More Good News!
The news continued to be good this past week and month, both for sellers and buyers, as both prices continued to climb and unemployment rates statewide and here in Marin contiued to drop.
A new jobs report brings more good news for the California economy, which will likely translate into continued improvement in our real estate markets.
April saw a large increase in construction jobs, which are now up by almost 45,000 – representing a 7.7 percent year-over-year increase, the latest report from the state Employment Development Department said. There’s also been a surge in residential permits so far in 2013.
Combined with rising Bay Area home prices, this bodes well for continued robust growth in our real estate markets — plus a promise that new inventory may soon be available. That’s good news for all the eager buyers who have tried, and failed, to win the home of their dreams due to the shortage of properties on the market.
It’ll also bring another boost to the economy through the ancillary benefits of new construction, including home-furnishing sales, increased tax revenue, and local transportation projects, said Stephen Levy, director of the Center for Continuing Study of the California Economy.
“The strong construction reports and the importance of construction for jobs and government revenues adds importance to state and regional efforts to remove barriers to new residential construction,” Levy said.
The report also noted a sharp drop in the number of unemployed residents, down by 303,000 over the past 12 months. Overall, California’s April 2013 unemployment rate dropped to 9 percent, down from 10.7 percent a year ago. As good an improvement as the statewide rate is, Marin County continued to set the pace by a wide margin. Again posting the lowest unemployment rate of any of the state's counties, Marin had only 4.6% unemployed, a drop from both the prior month and a year ago figure. This kind of jobs performance can only bode well for buyers--they now can realistically again think about buying a home; and for sellers--with more buyer capable people, the continued pressure is certain to push prices higher. Definitely a good time to get your house listed for sale!
Irrespective of whether you are a buyer or seller, as the above info proves, you need to move as soon as possible! For any help in either area, call Peter or Jane. We'd be happy to help. Our numbers? You know them by now: Peter: (415) 279-6466; Jane: (415) 531-4091. We're expecting your call. If email is your preference, send a msg: email@example.com .