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.
The median price of existing homes declined almost 42% from November 2007 to November 2008.
Today the CA median price of a home is $285,600 compared to $350,140 just a few months ago, and compared to $490,511 just one year ago. It's no surprise to anyone 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 California here are the facts:
- Highest priced region November is Santa Barbara Coastal at $1,200,000.
- Lowest median price in November for the state was in the "high desert" at $148,000.
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 a jewel of the California Coast, one of the most spectacular places I've every experienced anywhere. It's easy to see why it's so desirable, irrespective of the economy.
The high desert has experienced a lot of growth in the area of affordable housing, therefore it's one of the areas hit hardest in our state. In addition higher fuel costs added a further burden to these area.
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.
Today's affordability factor for home buyers is 53% one of the highest I've seen in decades. 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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