One of the best indicators of how the residential real estate market is faring is the median sales price. Average sales prices are sensitive to extreme values (high-end luxury homes and low price point homes) whereas Median sales prices reflect the “typical” home.
Year to Date Median Sale Prices for the following counties (single family residences only) are the following:
Los Angeles County is $715,000
Orange County is $867,750
Riverside County is $430,000
San Bernardino County is $360,000
Ventura County is $695,000
The difference between the median home value in San Bernardino compared to Los Angeles County was $355,000! You could almost buy 2 homes in San Bernardino for the price of one in LA County. Moreover, the difference between Orange County and San Bernardino County is $507,750. That means you could buy a house in Riverside and San Bernardino County and still pay less than in Orange County.
When you look between counties you see differences and then within counties you see large variation in home values. These differences are a good thing.
Home prices in Covina are different from Pasadena. Home prices in Anaheim are different than Newport Beach. Home prices in Rialto are different from prices in Upland.
That is why you need a local REALTOR who knows the nuances of the neighborhood or the best things about the city. Our local expertise helps when we are selling your property (because we know the highlights of the area) and it helps when we are helping you buy as well.
KALEO Real Estate Company advocates for home owners and property rights and one thing we discuss is first time home buyers wanting to enter the market. Purchasing real estate makes huge impacts on a person’s wealth, future, opportunities, and legacy. First time home buyers might be surprised by the loan programs available to them and that certain areas do have properties for sale in their price range. You might have heard a lot in the news about low interest rates (maybe even that 1.99 percent rate). Google searches about mortgages, real estate, and home buying are surging.
That is why you need a local REALTOR who knows the nuances of the neighborhood or the best things about the city. Our local expertise helps when we are selling your property (because we know the highlights of the area) and it helps when we are helping you buy as well.
KALEO Real Estate Company advocates for home owners and property rights and one thing we discuss is first time home buyers wanting to enter the market. Purchasing real estate makes huge impacts on a person’s wealth, future, opportunities, and legacy. First time home buyers might be surprised by the loan programs available to them and that certain areas do have properties for sale in their price range. You might have heard a lot in the news about low interest rates (maybe even that 1.99 percent rate). Google searches about mortgages, real estate, and home buying are surging.
Learn more about that 1.99 percent rate here:
https://www.housingwire.com/articles/uwm-announces-1-99-rate-for-30-year-fixed-mortgage/
If you are curious about listing with KALEO Real Estate Company, call 626-609-2130 this week.
Source:
CRMLS, Single Family Residence, County, 08-21-2020, Median Sales Price
