California November 2013 Home Sales

graph-for-market-reportAn estimated 33,429 new and resale houses and condos sold statewide last month. That was down 8.3 percent from 36,468 in October, and down 10.8 percent from 37,481 sales in November 2012, according to San Diego-based DataQuick.

November sales have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month’s sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988, when DataQuick’s statistics begin. California sales haven’t been above average for any particular month in more than seven years.

The median price paid for a home in California last month was $360,000, up 0.8 percent from $357,000 in October and up 23.7 percent from $291,000 in November 2012. Last month was the 21st consecutive month in which the state’s median sale price rose year-over-year, and the 12th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.7 percent in October and down from 16.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 12.3 percent of the homes that resold last month. That was down from an estimated 12.4 percent the month before and 26.2 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month’s payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle’s peak in June 2006. It was 54.5 percent above the February 2012 bottom of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

If you’re considering selling your home in the next few months and would like to know what your South Bay home is worth, whether you live in one of our Beach Cities, Torrance, Redondo Beach or any South Bay area, please contact me anytime at (310)918-5027 or click here to get a Free online home value report, delivered to your e-mail.

Source: DataQuick; DQNews.com

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South Bay Home Values Are Rising

South Bay real estate market is changing.  After a long period of sliding home prices, we finally see prices stabilizing and rising.  This is a welcome news for homeowners and potential home sellers.

Foreclosure numbers are down and overall inventory of homes for sale is extremely low.  A lot of buyers who sat on sidelines, are now getting back in the market, creating more demand.  Prices are not going down anymore and it really seems to be a great time to buy, according to many experts.  Interest rates are very low.  Low home prices and interest rates will not last for long.  A lot of buyers see that, which results in low inventory and multiple offer situations whenever a good listing hits the market.

We’re hoping that this new year 2013 will bring lasting real estate recovery!

If you’d like a Free home evaluation of your home, contact me anytime 310-918-5027 or info@isellsouthbay.com.

 

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Southern California Real Estate Market Recovering

The Southern California real estate market continued its move towards recovery in May, when the median sale price rose year-over-year for the second consecutive month, reaching a 20-month high. Home sales increased across the region but the gains were highest in coastal areas, where move-up markets have picked up steam, a real estate information service dqnews.com reported.

     The median price paid for a home in the six-counties of So Cal rose last month to $295,000, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 a year ago.

     Last month’s median was the highest since the median was $295,500 in September 2010. The year-over-year gain in the May median followed a 3.6 percent annual increase in April. Before then, the median had fallen year-over-year for 13 straight months.

     The rise in the median price is the result of higher demand and two other trends. First, there’s been a significant drop in the share of transactions that are foreclosed properties, which tend to sell at a discount and be concentrated in lower-cost areas. Second, a greater portion of sales are occurring in the higher-cost coastal markets. Last month, for example, sales in San Diego, Orange, Los Angeles and Ventura counties represented about 70 percent of all activity, up from 67.6 percent a year ago.

     May’s total  sales in the region increased by almost 21 percent compared with a year ago.  Activity and sales rose as well.But the gains were strongest above $300,000. The volume of transactions in lower-cost markets has been restrained by, among other things, the decreasing

      Last month’s $295,000 median sale price was 41.6 percent below the $505,000 peak in mid 2007. It was 19.4 percent above the Southland’s low point for the current real estate cycle – $247,000 in April 2009.

In May, a total of 22,192 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 15.1 percent from 19,284 in April, and up 20.6 percent from 18,394 in May 2011.

Home sales typically rise between April and May, with that increase averaging 6.7 percent since 1988, when DataQuick’s statistics begin.

On a year-over-year basis, Southern California residential real estate sales have increased for five consecutive months, with last month’s 20.6 percent annual gain the largest in the series. Sales have also increased year-over-year in nine out of the last ten months.

The month-to-month and year-over-year increases in sales last month would not have been as great if this May hadn’t had one extra business day on which sales could close. While last month had 22 business days, this April and May 2011 had 21 business days.

Last month 22.4 percent of all Southland sales were for $500,000 or more, up from 21.0 percent in both April and a year earlier. The share ofr luxury home sales (above $500,000) was the highest since July 2010, when they also made up 22.4 percent of the market.

Distressed sales – the combination of foreclosure resales and short sales –accounted for 44.8 percent of last month’s resale market. That was the lowest level since the figure was 44.4 percent in March ’08.

Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 26.7 percent of the resale market last month, down from 28.8 percent in April and 33.2 percent a year earlier. Last month’s figure was the lowest since foreclosure resales were 24.3 percent of the resale market in December ’07.

Short sales (pre-foreclosures) made up an estimated 18.1 percent of resales last month. That’s unchanged compared with the month before and up from 17.8 percent a year ago.

Credit remained tight last month in an historical context, though the share of purchase loans that were in the “jumbo” category edged higher.

Please contact Krystyna Baty for a complimentary home evaluation report.  Call 310.918.5027 or email info@southbayhousevalues.com

 

 

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Southern California Real Estate Market Update

Home sales in Southern California shot up again in March 2012 when compared with the same period 12 months ago.  Median price dropped by 4.4 percent in Los Angeles county, but went up in other counties – Riverside and Ventura.  Below is the chart illustrating in detail the home sales and median prices in all Southern California counties:

Sales Volume Median Price
All homes 11-Mar 12-Mar %Chng 11-Mar 12-Mar %Chng
Los Angeles 6,590 6,772 2.80% $320,000 $306,000 -4.40%
Orange 2,615 2,856 9.20% $430,000 $400,000 -7.00%
Riverside 3,843 3,756 -2.30% $198,000 $200,000 1.00%
San Bernardino 2,544 2,512 -1.30% $150,000 $150,000 0.00%
San Diego 3,063 3,237 5.70% $325,000 $320,500 -1.40%
Ventura 757 820 8.30% $349,000 $350,000 0.30%
SoCal 19,412 19,953 2.80% $280,500 $280,000 -0.20%

Please contact your local Realtor – Krystyna Baty – at (310)918-5027 or via email at info@isellsouthbay.com for your local market update or Free home evaluation and Seller Consultation.  Ask me about our Century 21 worldwide marketing platform.

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Los Angeles County Real Estate Sales and Prices

South Bay and Los Angeles county real estate market is changing.  The inventory is very low but, despite the constraints of the low levels of homes available for sale, home sales are up.  Multiple offers on well priced homes are common again.

If you’ve been holding off with putting your house for sale, right now might be a good time to do it.  Since every market is different, you’ll need a Realtor to evaluate your local market.

 

 

Here are the latest statistics for Los Angeles county:

Sales Statistics             for LOS ANGELES County CA
Realist’s most recent sale date for LA county is  04/24/2012
Single Family Residence
Time Period Number of Sales Median Sale Price
Mar 2012 4,660 $318,000
Mar 2011 4,532 $325,000
Feb 2012 3,673 $306,000
Feb 2011 3,270 $320,000
2012 YTD 13,887 $311,000
2011 50,590 $320,000
Condominium
Time Period Number of Sales Median Sale Price
Mar 2012 1,529 $272,000
Mar 2011 1,593 $300,000
Feb 2012 1,189 $275,000
Feb 2011 1,109 $300,000
2012 YTD 4,512 $266,000
2011 16,024 $287,500

Call 310.918.5027 or email info@isellsouthbay.com for your local market report or your Free home evaluation.

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So Cal housing market posted the highest number of February home sales in five years

Home sales in Southern California went up by 8.4 percent in February when compared to same period a year ago.  Total sales are the highest in five years.  Prices are still down but the rate of decline is slowing down.  Higher sales and low inventory usually lead to higher home prices

Distressed sales have also declined, although they continued to make up more than half of the resale market in Southern California.

 Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 32.5 percent of the resale market last month, down from a revised 32.6 percent in January and down from 37.0 percent a year earlier. Foreclosure resales hit a high for the current cycle of 56.7 percent in February 2009 and a low of 31.6 percent last November.

 Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 20.5 percent of Southland resales last month. That compares with 21.1 percent in January and 19.7 percent in February last year.

Sales Volume Median Price
All homes Feb-11 Feb-12 %Chng Feb-11 Feb-12 %Chng
Los Angeles 4,736 5,261 11.1% $315,000 $299,000 -5.1%
Orange 1,903 1,904 0.1% $410,000 $388,500 -5.2%
Riverside 2,842 3,011 5.9% $195,000 $193,000 -1.0%
San Bernardino 1,974 2,082 5.5% $150,000 $148,000 -1.3%
San Diego 2,330 2,709 16.3% $308,000 $305,000 -1.0%
Ventura 584 606 3.8% $345,000 $325,000 -5.8%
SoCal 14,369 15,573 8.4% $275,000 $264,750 -3.7%

Each market is different.  If you’re wondering what your property is worth in today’s market, please contact Krystyna Baty Reeal Estate Century 21 Team at (310)918-5027 or via email, and we’ll provide you with a Free Home Market Evaluation.   Or, you may fill out the Home Evaluation Form.

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South Bay CA Median Home Sale Price Report

This report is for selected South Bay cities.  It shows median home prices for sales recorded in January 2012 and price changes of the year over year basis.  Median prices in South Bay area dipped in 29.66 percent in Hermosa Beach,  6.74 percent in Torrance, 13.58 in Redondo Beach.

Please refer to the table below to view detailed information on median sale prices,  prices changes for selected areas in the South Bay:

County/City/Area # Sold Jan 2012 Jan 2011 % Chng Yr-to-Yr
HERMOSA BEACH 13 $765,000 $1,087,500 -29.66%
MANHATTAN BEACH 18 $1,400,000 $1,500,000 -6.67%
RANCHO PALOS VERDES 22 $737,500 $740,000 -0.34%
REDONDO BEACH 52 $569,500 $659,000 -13.58%
TORRANCE 86 $429,000 $460,000 -6.74%
SAN PEDRO 38 $272,500 $337,500 -19.26%

Please contact Krystyna Baty at (310)918-5027 or via email info@southbayhousevalues.com  if you want a Free home evaluation and your specific area report.

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Southern California January ’12 Home Sales and Prices

The Southern California real estate  market started 2012 with slightly higher sales and slightly lower prices.

DataQuick, San Diego reported that a total of 14,523 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 24.5 percent from 19,247 in December, and up 0.4 percent from 14,458 12 months ago.

Sales have increased year-over-year for five of the last six months. The sharp sales decline from December is normal for the season. Last month’s sales count was 17.8 percent below the 17,671 average for all the months of January since 1988.

The median home selling price  last month was $260,000, down 3.7 percent from $270,000 for both December and January last year. The median was the lowest since $249,000 in May 2009. The median’s low point for the current real estate cycle was $247,000 in April 2009, while the high point was $505,000 in mid 2007. The peak-to-trough drop was due to a decline in home values as well as a shift in sales toward lower-cost homes, especially inland foreclosures.

Distressed sales made up more than half of January’s resale market.

Foreclosure resales – properties foreclosed on in the prior 12 months – made up 32.6 percent of resales last month, up from a revised 32.4 percent in December and down from 36.8 percent a year earlier. Foreclosure resales hit a high of 56.7 percent in February 2009 and a low of 32.8 percent last June.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.3 percent of Southland resales last month. That was a high for the current real estate cycle and compares with 19.6 percent in both December and January 2011.

Meanwhile, credit conditions remained tight.

Adjustable-rate mortgages (ARMs) accounted for 6.0 percent of last month’s Southland home purchase loans, down from 6.4 percent in December and 7.0 percent a year ago. Since 2000, a monthly average of about 35 percent of purchase loans were ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 13.6 percent of last month’s purchase lending, down from 15.2 percent in both December and a year earlier. In the months leading up to the credit crisis that struck in August 2007, jumbos accounted for 40 percent of the market.

Absentee buyers – mostly investors and some second-home purchasers – bought a record 26.8 percent of the Southland homes sold in January, paying a median $193,500. The Inland Empire saw absentee purchases rise to a record 33.6 percent of all sales. Since 2000, the Southland’s absentee buyers purchased a monthly average of 16.9 percent of all homes sold.

Cash purchasers accounted for a near-record 31.4 percent of January home sales, paying a median $199,000. That was up from 29.8 percent in December, and up from 30.4 percent a year earlier. The 10-year monthly average for Southland homes purchased with cash is 15.1 percent. Cash purchases are where there was no indication in the public record that a corresponding purchase loan was recorded.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 31.2 percent of all purchase mortgages in January. Last month’s FHA level was up from 30.7 percent in December but down from 33.2 percent in January 2011. Two years ago FHA loans made up 35.0 percent of the purchase loan market, while three years ago it was 38.9 percent.

Last month 16.0 percent of all sales were for $500,000 or more, down from a revised 18.4 percent in December and down from 18.3 percent a year earlier. The low point for $500,000-plus sales was in January 2009, when only 13.8 percent of sales were above that threshold. Over the past decade, a monthly average of 27.2 percent of homes sold for $500,000 or more.

Viewed differently, Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 35.1 percent of total sales last month. That was down from 36.4 percent in December but up from 33.6 percent a year earlier. Over the last 10 years, those higher-end areas contributed a monthly average of 36.7 percent of regional sales. Their contribution to overall sales hit a low of 26.2 percent in January 2009.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Foreclosure activity in So California remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported. 

Sales Volume Median Price
All homes Jan-11 Jan-12 %Chng Jan-11 Jan-12 %Chng
Los Angeles         4,908      4,997      1.8%   $300,000   $289,000     -3.7%
Orange              1,929      1,872     -3.0%   $415,000   $392,000     -5.5%
Riverside           2,738      2,684     -2.0%   $190,000   $180,500     -5.0%
San Bernardino      2,085      2,051     -1.6%   $151,500   $150,000     -1.0%
San Diego           2,248      2,358      4.9%   $304,000   $305,000      0.3%
Ventura               550        561      2.0%   $350,000   $322,500     -7.9%
SoCal              14,458     14,523      0.4%   $270,000   $260,000     -3.7%
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California Home Sales Up In December ’11

California home sale last December showed encouriging signs of improvement.

An estimated 37,734 new and resale houses and condos were sold in California in December 2011. That was up 15.5 percent from 32,669 in November, and up 4.2 percent from 36,215 for December 2010. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,063.

The median price paid for a home in December was $246,000, up 0.8 percent from $244,000 in November, and down 3.1 percent from $254,000 for December 2010. The median has decreased on a year-over-year basis for the last fifteen months. The bottom of the current cycle was $221,000 in April 2009. The peak was $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – once again made up more than half of California’s resale market.

Most positive sign for the California real estate market is the drop in foreclosures on the year over year basis. Of the existing homes sold, 34.2 percent were properties that had been foreclosed on during the past year. That was up from 32.9 percent in November but down from 38.1 percent a year earlier. The all-time high for foreclosure resales was 58.5 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 20.0 percent of resales last month. That was the same as in November but up from 17.8 percent in December 2010. Two years ago short sales made up an estimated 17.0 percent of the resale market.

Data in this article is based on real estate research reported by DataQuick, based in San Diego.

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