Malibu and the surrounding southern Californian region has been boosted these last few months by an increase in home sales and in some areas, home prices!
This week the National Association of Realtors has released yet more information about home sales and inventory levels nationwide and regionally.
Locally, the western region of the country had exciting news. Sales increased 1.6% to an annual rate of 1.31 million in October and are 12.0% above a year ago. The median price in the West was $220,200
Nationally, sales of single-family, townhomes and condominiums jumped 10.1% to a seasonally adjusted annual rate of 6.10 million units in October, a massive increase of 23.5% above October 2008 and the highest sales activity since February 2007! This increase has lead to a decline in inventory, which fell at the end of October by 3.7% to 3.57 million existing homes available for sale, which represents a 7 month supply at the current sales pace, with unsold inventory totals that are 14.9% below a year ago.
First time home buyers are partly responsible for the level of home sales that has increased, however they have also benefited from low mortgage rates that have not been seen for 30 years or so. Now that the tax credit has been extended and expanded, potential buyers have until April 30th 2010 to have a contract in place – this will allow the demand for housing to continue.
Now is the time to buy! All these great real estate deals in Malibu will not last!
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
