What's Happening with Southern California Real Estate?

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Today we're going to be speaking about our local real estate market, and I'll explain some trends that I've seen lately. Since we're in between LA County and Ventura County we'll be looking at both markets side-by-side.

We'll look at LA County first:
  • 6,400 homes are on the market, about the same as last March
  • The number of homes that have closed Escrow has increased by 14% from last year and now sits at 2,880
  • Pendings have increased by a whopping 24%, which means more homes are getting absorbed by buyers
  • The median price of a home has increased by $30,000, and that number now stands at $550,000
Now let's compare these stats with Ventura County:

  • Inventory is 11% higher in 2015 than 2014 with 1,535 homes for sale
  • 30% more homes have closed Escrow this year than last (539 to 700)
  • The number of pending homes has increased by 20%, so the absorption rate still remains high, with 52% of homes being gobbled up by buyers
  • Median home price also increased from $450,000 to $485,000
  • Depending on the city, home prices have risen between 35-45%

Thanks for watching! I hope this information has been useful to you. If you have any questions about the real estate market in Southern California, please don't hesitate to contact me!