If you own real estate at the beach, life is like a holiday by the sea, today is good, tomorrow even better. As you enjoy the ocean, the equity just keeps on rising. Figure if California real estate is strong, coastal real estate is stronger. And, BTW, California real estate is good. We will soon be seeing more property millionaires.
The California Association of Realtors reports that the July year-over-year statewide median price increased by 29.8% to $433,760 (rah! Rah! RAH!). California strong. By, comparison, the national median price for an existing single-family home in 2Q 2013 was $203,500 - up by 12.2% from a year earlier.
Here at the end of the 10 freeway, the median asking price for Santa Monica and Venice residential properties is up 25% from August 2012, while the median price of sold properties is up 28%. These statistics reaffirm what we all know; the beaches are in multiple offer situations. And here's a number to make property owners proud and buyers concerned - the median sold price is an eye-popping $1,495,000. Life is lucky @ the beach.
Life in California is good for those who can get it. Inventory of unsold single-family homes in California held steady over the month at a 2.9-month supply, down from 3.5 months a year ago. Inventories in Los Angeles County continue to be tight but eased over the month from 2.8-months in June to 2.9 in July. The desire to live at the beach, which has been escalating prices, is also squeezing inventory. Santa Monica and Venice have had a 27% drop in inventory in the past year. Sellers there’s money to be made.
Want it all in a nutshell? Here is a year-over-year summary of sales and price activity in Southern California by county:
Orange County: sales rose by 5.2% last month, while the median price increased by 22.5% to $675,000.
Riverside County: sales of existing homes fell by 7.6%, but the median price jumped by 31.5% to $294,300.
San Bernardino County: sales increased by 7.0%, while the median price climbed by 23.7% to $180,270.
San Diego County: unit sales moved up by 8.5% and the median price increased by 23.3% to $483,800.
Ventura County: existing home sales increased by 11.4%, while the median price rose by 28.3% to $545,720.
Mortgage interest rates edged up in July, but this has yet to impact home sales. The average rate for a 30-year fixed-mortgage was 4.37% versus 4.07% in June, and was up from the year-ago rate of 3.55% in July 2012.
For more information please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – email@example.com or 310.392.1211, and let us move forward together.