Real Estate Update for Whittier Home Sellers!
There’s some good news for Whittier home sellers: according to the California Association of Realtors, median home prices statewide increased to $308,050 during April 2012. This is a price increase of 5.7% from the prior month, and an increase of 4.7% from a year ago.
California median home prices have not been above $300,000 since December 2010.
One of the drivers behind price improvement is the reduction in distressed properties.Short sales and bank-owned properties accounted for 42% of total home sales in April 2012. A year ago, distressed properties accounted for 47.7% of the market.
Here in Los Angeles County, total sales activity increased 1.3% from a year ago, though the median home price of $289,700 is a bit softer than the California average. The average time a home spends on market has improved, with homes showing 54.8 days on market for April 2012, down from 55.5 in April 2011.
We are also seeing a reduction in the number of homes on market from a year ago, and shrinking home inventories have contributed to firmer prices. On the average, demand is highest for homes listed under $500,000. Current statewide inventories are running just under a 4 month supply in this price range. Last year, we had about 5 and ½ months of supply. In all price ranges, inventories have declined from a year ago.
The tighter supply, combined with a reduction of distressed properties and an improving economy, have real estate analysis optimistic about the housing market. However, the fact that distressed properties still account for 42% of the market is a reminder that future home prices will have a very gradual rise. Much depends on the volume and handling of distressed properties that remain in lender’s pipelines.
What does this mean for Whittier home sellers? The value of your Whittier home is always affected by the most recent sales of similar homes in your neighborhood. As your Whittier real estate professionals, we can show you the latest market data and evaluate your home value. When you decide to sell, you can trust our local market expertise for a sales strategy that works!
If you are thinking of selling your home, or you just have a few questions, contact us today! Our friendly real estate professionals are ready to help you!
The Domis Team
Prudential California Realty
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Our prior blog from April 24 talked about changes to the 
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According to the latest data from the California Association of Realtors, Los Angeles County experienced a double-digit gain in sales activity from February to March 2012. March sales activity was up by a robust 25.5% in a month-to-month comparison. March 2012 real estate sales are also up 1.2% from a year ago.
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