California Homes Sales - January 2012
Okay, so, the DQ News January Home Report has been released. The California Home Report for January is quite interesting. Now remember, all real estate is extremely local at this time - even down to the neighborhood. While this report is statewide but still gives an great picture of what's actually happening in California.
More than 28,000 condos and houses were sold in January. Is that good you ask? When compared with December that figure is down 25.5%. However when compared with January of 2011, that's up 1.5%. This figure combines existing homes and new homes together. More than half of these home sales were distressed properties. So we are still seeing quite a few short sales and foreclosures which is projected to happen all the way through 2013.
This information is good for home buyers. Combined with the fact that the interest rates are to stay low until the end of 2013, and inventories of homes are dropping, NOW is the perfect time to purchase your new home!
Home prices appear to still be dropping. The month of January boasts a median home price of $236,000 which is down 4.1% from December 2011 and down 1.3% from the previous January. I believe this will continue to happen for a few more months. However, if you purchase a home now with the expectation of owning it for at least five years, you should be able to recap your original purchase money and will probably have some equity as things start to edge back up.
The mortgage payment average in January was $893 which is the lowest since February 1999 when it was at $882. When adjusted for inflation purposes, it was the lowest since 1988. Good for homeowners! This mortgage payment is really feasible for almost everyone you can think of. And buyers are being more conscious and aware beforehand, making sure that the mortgage payment will not put them in dire straits. Again, good for the buyers!
For more information you should click on the link provided above.
As always, if you want to buy, sell or lease real estate in the area, or simply have questions about real estate, please feel free to contact me. I will be more than happy to assist you. Call me for your free home market analysis!
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Linda K. Mayer, Realtor, SRES
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell