The Woodland housing remained strong in the third quarter of 2015. Sales and home value both increased, but homes sold at a slower pace compared to the same quarter a year ago. One hundred and seventy (170) homes (detached, halfplex, condos) sold in the third quarter, an increase of 10% from the same quarter a year ago. Home value increased 13% percent from $302,723 in the third quarter of 2014 to $341,113 in the third quarter of 2015. Average square foot price increased seven percent from $176 in Q3 of 2014 to $189 in Q3 of 2015. Homes were on the market on average 44 days, a 7% increase from Q3 2014.
|Number of Sales||154||170||10%|
|List Price (Avg)||$314,010||$351,806||12%|
|Sold Price (Avg)||$302,723||$341,113||13%|
|Days On Market (Avg)||41||44||7%|
|SQF Price (Avg)||$176||$189||7%|
|Rent/ SQF (Avg)||$0.97||$1.00||3%|
Conventional financing for home purchases continues to dominate the market. Roughly half, or 48% of home purchases were made with conventional financing, a 13% decrease from the same quarter a year ago. Cash sales decreased 13% in the third quarter, making up 14% of total sales. While, FHA financing increased 41% from the same quarter a year ago, making up 33% of sales in the second quarter.
Charts: Monthly Data 7/2014-9/2015
Fourth Quarter Outlook
My outlook for the fourth quarter of 2015 predicts the number of sales will be flat. Inventory will remain neutral. The average days on market will increase as the market tests out the new TRID lending rules. And home value growth will slow. Rates on average on a 30Y fixed mortgage in California are currently hovering around 3.7%. Rates will remain low for the remainder of the year.