Home Prices Predicted to Rise at Accelerated Rate While Housing Inventory is Sharply Lower

Anian Tunney, Piedmont, CA real estate broker with the Grubb Company notes that a recent survey by Pulsenomics of more than 100 professional forecasters project that national home property values will rise 4.6 percent by the end of the year. Additionally, the California Association of Realtors reports that the median price of an existing, single-family detached home price for February 2013 is 24.2% higher than in February 2012, even though the February 2013 median price is one percent below January 2013.

Tunney noted that according to Ivy Zelman, a known and respected real estate industry expert and chief executive of a research firm with a solid track record, said in an interview on CNBC “I think we are in Nirvana for housing. I’m probably the most bullish I’ve ever been fundamentally. I think home prices could go up for four to six years. Today, the urgency and sentiment toward buying residential real estate is back.” 1749 Trestle Glenn Road in Piedmont is offered at $998,000 on a very large 21,000sf lot located close to the Montclair shopping area.

Tunney stated that according to a recent California Association of Realtors report, housing inventory dropped nearly 39 percent from a year ago. This sharp drop in inventory continued to propel the increase in median sales prices, creating fierce competition for homes, which received an average of 4-5 offers. This increased market competition reduced the amount of time a house spends on the market. In February 2012 a house spent an average of 57 days on the market, while in February 2013 the average days on the market was 34 days, a 41% drop from a year ago.

About Anian Tunney Piedmont CA Real Estate Broker

Anian Tunney is always in the top two in yearly real estate sales for The Grubb Co. in Piedmont Oakland, CA. She is known for her knowledge, experience and networking in the Piedmont community; qualities which are invaluable in finding that special home for her clients. She can be contacted at 510-339-0400 ext 217, and at tunney(at)grubbco(dot)com. Her website is aniantunney.com.

Contact Information
Anian Tunney
The Grubb Company Real Estate Brokers
Oakland, CA 94611
510-339-0400 ext 217
tunney(at)grubbco(dot)com
aniantunney.com
aniantunney.com/blog