Right now, we have a 2.2% increase in home sales over this time last year. The median price of a home in southern California is currently $790,000.00…and that’s an increase of 7% over last year. Current housing inventory stands at 3.2 months, and we know that anything below six month’s inventory is a seller’s market. Market time is 30 days, and sales to list price ratio is just below 100%.
For sellers, all this means you’re still in good shape, but your home isn’t going to sell overnight, and you may not get your full asking price. What if you’re a buyer? You folks are going to be spending a pretty penny, and you’re probably going to face at least some competition to get the home you want.
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