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Southern California Home Sales Up In October

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Southern California’s housing market accelerated in October as home sales spiked with more buyers looking to move into pricier homes.

Sales rose 18% from the prior month and were up 25.2% from October 2011, hitting a five-year high for that month. An estimated 21,075 newly built and previously owned homes sold throughout the six-county region last month, real estate firm DataQuick said.

The median sales price for a home last month was the same as the previous month and up 16.7% from October 2011.

“Watching the market rebalance itself is fascinating,” DataQuick President John Walsh in a statement. “In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant.”

The area’s lowest-cost areas — and often those the most starved for inventory, real estate agents say — posted the weakest sales volumes. The number of homes that sold below $200,000 in the region dropped 11.2%. Sales in these markets have been slowed by the drop in foreclosures while demand has increased, pushing up prices.

Since the start of the mortgage meltdown, repossessed homes have been considered the discount aisles of real estate. Now competition among investors and first-time home buyers for affordable digs is making those distressed properties less affordable, analyses show.

Sales of previously foreclosed-upon homes made up just 16.3% of the resale market last month, a drop from 16.6% last month and 32.8% in October 2011. Foreclosure resales peaked at 56.7% in February 2009.

Moreno Highlands Home Prices Increase over 2011

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  By Ken Winick



The average price for a home in Prime Silver Lake through September 2012 was $1,015,000, an increase of 6% over 2011.  There were 38 homes sold in 2012 while 34 homes were sold in 2011, representing a 12% increase in home sales.  The average marketing time was 52 days in 2011 and 46 days this year, representing a decrease in marketing time of 6 days or (12) %.   The average price per square foot is $482 as compared to $463 in 2011, an increase of 4%.

The truth of the matter is we are continuing to experience a very low inventory of homes for sale in with numerous qualified buyers still looking to purchase in our area of Silver Lake.  If you have been putting off selling your home, note the market is the strongest it’s been since the height of the market in 2006.