The American Canyon real estate market got healthier in December as the number of homes sold nearly doubled and the median sales price rose 17.5% month-to-month.
The $490,000 median home price reflects increased first time home buyer demand. This past summer and fall there were fewer big houses on the market driving down the overall average list price and median sales prices. Inventory is a huge concern as of late and American Canyon is no exception. MLS only shows 17 homes on the market. A number of these properties are currently used as a business (group homes for individuals diagnosed with a development disability) or are zoned community commercial. That leaves fewer, true single family residential homes on the market.
This lack of inventory is good for homeowners as they continue to build equity. The city isn’t quite back to 2007 prices but it’s close. If there is a continued lack of inventory look for home prices to go well beyond the expected 5-8% increase this year. The spring selling season will tell us a lot about what the rest of the year will look like.