Southland home sales fell to a three year low in July. In a competitive market, your realtor is even more important!
Home sales in the Southland have fallen to a three year low as of July while median prices continued to rise, according to market data collected by CoreLogic DataQuick. This means that now, more than ever, you really do need an expert realtor on your side in order to find a good deal. Ty Wallace can help sellers move their homes in this competitive market as well as help buyers find a property they can afford amidst tighter financing.
Here’s the breakdown of statistics and market trends.
Sales in the Southland Decline
Sales in the Southland (Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange Counties) totaled 20,369 this past July, compared to 23,253 a year ago. That’s a drop of 12.4 percent. Sales were also down as compared to the prior month, with a 1.4 percent decrease between June and July sales. Last month’s figures were also 19.4 percent below the average sales figure for July (using data from 1988-2014).
| Sales Volume | |||
|---|---|---|---|
|
County |
Jul-13 | Jul-14 | %Chng |
| Los Angeles | 8,012 | 7,012 | -12.50% |
| Orange | 3,668 | 3,255 | -11.30% |
| Riverside | 3,675 | 3,295 | -10.30% |
| San Bernardino | 2,704 | 2,435 | -9.90% |
| San Diego | 4,260 | 3,474 | -18.50% |
| Ventura | 934 | 898 | -3.90% |
Median Sales Prices on the Rise
We’ve seen great progress in the recovery of home prices in the Southland in the past few years, but that progress is now beginning to slow. In June, for the first time in 22 months, the year-over-year median sales price gain dipped into the single digits. In July, we saw a continuation of that trend with just a 7.3 percent gain in the median sales price. The median sales price this past July was $413,000, compared to $385,000 last year.
| Median Price | |||
|---|---|---|---|
|
County |
Jul-13 | Jul-14 | %Chng |
|
Los Angeles |
$425,000 | $457,500 | 7.60% |
|
Orange |
$539,500 | $585,000 | 8.40% |
| Riverside | $265,000 | $291,000 | 9.80% |
| San Bernardino | $205,000 | $240,750 | 17.40% |
| San Diego | $417,500 | $445,000 | 6.60% |
| Ventura | $450,000 | $489,000 | 8.70% |
High-End Market Steadier
The market for homes worth $500,000+ has remained steadier. The number of homes that sold for over half a million dropped just 0.9 percent year-over-year for July, and prices increased just 7.1 percent in the top third of the market.
Bottom Line
A confluence of factors, including higher prices, a tighter mortgage market, and a decrease in the number of homes for sale are all making it tougher to seal a deal in residential real estate. Fortunately, a pro like Ty Wallace can help guide you through this evolving market, using his connections to help bring buyers and sellers together in mutually beneficial deals.