Courtesy of the California Association of Realtors
With the national housing market awaking from its slumber it is worth remembering that the Californian real estate market has been strong for some time now with the Los Angeles area even posting some price rises!
The California Association of Realtors 2010 Real Estate Market forecast was showcased at the 2009 Expo which attracts 7,000 attendees – the largest trade show in the nation.
C.A.R. President James Liptak says that –“California’s housing market continued its strong sales rebound this year…” indeed next year will see the ‘new normal’ – as CAR are calling it – for California, with a steady stream of sales driven by distressed properties and buyers taking advantage of the market conditions. Indeed it predicts that demand from first-time buyers for low-end properties will continue throughout next year.
The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, with distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season, according to the forecast.
Here is, in tabular format a summary of the more salient points of the forecast:
Summary courtesy of California Association of Realtors
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
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