For more than 60 consecutive months, home prices in Southern California have been on the rise. For instance, over the past five years, condo prices have increased by about 76 percent in Los Angeles and Orange counties. Residential real estate prices in this part of the state are expected to continue to go up in the near term as well, which means homebuyers or home sellers in San Francisco may benefit from taking action in the real estate market now.
There's an adage that one man's trash is another man's treasure. One of the most obvious cases of this might just be the fixer-upper home. The seller has decided they have had enough, prices the property accordingly and the astute seller grabs the deal, knowing there will be construction or improvements involved--and willing to take on the challenge! After all, for some folks, the journey is the best part of the destination.
Homebuyers are buying up a large number of homes in California, particularly in the southern part of the state. These in-demand residential real estate properties are valued at over $1 million. In fact, four counties in the southern portion of the state had more than 21,000 sales of million-dollar homes during the 12-month period ending in April -- an 11 percent increase from the previous year.
In San Francisco and other areas of California, the home property market appears to be doing well and remaining stable. For example, in Los Angeles County, the median price of a house recently reached $550,000. This is the same all-time high price achieved back in 2007 before the collapse of the housing market. This figure came from a residential real estate analytics firm report.