Long Beach/Southern California Real Estate: Sales Volume, But Not Price, Down in Los Angeles and Orange Counties in 2018

1/25/2019

Sales Volume, But Not Price, Down in Los Angeles and Orange Counties in 2018

Los Angeles County Median Sales

One of the most immediately noticeable things about the two charts is the decline in number of sales in both Los Angeles County and Orange County in 2018 compared to 2017.
LA County sales for both single family homes and condominiums declined about 40 percent in 2018, and the same for Orange County.

Yet the median sales prices increased.

The price increase is also predicted for 2019, at a lower rate in some price categories. The market under $600,000 continues to be the most competitive and sells more quickly.

Interest rate hikes are likely to be left alone for a while, and the Mortgage Bankers Association currently reports the highest level of mortgage applications since 2010.

In the continuing competitive real estate environment, buyers must be totally prepared with a complete loan pre-approval from a qualified lender, while sellers are advised to be realistic in pricing of properties.