Home prices in the six county Southern California region continue to increase on a year-over-year basis. CoreLogic DataQuick reported March 17 that in February the year-over-year increase of the median home value of new and existing homes and condominiums rose 8 percent. The median value in the entire six county area of Southern California was reported at $415,000.
February 2015 marked the 35th consecutive month of increases. Looking at historical figures, the median value in February was 17 percent lower than the record high of $505,000 reported in March, April, May and July of 2007 before the housing bubble burst. But after the collapse the median home value fell dramatically in the area by 51 percent to a low of $247,000 in April 2009. Today, the market’s conditions are a whopping 68 percent higher than that.
“It was a combination of the high end going comatose at a time where there was plenty of churn at the lower third of the market,” CoreLogic DataQuick analyst Andrew LePage said of the factors causing the steep price slide.
Inventory is still plaguing the market in Southern California, with home sales lower than last year for both new and existing homes. New home sales fell 8 percent and previously owned home sales dropped 3 percent.
“This feels a lot like early 2014, with home sales off to a slow start,” LePage said. “And just like a year ago, one of the big questions hanging over the market is whether we’ll see a sizable jump in inventory this spring and summer. A nearly three-year stretch of price appreciation has given many more owners enough equity to sell their homes and buy another.”
In Los Angeles County in particular, new home sales fell 19 percent and sales of all homes dropped 2.5 percent and the median home value increased 9 percent.
Beverly Hills housing market conditions
Beverly Hills has long been touted as not only a great place to find a luxury home but as a place with such high demand. As a fairly balanced market these days in Beverly Hills, the real estate market here is one of the best in Southern California.
According to Altos Research, a California-based real estate analytics company, the median single-family home value in Beverly Hills was reported at $4,268,500 as of March 13. On a year-over-year basis the median home value has increased from about $3.72 million.
While demand isn’t outrageous in Beverly Hills, the balanced market shows that this area is holding strong as the spring market is on the horizon. Altos uses a unique figure called the Market Action Index to determine whether trends are pointing in favor of home buyers or sellers based on a scale that uses 30 as neutral. The index was reported at 30.96 as of March 13, showing that both home buyers and sellers are in the midst of strong and stable market conditions.
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(all data current as of 6/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.