Weekly Magalia Real Estate Update

Slowly but surely, things are starting to pick up in the Magalia real estate market. Over the last few weeks, we have seen a very gradual increase in activity from week to week. This past week was no different, with 5 Magalia properties going under agreement and another 6 Magalia properties closing escrow. There were only 11 new properties that hit the market in Magalia which is a sign that the pace of inventory growth may be slowing. There was also a decrease in the number of price reductions this past week in the Magalia real estate market with only 8 existing listings altering their price. For the third week in a row, the category of real estate that continues to receive the most activity in Magalia are those single family properties priced between $350,000 and $450,000 with 20% of the total properties in that category currently under agreement.