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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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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Selling Your South Bay Home

Information for South Bay Home Sellers

For quality service on your next South Bay property sale, consider working with The Krystyna Baty Team at Century 21 Amber Realty.  As your seller’s agency we can manage the entire sales process, from listing to negotiations and closing paperwork. We’ll also market your home online so buyers anywhere can easily access it. With our professional assistance, you can relax and get ready to re-invest. Please call (310)918-5027 to schedule Free consulation or to get a Free home evaluation.  Below are the highlights of our proven Marketing Plan –

 

We are committed to selling your property:

  • For the best possible price
  • In the shortest period of time so you get where you want to go on time
  • With the least amount of stress for you
In order to receive top dollar, you need top exposure. Our proven marketing plan provides you with that top exposure.

This includes:

  • Listing your home on the Multiple Listing Service across Southern California

  • Assistance in staging your home for a quick and profitable sale

  • Conduct a multi-channel marketing campaign:

  • Web Marketing: Because over 80% of buyers start their property search online. It’s particularly true her in the South Bay Los Angeles area where many buyers come form out of state.  Your listing will appear on multiple national and international websites to give you 24- hour-exposure.  This aggressive online approach will greatly differentiate you from your competition and bring your property exposure to millions of home buyers every month! Strong advertising dollar is consistently spent to give your property maximum exposure on Google, MSN, Yahoo, AOL search engines

  • Unique website for your home for additional internet exposure and easy access for prospective buyers, such as www.123MainStreet.com
  • Utilize digital photos and online virtual tours and videos
  • Consistently email your listing information to local real estate agents and our Team’s entire database of past clients, buyers and sellers.
  • Conduct print and direct mail advertising
  • E-cards and flyers to potential buyers
  • Installation of a “For Sale” sign
  • Custom property profile flyer
  • Installation of a lockbox
  • Public Open House events – exposing your home to potential buyers
  • Telemarketing to neighbors and potential prospects
  • Weekly status report
  • Verbal feedback provided from showings

 FOR A FREE CONSULTATION PLEASE CONTACT KRYSTYNA BATY – YOUR LOCAL CENTURY 21 EXPERT AT (310) 918-5027 OR VIA E-MAIL AT INFO@ISELLSOUTHBAY.COM

 

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