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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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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