Buyers if you want to buy before prices go up much more, then now is still the time!
Even thought the market is on a very long road to recovery, homes are selling as we speak with prices going up even if it is marginal. According to DataQuick the average sales price paid for a home here in Southern California was $285,000 for the month of April in comparison to $247,000 in April of 2009. So, we are seeing an upward swing in prices.
Foreclosures made up 36.4% of home sales for the month of April 2010.
Mostly people who want to flip homes or investors/second home purchasers made up 22.5% of the home sales according to DataQuick. Homes are being flipped more and more by investors. Last year at this time only 1.3% of homes were flipped, but this year at this time it is up to 3.8% in Los Angeles County. I have seen more and more homes being purchased at foreclosure sales by investors and then put back on the market sometimes making the investors a hefty profit. Non-owner occupied buying is found to be above average at this time due to the prices and interest rates.
| Sales Volume | Median Price | |||||
| All homes | Apr-09 | Apr-10 | %Chng | Apr-09 | Apr-10 | %Chng |
| Los Angeles | 6,425 | 6,688 | 4.1% | $300,000 | $329,500 | 9.8% |
| Orange | 2,391 | 2,669 | 11.6% | $380,000 | $430,000 | 13.20% |
| Riverside | 4,469 | 4,117 | -7.9% | $180,000 | $195,000 | 8.3% |
| San Bernardino | 3,130 | 2,744 | -12.3% | $138,500 | $150,000 | 8.3% |
| San Diego | 3,375 | 3,292 | -2.5% | $290,000 | $325,250 | 12.20% |
| Ventura | 724 | 789 | 9.0% | $340,000 | $382,000 | 12.40% |
| SoCal | 20,514 | 20,299 | -1.0% | $247,000 | $285,000 | 15.40% |
Source: DataQuick
Joan Patterson, B.A., G.R.I, A.S.P., Realtor, License #01431647
Keller Williams Realty
www.inlandempirehouse.com
www.calljoan4homes.com
951-204-1864
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