5/01/2008

Decline is in Sales Volume, Then Prices

1st qtr sales in Long Beach
Follow the pink line to the end of the first quarter--March 31, 2008--to see the continuing trend of sales volume falling at a much steeper curve than sales prices for Long Beach.
Tighter loan guidelines and less available funds for loans keep fiinancing tight for even the most qualified buyers, giving cash buyers a distinct advantage in this market.
The median sales price for Los Angeles County is $431,950, a decrease from February's median of $477,650--this data does not include condos. (These figures are not representative of the average price of homes in all communities, but are priced on homes that actually sold.)
Per California Association of Realtors, the March data is:
Statewide, the 10 cities and communities with the highest median home prices in California during March 2008 were: Newport Beach, $1,198,500; Danville, $990,000; Santa Barbara, $977,500; Redwood City, $872,500; Mountain View, $862,000; San Clemente, $842,000; Sunnyvale, $806,500; San Ramon, $790,000; Redondo Beach, $774,000; San Francisco, $755,000.
In spite of the overall California median price for a single family detached home decreasing to $413,980, 29 percent decrease from the revised $582,930 median for March 2007, some communities have median price gains compared to one year ago: Mountain View, 25.8 percent; Sunnyvale, 15.2 percent; Redwood City 12.9 percent; Yorba Linda, 10.4 percent; San Ramon, 7.6 percent; Ridgecrest, 7.6 percent; Claremont, 6.7 percent; West Hollywood, 3.6 percent; Laguna Niguel, 3.3 percent; San Francisco, 0.7 percent.

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