Condo Sales Exploding on California Horizons
Condo sales exploding on California horizons after a long drought, great news for Signal Hill and Long Beach sellers where condominiums and townhomes dominate the landscape. Like the pieces of a jigsaw puzzle the last piece finally fits into the picture of housing recovery. For several years condominium sales have been down as foreclosures and distressed sales dominated the market. But the tide has changed as reported by the California Association of Realtor in the August home sales and price report.
“The condo and townhome market has been performing exceptionally well, as rising single-family home prices and limited inventory prompted many buyers to look for a more affordable alternative,” said C.A.R. President Don Faught. “In fact, sales of condominiums and townhomes surged almost 8 percent from last August and are up nearly 5 percent year to date compared to last year.”
Home prices have continued to increase as the median price for condo/townhome sales in Los Angeles county rose to $343,000 reflecting a 32% increase over last year prices.
Buyers may embrace condo living for a variety of reasons; lower pricing, low maintenance and security. However purchasing a condominium or townhome may have pitfalls. Is the project FHA approved? If the buyer has a FHA loan the community must be FHA approved. Is the Home Owners Association (HOA) financially solvent or involved in litigation?
Questions for which a knowledgeable Realtor will have the answers.
Condo sales exploding on California horizons is good news for sellers in the Long Beach and Signal Hill areas. Price appreciation has created equity for many sellers. While lower pricing and, although climbing, historically low interest rates make condo sales a very interesting proposition for buyers.
Signal Hill sellers or buyers call me for a free consultation or strategy session, I would love to assist you!