Current statistics for the California real estate market are as follows:
The number of sales for March throughout the state for both condos and homes totaled 36,216 up 23.9 percent from the same period last year. That's the good news, however of those sales 57% were foreclosed properties compared to 35% the year before. The good news is this inventory is being absorbed. The bad news is it is artificially dropping prices of homes. The good news is that this increases home affordability thus more people qualify to buy a home. The bad news is if your a homeseller trying to sell your home competing with real estate owned (REO) or foreclosed homes which in many cases are lower in price compared to the typical arms length transaction.
Some additional local stats
Los Angeles county for the month of March sold 5,793 properties in March at a year to year average price difference of -35%
Santa Clarita dropped -24%
Stevenson Ranch -47%
So the bottom line is the news can be good or bad depending on where your at in the real estate equation. If I were thinking of buying I would stop thinking and start acting, this is the time to sieze a good bargain when people are more apt to negotiate and work with you. As the market begins to shore up you will lose the psychological advantage of gloom and doom in the market so buy now when the bargains prevail.
If you would like to know what is going on in your specific neighborhood in terms of statistics and real estate related activity contact our office at 661.713.1749 or e-mail me at pablo@fastappraisals4u.com
FastAppraisals4u.com is a local Real Estate Appraisal firm working throughout the Los Angeles County area. We specialize in the Appraisal of single family homes and can be found on the web at www.fastappraisals4u.com
Source: Dataquick
Copyright 2009 Pablo Santibanez All Rights Reserved
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