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.
The median price in April of 2017 increased by six percent from last year in the Los Angeles area. Meanwhile, the median prices of homes in San Diego and Orange counties surpassed their prior all-time highs. Buyers generally feel that the prices are relatively high, but they also feel that if they do not buy within the next three to five years, they will not be able to afford it unless a huge crash takes place.
In Los Angeles County, more than 20,000 condos and homes were sold in April. That number is more than eight percent decrease from March, and nearly a five percent decrease from April of last year. The current housing price explosion appears to be the result of the housing shortage in the county along with the low mortgage rates and the growing economy.
As demand continues to skyrocket while supply remains relatively low, now appears to be an ideal time for sellers to put their properties on the market throughout California, including in San Francisco. In addition, buyers may benefit from taking advantage of the current prices before they continue to go up, as long as they are willing to write some strong purchase offers. An attorney can help both buyers and sellers of residential real estate to achieve their unique goals and today's bustling California market.
Source: laist.com, "Southern California's Housing Market Has Hit All-Time Highs", Oren Peleg, May 24, 2017