If you are thinking about buying a homes in Yucaipa in 2018, there are things that you need to know. Prices continued to rise throughout 2017 with the median sales price increasing 10 percent this year according to N.A.R. statistics, and it appears that trend will continue this year.
What is pushing the market? Stable interest rates throughout the year, a growing economy and an 8 percent decrease in available inventory all factored into the rise in average sales price. It will be important to watch for movement in the home loan interest rates. A significant hike in rates will likely affect the market significantly.
Buying a home in Yucaipa
Yucaipa is known for its quiet, family-friendly atmosphere with a wide variety of homes throughout the city. From the turn of the century craftsman’s, ranch properties and sizeable modern floor plans, the city of Yucaipa has something for every buyer. In 2017, the Yucaipa market saw a decrease in homes available for sale with only 840 properties placed on the market. The availability of homes was down from the 2016 number of 909 properties listed for sale. However, more homes sold in 2017 than the year before. The number of homes sold in 2017 was 704 which was up 1% from the year prior. What does that mean for the buyers in Yucaipa? It says that there was more competition for the best properties available for sale and therefore home values rose.
Zillow’s market research team’s numbers for house for sale in Yucaipa mirror that of the N.A.R. showing an 8% rise in the average sales price for properties sold and they predict that the trend will continue. Zillow predicts that the market in Yucaipa will rise 4.8% in 2018. Overall, all signs point to a healthy market for Yucaipa in 2018.
As mentioned the Yucaipa market has a lot to offer buyers looking for the right home. With prices rising in all the surrounding cities and interest rates set to do the same as well, all signs are pointing to a buy now situation for buyers considering a home purchase in 2018.
Yucaipa home inventory down, number of homes sold is up.
If you thought that the balance could not tip more in the seller’s favor in 2018, you would have been wrong. What is creating this seller’s market? Well, that is a great question and not easily answered. As the Yucaipa market continues to rise from the low point of 2007-2008 Yucaipa is still trying to find the new normal. Yucaipa is not unique, as many of the markets in the local area and the rest of the state are experiencing the same. With sellers being shy about leaving the security of their equity and a surge of millennial buyers trying to move into home ownership the low inventory trend appears to be here for 2018.
The same issues are happing in surrounding cities. The low inventory is pushing buyers to look further and harder for homes that fall into their budget. There just are not enough inventory of homes for their price to fall. Builders are doing their best to catch up, and we see small infield developments popping up in the city with more to come in 2018. With available land at a premium, builders are forced to build smaller tracts. The good news is as these new homes come to the market, they will allow home buyers more options.
When you are ready to explore the Yucaipa real estate market, call the #1 Yucaipa realtors at the KW Results Group at (909) 345-0909.