Although inventory is declining, sales have increased 1.3% from last year according to recent data from the California Association of Realtors. In Southern California the media price of single-family homes increased 7.7% from a year ago to $534,820 and sales increased by 5.8% from last year. Despite low inventory, the real estate market remains strong.
The infographic below breaks down the state data between the San Francisco Bay area, Central Valley and Southern California. Southern California statistics encompass LA, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
If we look specifically at the Southern California numbers, the Inland Empire most recently has seen the largest price increase year over year. San Bernardino County saw the biggest jump with a 12.2% increase year over year, followed by Riverside County with 9.4%. This is great news for homeowners, especially because the inland market took the greatest hit during the recession. Prices reflect the media sold price of existing single-family homes.
* R = Revised
* MTM%c Chg = Percent change from prior month
* YTY% Chg = Percent change from prior year
What does that mean for SoCal buyers and sellers?
Inventory is still tight, but that isn’t stopping buyers from purchasing. Southern California has been a seller’s market for the past few years and even though prices are high and inventory continues to remain low, the market marches on.
Advice for buyers: Inventory is tight, but you never know when the right property will come up. Be prepared with a mortgage loan pre-approval so that when the right property pops on the market, you can make a move fast. It's crucial for you and your agent are the first one in the door when your dream homes becomes available in this fast paced market.
Advice for sellers: Now could be the perfect time to sell. With low inventory and sales continuing to increase, all signs point to this being the best time for you to get top dollar for your home. The only dilemma is finding a new home once your current residence sells, the catch 22 for home sellers in today’s low inventory market.
Whatever your real estate goals, chat with a First Team agent near you to discuss your neighborhood market trends. It never hurts to get an expert opinion on the matter.