Southern California New and Resale Home Sales for April 2013
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DQ News reports that Los Angeles and Southern California home sales reached their highest level since 2006 and median price reached five year high.
A total of 21,415 new and resale homes were sold last in month in Los Angeles, Orange, Ventura, San Diego, Riverside, San Bernardino last month. That’s up 4.1 percent from March and up 9.5 percent from April of 2012.
Sales were the highest since for the month of April since 2006 when 27,114 sold. The highest on record for an April was in 2004 when 37,905 sold
The median price reached a 58 month high due to both price appreciation and a market shift from distressed sales in affordable neighborhoods to a surge in sales in upscale neighborhoods. The median price reached $357,000 in April, up 3.3 percent from March and up a whopping 23.1 percent from April 2012. It’s now the highest since June of 2008 when it was $360,000.
The lowest cost third of neighborhoods saw prices gains of 20.7 percent versus 2012. The gain was 18.5 percent in the middle third and 15.2 percent in the top third. By the way, this is median price per square foot.
Sales rose 35.4 percent in the $300,000 to $800,000 range and 51.4 percent for $800,000 and above. In April, 29.9 percent of Southern California home sales were $500,000. The number of homes that sold below $200,000 were down 29.8 percent versus same month last year dues to inventory limitations and a huge drop in foreclosures.
“This is a market that is still re-balancing. Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle and high-end communities is on its way up. Now it’s catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale,” said John Walsh, DataQuick president.
Foreclosures are way down at 12.4 percent of the market from a high of 56.7 percent for this market cycle in February 2009. Last month’s figure was the lowest since 10.0 percent in August 2007. Short sales were 17.7 percent of the market mix in April.
http://dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130514.aspx
| Sales Volume | Median Price | |||||
| All homes | Apr-12 | Apr-13 | %Chng | Apr-12 | Apr-13 | %Chng |
| Los Angeles | 6,510 | 7,140 | 9.70% | $310,000 | $395,000 | 27.40% |
| Orange | 2,920 | 3,327 | 13.90% | $420,000 | $535,000 | 27.40% |
| Riverside | 3,477 | 3,760 | 8.10% | $200,000 | $248,000 | 24.00% |
| San Bernardino | 2,292 | 2,512 | 9.60% | $156,250 | $195,000 | 24.80% |
| San Diego | 3,559 | 3,792 | 6.50% | $329,500 | $400,000 | 21.40% |
| Ventura | 804 | 884 | 10.00% | $360,000 | $420,000 | 16.70% |
| SoCal | 19,562 | 21,415 | 9.50% | $290,000 | $357,000 | 23.10% |
