Woodland Housing Market Report Q2 2015

Market Snapshot

The Woodland housing market showed strong growth in the second quarter of 2015. Sales and values both increased and homes sold at a faster pace compared to the previous quarter. A total of 162 homes (detached, halfplex, condos) sold in the second quarter, an increase of 30% from the first quarter. Values increased three percent from $312,676 in the first quarter to $322,718 in the first quarter, and are up eight percent from Q2 2014. Average square foot price increased nine percent from $173 in the first quarter to $189 in the second quarter. Homes were on the market on average 36 days, a 37% decrease from the previous quarter.

Woodland, CA Q1 2015 Q2 2015 Q2Q
Number of Sales 125 162 30%
List Price (Avg) $318,548 $330,579 4%
Sold Price (Avg) $312,676  $322,718 3%
Days On Market (Avg) 57 36 -37%
SP%/LP% (Avg) 98.0% 98.8% 1%
SQF Price (Avg) $173 $189 9%
Rent/ SQF (Avg) NA $0.75 NA
Short Sales 10 6 -40%
Sold Price (Avg) $283,650 $239,425 -16%
REO Sales 11 2 -82%
Sold Price (Avg) $224,355 $258,427 15%
Condo Sales 4 10 150%
Sold Price (Avg) $141,000 $189,805 35%
Financing
Conventional 49% 49% 1%
Cash 15% 17% 14%
FHA 23% 28% 22%
Other 13% 5% -61%

Distressed Sales

Distressed property sales–short sales and REO’s– made up only 5% of total sales in the second quarter a 12% decrease from the previous quarter. Short sales dropped 40% in the second quarter to six from 10 in the first quarter. The average sale price for short sales was $239,425. REO sales dropped off by more than 80% in the second quarter to two from 11 in the previous quarter. The average sale price for REO’s was $258,427.

Financing

Roughly half, or 49% of home purchases were made with conventional financing, no change from the previous quarter. Cash sales increased 14% in the second quarter, making up 17% of total sales. FHA financing increased 22% from the previous quarter, making up 22% of sales in the second quarter.

Market Outlook

The number of sales will slightly decrease. Inventory will will remain flat. The average days days on market will slightly increase and home values will remain flat. Rates on average on a 30Y fixed mortgage in California are currently hovering around 3.8%. Rates have been below 4.0% since October of last year. The Fed is indicating an increase in rates is on the horizon.

By Ken Konecny, REALTOR®

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