Southern California Sellers get “Realistic” and Home Sales INCREASE
Posted by Sean Zanganeh | Visited 390 times, 1 so far today | Currently 1 Comment »
Looking for a home in Southern California? Wondering if the time is right? Well it might be time to start acting because Home Sales are INCREASING. A recent article taken from the Wall Street Journal gives an indicator through statistical information taken from MDA DataQuick, a local San Diego company as to where last months numbers have directed the flow of real estate traffic.
“The research firm reported 20,775 sales of new and resale houses and condos in San Diego, Orange, Los Angeles, Ventura, Riverside and San Bernardino counties in May. That was up 1.3% from the prior month and up 23% from May 2008. “May’s sales were the highest for that month since May 2006, when 30,303 homes sold, but were 21% below the average May sales total since 1988, when DataQuick’s statistics begin,” the firm said.
Sales of foreclosed homes accounted for 50% of all sales in these counties, down from 54% in April and a peak of 57% in February.
Sales of homes at $500,000 or higher accounted for 17% of the May transactions, up from 15% in April. DataQuick said that may partly reflect sellers’ willingness to cut prices on higher-end homes to meet demand.
The median price for new and resale houses and condos sold in May was $249,000. That was a slight increase of 0.8% from April but was still down 33% from a year earlier. DataQuick said the median price hadn’t shown an increase from the prior month since July 2007. Median prices can be skewed by a shift in the types of homes being sold.
“We appear to be in the early stages of the market gradually tilting back toward a more normal balance of sales across the home price spectrum,” DataQuick said. “As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we’ll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose.”
The whole article can be seen at: http://blogs.wsj.com/developments/2009/06/17/sellers-get-realistic-in-southern-california-and-home-sales-increase/
Now ladies and gentleman, with America’s finest city, having homes sold at incredible discounts already, this brings me to no other conclusion that stability is apart of our future… Contact Sean Zanganeh today if purchasing a BEAUTIFUL San Diego Home is in yours.
(858) 229-6063
sean.zanganeh@gmail.com www.seanzanganeh.com
Great article! E-mail and Juju4U@lbj.com