If you're a home buyer in California it's important to have an understanding of our current real estate conditions. For some the "Golden State" may not seem so gold, yet for others CA homes prices in some areas are upper end for coastal communities while others are more affordable inland.
Here's a snapshot of the CA real estate market from CAR, the California Association of Realtors.
Today the CA median price of a home is $350,140, compared to $588,670 just one year ago. It's no surprise this represents a record setting decline in the median price year-to-year.
It's also interesting to know that by mid-year 2008 72% of the total sales statewide were under $500,000, hence the lower median price. It's something we've also noticed in our own brokerage in So Cal. As the broker and owner, I track our numbers on a regular basis and I've watched our median price drop in our own local market in Orange County.
As for the two extremes in the state here are the facts:
As a CA REALTOR this was not surprise. The facts were pretty much the same the past few years for the highest and the lowest priced areas in our state.
Santa Barbara is one of the most beautiful places I've experienced in CA so it's easy to see why it's so desirable. And it seems to me like I remember hearing a few years back the Santa Barbara coastal region had a median price of over $1,200,000 million dollar range at that time. And that was the median price. Maybe that's why Oprah chose this area for an estate of her own.
The high desert has experienced a lot of growth in the area of affordable housing, therefore it's one of the hardest hit areas in our state. With the added burden of high gas prices. commuting is not always an option, further adding to the problem.
With all that said California remains a great place to live for many of us. Is it crowded? In many places, yes. Do we continue to have some of the highest prices nationwide? In many places yes. Do we have year-round outdoor enjoyment? In most places, YES.
If you're a home buyer interested in California real estate, it's important you work with a local REALTOR. You need a professional who understands your local market. If you would like a personal recommendation of a knowledgeable in your neck-of-the-woods, contact me at Lynda@PreferredHomeBrokers.com.
The professionals at Preferred Home Brokers have been serving home buyers for more than 25 years. Preferred Home Brokers CA Department of Real Estate License #401040.
Data source: The California Association of REALTORS, a professional trade organization.
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Lynda - a nice summary of the overall conditions in CA. It is good news that affordability has improved in many areas, but while the droip is significant our MDN is still well above so many places. It is data like this that point out how important it is to work with a local REALTOR like you who knows the community and the market conditions.
Jeff