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Julia Huntsman, REALTOR, Broker |
www.juliahuntsman.com |
562-896-2609 |
California Lic. #01188996

Where Do U.S. Cities Rank on Vacancy Rates?

Jacaranda Trees in Stearns Park, Long Beach

The percentage or number of vacant properties in a region may indicate how easy or tough it is to buy or sell there, with higher vacancy rates usually meaning a buyer has an easier time of negotiating with the seller, but there are certain factors to take into account.  Lending Tree ranked the nation's 50 largest metro areas based on vacancies, and came up with some interesting numbers. Some, but not all, areas with more vacancies are more affordable than others.

Miami, Orlando, and Tampa in Florida have the highest vacancy rates, but those vacancies are also based on those areas being second home destinations, meaning they are not occupied all the time and therefore push up the percentage rate on vacancies.   San Jose, Denver and Minneapolis have the lowest vacancy rates in the nation--they have strong job markets combined with an influx of millennial buyers, factors which help sellers sell, but make tougher conditions for young homebuyers.
The next four cities with the lowest vacancy rates are Salt Lake City, Portland (Oregon), San Francisco and Los Angeles with 5.55% to 5.85% vacancy rates.

But a homebuyer might want to skip Florida, and head straight to Las Vegas, which has a 14.56% vacancy rate (4th highest in the nation on this survey) and a median home price of $212,300.  And speaking of median home prices, the lowest in this survey is in Buffalo, N.Y., at $135,000, with a vacancy rate of about 9%, which is the national average.

So while prices, and rents, are high on the west coast, if you are able to give yourself options, consider an area on this Lending Tree list.  It may not have the weather of the West Coast, but then that's why so many people have flocked here for generations, and created all that homebuying competition.
If you still think you'd like to consider a home in the Long Beach/Los Angeles metro area, I can help you with that, just go to www.juliahuntsman.com and search for a property! Or contact me by text or phone, or email! I have 25 years of experience to help you with.

Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996

Housing Market Review, Fewer Sales and More Listings on the Market

Sales volume down in So Calif

As one can see from the slide (presented at 2/27/19 talk by Joel Singer, CEO of California Association of Realtors) to the right, sales volume locally (and elsewhere) is down, and has been for some time--since April of 2008.

Another example of reduced 2018-2019 sales volume in Los Angeles and Orange Counties are in the two charts showing reduction by about 37% compared to January 2018 in LA; reduction by about 35% in OC. The median price for OC home declined $35,000--median price in LA stayed the same. INTERESTING!!

Sales volume change in Los Angeles County

Sales volume change in Orange County

 







In Long Beach, sales volume decreased about 5% in one year. The City of Orange had a 12% decrease in sales. But year-over-year median price home prices increased in Yorba Linda, Norwalk, Garden Grove, and elsewhere, whereas Long Beach/Lakewood have decreased by lesser amounts in price.

The essential points presented last week were:
"• Housing market conditions continue to soften | • Sales down double-digits despite recent decline in interest rates | • Price growth remains near lowest level since early 2012 | • Fundamentals are still solid | Window of opportunities for buyers"

The good news for buyers is that inventory statewide is the highest in almost 3 years.  Buyers and sellers have become so accustomed to a history of lowered inventory, it's time to be reminded that a normal market is about 6 months of inventory--we're still not there! The lowest price segment of $200,000 and lower has not seen an increase, however, and many buyers need that price point.  Long Beach in February, for example, had 2.5 months of inventory for single family homes, and that was a 38% increase over one year ago. We still need more units on the market.  The biggest recent increase of active listings on the market is in the Bay Area, 57% higher than last year.

Advice for sellers is to be reasonable in your asking prices, it's still a very good time to sell.  Buyers may take some encouragement as the inventory comes up!



Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996