The Median Home Price Continued Growing For Fifteen Consecutive Months, But At A More Moderate Pace

The median home price in California continued growing for fifteen consecutive months, but at a more moderate pace, and is expected to continue moderating for the rest of year. With prices expected to soften and rates likely to normalize by the end of the year, the fourth quarter is a window of opportunity for homebuyers on the sideline to re-enter the market.

Locally, our real estate market typically experiences a resurgence in the fall and winter months - kids are back in school and the focus shifts back to financial goals and year-end tax incentives.  This year is no different, and the recent 0.5% rate cut by the Federal Reserve has created new opportunities for both sellers and buyers. 

Here are a few key trends I'm experiencing in our coastal markets:

- Buyers are drawn towards move-in ready homes rather than those that need remodeling.
- The best properties are absorbed quickly and receive multiple offers.
- A high percentage of transactions are all cash.
- Listings are experiencing slightly longer days on market.
-Successful, timely sales require preparation and proper price positioning to procure offers.

If you're ready to take advantage of the fall/winter market, please reach out. 
As always, I'm happy to answer any questions or comments you have about our local market.

DID YOU KNOW?
A major Lithium find in Arkansas and surrounding states? There could be between 5 - 19 million tons of lithium buried there, enough to meet the projected world demand for lithium car batteries nine times over, and Exxon is leading the charge. Lithium is expensive and rare in part because it is typically difficult to extract. In some areas, extraction has been linked to water depletion and other issues. (USA Today)

DID YOU KNOW?
The bull market has now officially turned 2 years old, creating over $12 trillion in added wealth for U.S. households. The top 10% of Americans — those with a net worth of over $1.8 million — own 87% of all individually held stocks and mutual funds. The top 10% has gained over $10 trillion in added wealth over the past 2 years, and their total wealth now tops $100 trillion — up from $76 trillion before the pandemic.

DID YOU KNOW?
Half (52%) of wealthy Americans do not have the three basic elements of an estate plan, consisting of a will, advanced healthcare directive, and durable power of attorney...and nearly half (48%) of respondents to a Bank of America survey have not considered hard assets, including real estate, art and collectibles and other tangible assets, in their estate plans.  

DID YOU KNOW?
Natural gas prices have dropped notably in the past year and may fall even lower. HOW MUCH lower? A big influx of liquified natural gas supply is coming, and it will transform the global market, bringing about wider implications than previous expansions. This will likely lead to a state of oversupply by the end of 2026 - which will remain until 2030 - with prices possibly moving below double-digits, according to RBC Markets. The US and Qatar are the biggest producers. Lots of electricity is generated via natural gas, so this could also bring down electricity costs. If the electric companies pass on the savings, it will help bring down monthly home costs.  The average home spends around $1,500 per year on electricity, but this varies state by state. (CNBC)

DID YOU KNOW?
There are about 8,000 family offices worldwide. Deloitte estimates that by 2030, this number will soar to 10,720, or over 34%, showcasing how family generational wealth is a BIG growth industry. Preserving and growing this wealth responsibly is the focus, with a mission of not repeating the enormous losses that have happened in the past with unprepared and/or unqualified heirs. (CNBC)