2013 was the best January for Southern California home sales in six years. Fabulously low interest rates have generated a growing pool of buyers chasing a shrinking supply of homes. Buyers are highly motivated. Prices are skyrocketing. Just look at these incredible Santa Monica home price statistics when you compare January 2011 to January 2013:
- · The median price of sold price is up 66%.
- · The median price of for sale properties is up 33%.
- · The number of For Sale properties is down -46%.
- · The number of New properties is down -12%.
- · The average days on market is down -21%.
- · The average months supply of inventory is down -64%.
- · The number of Sold properties is down -24%.
“Buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly,” observes NAR Chief Economist Lawrence Yun. “We’ve transitioned into a seller’s market in much of the country.”
Throughout Los Angeles, investors and cash buyers are hovering at near record levels…and the move-up market is posting sizable gains as well. In January, sales of homes priced between $300,000 and $800,000 (a range that includes move-up buyers), increased by 49.6% over the year. Sales of homes priced over $500,000 jumped by 74% year-over-year, while sales of homes priced over $800,000 were up by 84.2% compared with January 2012.
We’re here to help you with your real estate needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
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