the Auburn real estate market looks to remain healthy overall heading into the final two months of 2015. Here is a brief breakdown on what is happening in Auburn (area 12301).

Looking at overall prices, BOTH the sales price and price per SF graphs are showing a very slight upward trend, which indicates the overall market generally stable at this time. As of Nov 2nd, the median price for Auburn is $396,500 and the average price is $433,503. From July 15th to Sept 15th, the average price per SF was approx. $201 per SF, which is a 4.3% increase over the same time period one year ago.

Auburn Sales – Jan 2015 to November 2015

Auburn Price per SF – Jan 2015 to Nov 2015

Looking at inventory since February, the number of active listings has increased, while pending sales have remained steady and the total number of sales has decreased the last 3 months (graph on left). The graph on the right shows the months of inventory based upon closed sales. As the graph indicates, the months of inventory has increased the last 2 months from 2.3 months of inventory in July to now 3.6 months of inventory in September. I imagine October will see a modest increase as well.

Takeaways?

The increased inventory is likely just a seasonal uptick due to the typical slow down during fall and winter months. 3.6 months of inventory is considered to be a balanced market with demand and supply healthy. The sales chart and price per SF chart further support this trend. The threat of an interest rate hike may have an impact on buyers continuing to search now vs. waiting after the holiday season into 2016. With Janet Yellen’s recent comments about a possible interest rate hike in December, mortgage rates have already reacted with upward momentum the last few days.

Any thoughts or comments?

Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use.  This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. This appraiser is NOT a qualified home inspector and any tips are for informative purposes only. If you’d like to obtain and order an appraisal for your specific needs, please contact Bryan at 530-878-1688 for more information.