The median price of an existing, single-family detached Los Angeles County home rose in April 2017 to $595,000 from $570,000 in March. The March 2016 median price was $542,000. All data comes from CoreLogic. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
But while prices are going up in the County as a whole, sales volume has decreased in the Spring:The median price of an existing, single-family detached Los Angeles County home rose in April 2017 to $595,000.
the number of single family homes sold in April 2017 was 4,524; in March, 2017 it was 6,051; in March 2016 homes sold was 6,329. This is a lower but similar sales volume compared to the same time last year.
The 2017 sales volume for Orange County is a similar picture, but with much lower sales numbers: total SFR sales thus far are 1772 and 2469 for April and March, respectively, with median price at $745,000 for both months.
Less inventory means much more competition for buyers in Long Beach. In the past month, the lower price range under $500,000 sells on average in 25 days on average (overbidding and multiple offers is common), while properties in the $1,000,000-plus range are on the market for 62 days on average.
While housing prices continue upward, housing affordability in California is increasingly a topic of concern. Another indication of housing prices is that investors are buying fewer single family and multi-family properties. California Association of Realtors 2016 California Investor Survey found 10 percent of real estate investors purchased more of the other types of properties, such as commercial, land, and mobile homes, in the past year compared to previous years.
Lack of inventory continues, especially in Southern California, and is still an issue for sellers who want to move on--but for those moving out of the area, or for those who have all cash for a purchase, the ability to move on may be much easier, and would bring more housing inventory onto the local market for sale. From that standpoint, it's a good time to sell while interest rates are still low.
Please contact me for a customized report on home value for your property! And while most people are little uncertain about them, reverse mortgages as a new purchase can be a good purchase tool for the right buyer 62 and over.
(See the 2016 post on this: https://longbeachrealestate.blogspot.com/2016/04/sales-volume-in-los-angeles-county-is.html)