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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