Everyone uses different statistics, which yield conflicting options…which is why the February Santa Monica Real Estate snapshot smacks of inconsistency….about as precise as consulting the Magic 8 Ball.
For example, the California Association of Realtors (CAR) December 2011 report for existing home sales and prices in California notes that statewide, sales of existing single-family homes rose by 0.1% from Dec. 2010. CAR calculates that 520,940 units were sold according to the seasonally adjusted, annualized rate.
In Santa Monica, comparing Jan-10 vs. Jan-12, with Clarus Market Metrics, the number of residential properties for sale properties is down 23% < from 344 to 264, while the number of sold properties tumbled 36% from 33 to 21.
But! Here’s the sack! The residential properties that did sell in our celebrated City by the Sea sold at a median price that was 43% higher than Jan-10 > from $838,000 $1,200,000 > that’s an impressive rise of $362,000. Even with a 36% drop in properties sold, that’s an impressive increase, wouldn’t you say?
Our 36% increase is particularly noteworthy since statewide the median price declined 6.2% on a year-over basis to $285,920, according to CAR…Fortunately, it’s looking like the rest of the state is off the bottom; for the second month in a row, prices are on the rise. But, they note there is still downward pressure on prices for more expensive homes.
In SoCal, DataQuick reports that the median home price in the six-county region continued a string of year-over-year declines, falling by 6.9% to $270,000. Compared with November, the median price was down by 1.8%. The regional median price has now fallen on a year-over basis for ten consecutive months.
If these stats ring true, then the Silicon Valley renaissance must be in full swing. Seriously, stuff in the rest of the state is selling better than Southern California? Ha! Rumour has it that 20% of the U.S. population lives in California south of Santa Barbara County.
CAR notes that preliminary figures indicate that for 2011 home sales statewide increased by 1.1% to 497,860 > compared to 492,290 homes sold in 2010. The statewide median price declined by 6.3% to $285,950.
CAR offers a more optimistic out looks, so we’ll share with you their Sales and price activity by county over the year to December:
• Los Angeles County: unit sales declined by 4.6% over the year to December, and the median price fell by 6.5% to $306,950.
• Orange County: sales fell by 5.6%, while the median price dropped by 3.0% to $484,630.
• Riverside County: sales of existing homes dropped by 4.3% and the median price dipped by 0.8% to $203,650.
• San Bernardino County: sales increased by 4.0%, while the median price fell by 4.7% to $128,450.
• San Diego County: unit sales increased by 5.6%, but the median price was down by 4.2% to $359,930.
• Ventura County: existing home sales rose by 5.3%, while the median price plunged by 11.4% to $391,060.
Other items of interest:
Inventories are quite lean. The inventory of unsold single-family detached homes in California was 4.2 months in Dec-11, down from 5.0 months in Dec-10. Los Angeles County found itself with a 4.7 month supply of single-family homes. compared with 5.3 months a year ago.
In Santa Monica, the number of residential properties for sale is down 23% from Jan-10.
So we have 4.5 months of inventory > down -45.2% from Jan-10.
In the meantime, Jan-12 finds 27% FEWER HOMES coming on the market each month.
While the number of under contract properties is up 20%.
Do you get the sense we’re moving toward a seller’s market? Or do you think it’s too inconsistent to say? Perhaps we should consult the Magic 8 Ball.
We’re here to help you with your property needs. 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.
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