Good News For the Housing Market in Southern California
The Southern California housing market has been receiving good news as of late, specifically Orange County, Los Angeles County, and San Diego County; this comes on the heels of a full year of declining single-family home prices (March ’18 through March ’19). Riverside County appears to the biggest winner, enjoying a price gain of 5.8%, raising median home resale values by $23k to $423k ($400k in April ’18). San Bernardino County came in a close second, receiving a price gain, increasing median home resale values by $16k to $305k ($290k from the previous year).
Los Angeles County came in third on the list of the 5 Southern California Counties that say a reversal of fortunes, with the housing market seeing a 3% increase; In April 2018, the median single-family home price was $528,550, while this year it sits around $544,000 – a 3%-ish increase. Los Angeles County is what we are interested in at the Chernov Team, specifically the Studio City, Sherman Oaks, and Encino areas.
This news comes directly from the California Association of Realtors (“CAR”), which gathers data regarding resale of homes in California; resales represent roughly 66% of all home sales in Southern California. CAR’s most recent report is welcome news for local home owners, as the previous years have not shown the kind of gains that investors are looking for.
The spring home purchasing season started on a negative trajectory, but it appears that trajectory is reversing course, signaling both an increased interest in purchasing as well as a stable inventory of homes on the market.
At the Chernov Team we understand that knowledge is power, and this is particularly true when it comes to understanding market trends in Los Angeles County; the city we love. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.