When I last wrote about the market conditions, Southern California was starting to show signs of recovery. From reduced mortgage defaults to increases in sales, there was much good news. Since that last article even more good news has come forth. Southern California median home prices and sales volume increased in the month of February in Orange, Los Angeles, Riverside, San Diego, Ventura, San Bernardino counties—all strong indicators that buyers and investors are taking advantage of the extended tax credit and government backed mortgages.
The median price was up 1.3 percent from January, 2010, and up 10 percent from February 2009. 38.5 percent of home purchases in February were FHA loans, while investment and second home purchases accounted for 18.9 percent of February sales.1 In addition, foreclosure related filings have leveled off in February for the first time since January 2006 according to RealtyTrac.2
Locally, Laguna Beach’s median home price is $1,600,000, which is up by 23. 1 percent.3 Home pricing is up in 56 percent of Orange County’s 83 zip codes and 28 zip codes saw both sales and price gains.4
The preceding good news continues the trend of positive data that started last year. I am optimistic that this year will continue to see an upward trend in good news. Let one of our Coldwell Banker associates help evaluate the right location and property for you—and don’t forget to ask about the soon-to-expire Extended and Expanded Homebuyer Buyer Tax Credit. Also, visit www.OCViewOnline.com today to view available open houses and to search our fine properties.
1 “Southern California median price and sales volume up.” DQNews.com March 16, 2010.
Http://www.dqnews.com/Articles/2010/News/California/Southern-CA/RRSCA100316.aspx
2 “Foreclosures Level off in February.” March 11, 2010. Inmannews.com http://www.inman.com/news/2010/03/11/foreclosures-level-in-february
3 “Laguna’s median home selling price up 23% .” March 16, 2010. OCRegister.com. http://lagunahomes.freedomblogging.com/2010/03/16/lagunas-median-home-selling-price-up-23/2011
4 “Home sales, prices up in 28 OC ZIPs.” March 16, 2010. OCRegister.com. http://lansner.freedomblogging.com/2010/03/16/home-sales-prices-up-in-289-oc-zips/59659/#more-59659