Southern California Sale Update

SOUTHLAND MEDIAN SALES PRICES CONTINUE TO BE UP SHARPLY…MONTH TO MONTH-YEAR OVER YEAR.

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(exert from dqnews.com 9/12/13)
*MEDIAN PRICE AUG 2012 VS AUG 2013
Riverside County                                  + 26.20% ($265,000)

San Bernardino County                        +25.10% ($210,250)

San Diego County                                  +20.20% ($415,000)

Los Angeles County                               +28.10% ($429,000)

Orange County                                       +19.90% ($560,000)

Cash Buyers accounted for 27.6% of August 2013 Southland home sales, compared with 32.3% the year before. They paid a median price of $325,000, up 31% from a year earlier. Since 1988 the monthly average for cash buyers is 16.2%.

Absentee buyers (investors) bought 26.3% of Southland homes sold in August 2013. Absentee buyers paid a median price of $310,000, up 31.4% from a year earlier. The monthly average for absentee buyers since 2000 is 18.3%.

All lenders combined provided $6.36 billion in mortgage money to Southern California home buyers in August 2013, up from $5.45 billion in August 2012.

Foreclosure re-sales (properties foreclosed on in the prior 12 months) made up 7.1% of the Southland resale market in August 2013, the lowest level since it was 5.5% in June of 2007. That was down from 19.2% in August 2012. Foreclosure re-sales peaked at 56.7% in February 2009.

Short sales made up an estimated 13.6% of Southland re-sales in August 2013. That was down from 26.6% in August 2012.

The typical monthly payment that a Southland buyer committed themselves to paying in August 2013 was $1,545.00, up from $1,124.00 a year earlier. Adjusted for inflation, last month’s typical monthly payments are 47.1% below the current cycle peak of July 2007.

*Median Price=half more/half less. * All information deemed reliable but not guaranteed. For questions or financial, tax or estate planning, we suggest you contact an attorney or certified public accountant.

Team_Greer-comAre you considering investing in real estate in our market area?  Let us know how we can help!

Gary and April Greer team4greer@gmail.com or (951) 522-0518

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