CA- December 2009 Sales Report

*Home sales increased 1.7% in December compared to December 2008.  Home sales were also up 4% from the month before. This gain was somewhat expected with the extended/expanded tax credit and low interest rates.

More good news?  The median price of existing homes rose 8.4% according to the CALIFORNIA ASSOCIATION OF REALTORS®.  November 2009 also saw an increase of 5.8% in the median price when compared to November 2008. It has now stayed above the $300k range for 2 straight months.  Currently the median price stands at $306,820.

Closed escrows- December ’09:
558,320 existing SFR homes

The Top 10 Cities w/ Highest Median Home Prices- December ’09:
Beverly Hills, $1,400,000
Los Altos, $1,340,000
Laguna Beach, $1,230,000
Manhattan Beach, $1,165,000
Palos Verdes Estates, $1,160,000
Palo Alto, $1,066,000
Los Gatos, $994,500
Newport Beach, $938,500
Rancho Palos Verdes, $900,000
Santa Monica, $852,500

The Top 10 Cities w/ Greatest Median Home Price Increases Year Over Year- December ’09:
Laguna Hills, 62.9%
San Juan Capistrano, 37.2%
Fairfield, 30.9%
Tustin, 27.1%
El Cajon, 26.7%
Thousand Oaks, 19.5%
Escondido, 18.4%
Costa Mesa, 17.3%
San Pablo, 16.6%
Encinitas, 16.3%

It will be interesting to see what the ramifications will be when the first time home buyer/existing home buyer tax credit will be pulled- leaving escrows closed after 6/30/10 with the standard home ownership write-off.  We have seen a real decrease in inventory locally and many homes have back-up offers and multiple offers coming in on them the first few weeks on the market.  Now truly is a great time to sell here in Orange County.

If your interested in a city report, I’d love to provide one for you.  Just ask with a call or email.

*Data taken from CAR®.org

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