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Home sales, median prices increasing

A recent market trend report created by Prudential California Realty, in collaboration with Altos Research, indicates a significant increase in the sale of homes under $1 million, for San Diego, Los Angeles and Orange County, between the end of the first quarter of 2009 and the end of the first quarter of 2010.

Developed to provide consumers with a comprehensive source of information about the impact of the national economy on their local housing market, the market trend report also showed a 16.7 percent increase in median home prices in Southern California compared to last year, to $297,540.

“The window of opportunity for buyers to capitalize on the historically low interest rates could be closing,” said Mark Johnson, vice president of marketing and technology for Prudential. “Prices are still about 30 percent below the peak of the market, but that could change quickly. Just over the past few months, I have heard many of our agents talk about how their listings generated multiple cash offers and sold above the original asking price.”

Prudential creates four separate issues of the report every month, for the regions surrounding San Diego, Los Angeles, Orange County and Santa Barbara. The report offers helpful and relevant information pertaining to each region, from the average cost per square foot of housing and the average days on the market for listings, to average sale prices and the inventory of homes in a specific price range.

Provided at no charge to the consumer, the market report can be requested via the company’s website, at www.PrudentialCal.com, or by contacting a local Prudential agent. To showcase the company’s ongoing commitment to the environment and sustainable business practices, the report is published in an attractive electronic format that allows it to be easily saved or e-mailed.

Even though the June report indicated that sales of homes under $1 million have dramatically increased, the data for homes priced over $4 million represent extremely favorable conditions for buyers. Since the average price of homes declined, and the number of listings grew significantly over the past year, the data for this segment of the market shows that there are numerous opportunities for buyers interested in fine homes throughout Southern California.