Coming out of the winter, the housing market in Fremont and many other popular place in Bay Area have seen an increase of activities.
Total of 92 listings and average days on market to be 17 days.
Compare with the same time last year:
As we can see, when comparing 1st quarter this year and 1st quarter last year, average home value in Fremont has increase about 7-8% while the inventory remains the same. It means the demand for housing in Fremont area has increased while the supply hasn't.
The below 2 charts shows you the median and average price of Fremont is on an upward trend while days on market on a downward trend. Signaling the market getting intensified as typical seasonal behavior.
Market absorption rate is a measure of how active listings are sold in the current market. An absorption of 20% or higher indicates the seller's market. You can see in January, the rate is about 30-35%, extremely high. It is because there wasn't enough homes listed during the winter and holiday in Fremont area. Now in March, as inventory starts to increase a little, so are the buyers, making the MAR still 20%. Indicating that most of the listings in Fremont are likely to encounter multiple offers.
Is now a good time to buy?
Lets look at a typical Fremont neighborhood: 94539 or around Grimmer ave area. Below are some of the housing stats:
When you look at the medium home value and rental cost in this area, it is much higher than nation's average. The homes here do appreciate!
There are reasons behind the strong housing market that keeps the home price up:
The below chart shows that the unemployment rate are considerably lower and income level here at 94539 are considerably higher than nation's average.
These are the key factors when it comes to how the housing market reacts to economy changes and how it withstand potential job layoffs. It reflects on the crime chart as well. Indicating it is a great place for families.
In summary, Fremont remains a strong market for real estate based on steady job growth, high incomes of residence and its proximity to the high tech companies in silicon valley.
With interest rate still being low and increase of housing demand, Fremont area will continue to appreciate in the near future.
If you are thinking to buy but unsure of how to compete in this seemingly hyper-intense market, don't worry, there are still DEALS out there and people are successfully buying their DREAM HOUSES without having to overbid. Contact me for a free market evaluation and you will feel much better afterwards.