The Southern California housing market update for summer 2014, while still hot, has settled from a high boil to a more stabilized ‘normal’ temp – at least compared to last year’s explosive growth. While the numbers aren’t quite on fire, the market is still doing well compared to the dark days of the housing crash. According to a report last week on DQNews:
An estimated 39,254 new and resale houses and condos sold statewide in June. That was up 4.0 percent from 37,734 in May, and down 4.3 percent from 41,027 sales in June 2013. June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. Last month’s sales were 19.8 percent below the average of 48,929 sales for all the months of June since 1988. [But] Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years.
A Seller’s Zone: Time to List…
Although the market has cooled slightly over the past month or so, it’s a seller’s zone. Prices have not yet begun to drop. It may take some time for prices to reflect a demand and begin to fall. But you should expect prices to fall—if the index continues to dip— to a Buyer’s zone. How does this affect you? Well, many Ventura County homes appreciated by over 16% over the last three quarters according to regional data reports. So if you’re thinking of selling, your home may now have enough equity to sell without having to do a “short” sale as many owners were so concerned about last year.
Signs Point Upward…
Whether you are interested in selling or buying a home, signs point upward for future market growth. According to the Los Angeles Times in a recent article titled, Good time for home buyers?Lawrence Yun, chief economist for the Realtors, told the paper,
Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months.
Finally, I am happy to let you know that also, as reported by the Times, “the numbers echo a similar trend in Southern California, which has seen signs of a market returning to normalcy after several up-and-down years.”
The Perfect Temp in Westlake Village!
It’s summer so I’ll enjoy the temperate numbers of the current housing market in my neck of the woods at least for now. After all I live in and work in the best community in the country, Westlake Village, where there’s no shortage of summer fun to be had. But never one to slack on the job, don’t worry, I’ll follow the data closely and continue to keep you posted with regular updates over the coming months. Hopefully the next report will forecast a rapid boil!
If you are looking for a home or ready to sell real estate in the Conejo Valley, don’t hesitate to call Lydia Gable Realty Group Group today and find out how we can help you.