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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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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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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