Real Estate Trends Bode Well for Whittier!
As real estate inventories continue to shrink, homes for sale throughout California are seeing fewer days on market! The latest data from the California Association of Realtors shows the pace of home sales at their highest level since 2009. Statewide, the days on market averaged a brisk 46.6 in May 2012, compared to 52.0 a year ago.
Los Angeles metro sales are up 18.2% from a year ago, with median home prices holding steady at about $289,280. Median home prices in the Los Angeles area are up by 4.6%. Prices in the outskirts of Los Angeles County have been slower to increase.
An eye-opener for home buyers is the competition that exists in the most affordable price ranges. Homes under $500,000 are in the highest demand, though all price levels have seen increased activity from a year ago. Here's the current relationship between home prices and supply:
- Homes under $300,000 = 3.2 months supply
- Homes under $500,000 = 3.4 months supply
- Homes under $750,000 = 3.4 months supply
- Homes under $1,000,000 = 4.5 months supply
A year ago, supply averaged 5.1 months to 7.2 months for these price ranges, with the top pricing tiers having the greatest supply. What's changing today is that trade-up buyers are re-emerging, and many of them are joining first-time buyers in the quest for homes in mid-range pricing.
The decline of distressed property inventory is also contributing to firmer home prices. Combined sales of bank-owned homes and short sales accounted for 40.7% of the California real estate market in May 2012, down from 49% a year ago. While this may be disappointing for real estate investors, it's good news for homeowners!
Are you getting ready to buy a home? Let us help you! At the Domis Team, we can help with your Whittier home search and your home ownership goals! Whether you're ready to buy, or just getting started, contact us today for the local expertise you can count on!
The Domis Team
Prudential California Realty
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