1/31/2009

Prices are Down and Sales are Up in Southern California

"While sales from September 2007 through last summer were at the lowest in
at least two-decades, they've been up off the bottom ever since."

That's this month's news from Dataquick: in December '08, sales were up over 32% from one year before. An indicator of who is buying is shown by the current typical mortgage payment: $1239 in December, down from $2060 one year previous (remember these Dataquick figures combine condo and single family sales). Many more first-time buyers are now able to buy, and the opportunity is there through the bank-owned properties, short sales and overall price decline. But when the reports show that the residential market in Southern California, even with much market distress, has been "up off the bottom" since last summer, isn't it time for buyers to sit up and take notice? Most recent info from California Association of Realtors (as of end of 3rd quarter, 2008) shows the buyer affordability index is now up to 53% (it was 24% one year before), and their stats on California's existing home sales, up over 84% in December from one year ago. Statewide, the median home price is $281,100 (contact me for local median home prices in your neighborhood).

For a more specific and free market snapshot report for your zip code or city (including Long Beach, Cerritos, Cypress, Anaheim, Seal Beach, Huntington Beach, Yorba Linda, Bellflower, Whittier, Lakewood, Costa Mesa and 21 other cities in Southern California, contact me or visit my web site at http://www.juliahuntsman.com/.

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