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SANTA MONICA REAL ESTATE SNAPHOT ~ MARCH 2013 ~ CHECK OUT THESE STATISTICS

By
Real Estate Broker/Owner with Sotheby's International Realty

by Jodi Summers

2013 was the best January for Southern California home sales in six years. Fabulously low interest rates have generated a growing pool of buyers chasing a shrinking supply of homes. Buyers are highly motivated. Prices are skyrocketing. Just look at these incredible Santa Monica home price statistics when you compare January 2011 to January 2013:

  • · The median price of sold price is up 66%.
  • · The median price of for sale properties is up 33%.
  • · The number of For Sale properties is down -46%.
  • · The number of New properties is down -12%.
  • · The average days on market is down -21%.
  • · The average months supply of inventory is down -64%.
  • · The number of Sold properties is down -24%.

"Buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly," observes NAR Chief Economist Lawrence Yun. "We've transitioned into a seller's market in much of the country."

Throughout Los Angeles, investors and cash buyers are hovering at near record levels…and the move-up market is posting sizable gains as well. In January, sales of homes priced between $300,000 and $800,000 (a range that includes move-up buyers), increased by 49.6% over the year. Sales of homes priced over $500,000 jumped by 74% year-over-year, while sales of homes priced over $800,000 were up by 84.2% compared with January 2012.

We’re here to help you with your real estate needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.

 

 

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https://www.terradatum.com/cmm/claw

 

http://www.reuters.com/article/2013/02/20/us-usa-economy-idUSBRE91J0OW20130220

 

http://www.santamonicapropertyblog.com/?p=4811

 

http://www.inman.com/news/2013/02/21/january-existing-home-sales-slightly-tight-inventory

 

http://www.dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130213.aspx

 

http://www.dqnews.com/Charts/Annual-Charts/LA-Times-Charts/ZIPLAT12.aspx

 

http://blogs.wsj.com/developments/2013/02/21/housing-its-becoming-a-sellers-market/?mod=WSJ_3Up_RealEstate

 

http://laedc.org/eedge/archive/2013/ee021913.html#1

 

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