Homes like this don’t stay on the market long in Southern California
The residential real estate market in Southern California is unstoppable. Yes, supplies are low, yes, credit is tighter – yet, prices continue to go up in most areas of Southern California and gains in income have not kept up with gains in housing prices.
The housing market in Southern California has been helped by stable and ongoing low mortgage interest rates, and affordability of homes, even luxury homes are still historically high. However, affordability is below its all-time high of just a year or two ago.
Realtors such as top luxury real estate broker Global Point Relocation Services (GPRS) believe that rising inventories will give qualified buyers more homes to choose from. The opportunity is short-lived though – once the fall starts, just like the year, the housing market begins to fade.
But, right now, the market is just like summer – sizzling! In July, the median sales prices for a single family home rose by 7.3 percent to $575,000. Inventory supply increased 25.0 percent in Single Family units and 34.6 percentofr Townhouse-Condo units. So, even though there is more inventory to choose from, price increases continue.
As is always the case with real estate markets, the top end is the one that moves fastest. Global Point Relocation Services is one of the premier luxury real estate brokers in Los Angeles. If you are selling a luxury home, now is a great time to contact us – we have scores of clients eager and qualified to act quickly.
As one of the foremost Los Angeles real estate agents, Global Point Relocation Services has many exquisite luxury Southern California residencies to show you.
Fall is almost here, and the market will cool. Call us for your Southern California Luxury real estate needs. Our number is 562-221-0055.
Photo Credit/license: Jeffery Hyland/Public Domain Courtesy: Wiki Media Commons
Published on 2014-08-21 11:17:33
