10/10/2008

Those "Down Home" Prices

Historic Villa Riviera
The saying goes "All real estate is local", but nevertheless we have some national news:


The National Association of Realtors has revised its 2008 median home sales price prediction to a downward fall of 8.3 percent, as opposed to an earlier 2008 prediction of a 7 percent drop in price.


California Association of Realtors reports that the number of sales for October are currently 85 percent above the low from one year ago. In August, the median statewide price was $350,140, about a 40 percent decrease from one year ago. Manhattan Beach and Santa Monica were among the 10 highest median price cities in the state. Mountain View's median home price increased by 17% over last year.


Locally, Los Angeles County, figures for August 2008 for single family homes show a median price of $390,000--down from August 2007 median price of $590,250. Does that mean all houses have dropped $200,000 from last year? More likely, fewer houses in the higher price range have sold than the many distressed properties selling at lower prices, representing a much bigger opportunity for the first time buyers. County-wide, about 450 more single family properties sold in August 2008 than one year earlier, while fewer condos sold in the same time period.


Nationally, "the median resale home price is expected to be $200,700 in 2008 and to rise 2.8 percent next year, while the median new-home price is expected to drop 5.1 percent this year to $234,500 and to rise 2.6 percent next year." (Inman News).


Locally, the median price in August for single family homes in Long Beach zip code 90803 (Belmont Heights, Belmont Shore, Naples, etc.) was $885,000, down about 15% from one year ago, but 90802 (downtown, Alamitos Beach, etc.) actually increased by about 19% from one year ago. Zip code 90805 had a median price of $260,000 with the highest number of sales in Long Beach--50--in August 2008.


For a customized property search, please contact me. It's a good time to buy! If you're a motivated seller, there's very likely a good buyer for your property.


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