Median price has increased at an average rate of $1,636 ( 1.06%) per month over the last 13 months. The rate of increase in median price (see graph) is in slight decline in the short run. The market is tighening in terms of demand and supply (absorption and supply/demand ratio in decline).
With inventory levels currently at 407 active residential units, and 125 pending sales, we should see prices increasing over the next quarter.
I would like to share a great article by Sean O’Toole’s 2013 forecast for the California Real Estate Market. Let me know what you think.