Recent California Real Estate Market Changes - The Impact on our local South Bay Market

South Bay real estate market vs. California real estate market in September 2012

Recent California Real Estate Market Changes - The Impact on our local South Bay Market Close
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Recent California Real Estate Market Changes - The Impact on our local South Bay Market

Posted by Krystyna Baty on Friday, October 19th, 2012 at 9:12am.

California real estate market made some interesting moves lately that benefit both South Bay real estate buyers and sellers, depending on their particular situation.  According to California Assoc. of Realtors:

  • “Sales in the inland and coastal markets continue to move in different directions. Low inventory – especially in distressed areas – is dampening sales activity,” said C.A.R. President LeFrancis Arnold. “In many of these areas, there is a one- to two-month supply of REO homes on the market. "The Inland Empire and the Central Valley have experienced double-digit sales declines compared with last year. Meanwhile, sales were higher in San Diego and most Bay Area counties, where the economies appear to be growing faster than the rest of the state.”

  • Sales in September were down 5.2 percent compared with August and down 1.2 percent from September 2011.

  • The statewide median price of an existing, single-family detached home inched up 0.3 percent from August’s $343,820 median price to $345,000 in September.

  • California’s housing inventory eased slightly in September, with the Unsold Inventory Index for existing, single-family detached homes edging up to 3.7 months, up from a revised 3.2 months in August and 5.3 months in September 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.
  • Homes sold faster in September, with the median number of days it took to sell a single-family home falling to 39.3 days in September 2012 from 41.1 days in August and down from a revised 54.2 days for the same period a year ago.

How does this California market affect your home value or your home buying situation?  Every real estate market is unique and local.

Contact Krystyna Baty - your local Century 21 expert - for Free consultation.  Call (310)918-5027 or email today!

Krystyna Baty, experienced real estate broker, is committed to the highest standards of professional service for all your South Bay Real Estate needs. I pride in getting top dollar for our home sellers in the least amount of time. For our home buyers my team employs our extensive knowledge and experience to find the perfect home. If you would like more information in regards to buying or selling a home, please email or call me at (310)918-5027 today!

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