Home Sales Up in Southern California
When reading the national news about real estate, there is one phrase you should stay away from: housing market. How is that? Because talking about the housing market is like talking about the weather. You can say the weather’s nice where you may live, but clear across the country, things may be very different. And that’s exactly what’s happening with the housing market today: it’s picking up in some areas, and other areas it’s down.
In Southern California, the numbers are looking good. And what’s best about that is if numbers are good in Southern California, that means good things for other markets. SoCal dropped first, so it is the first to recover. There is ample evidence in that sales were up in January for the seventh straight month and up over a year ago. That’s not just a blip on the real estate radar screen, that’s actual progress.
The inevitably bargain shopping has finally started in Southern California. You’d think with interest rates being so low and home prices being low that it would inspire more people to start home shopping, but people have been understandable reticent to jump into the market. As this article shows:
A total of 15,227 new and resale houses and condos closed escrow in the six-county Southland last month. That was down 23.6 percent from 19,926 in December but up 52.5 percent from 9,983 in January 2008. A decline of 20 to 30 percent between December and January is normal.
Last month’s sales were the highest for that month since January 2006, when 21,895 sold, and were 16 percent below the average January sales total since 1988, when DataQuick’s statistics began.
So if you have been thinking about buying a home, but are concerned about the climate, just know that home sales are regaining strength in Southern California again. It’s not just good news for home sellers and real estate agents, but for the prospects of the entire state.
About Susan Andrews:
Susan Andrews is a top producing real estate agent at prestigious Beverly Hills real estate firm, Hilton & Hyland. She specializes in Hollywood Hills, West Hollywood and Los Feliz real estate. Susan can be contacted at 323.829.8811 or by e-mail regarding her properties.
