Today, our market is absolutely a seller’s market in the lower price ranges. We went from having four to five months of inventory with adequate new properties replacing the ones in escrow to having roughly two months of inventory and not enough properties coming on the market.
Homes that are $500,000 or less and are properly priced have been receiving multiple offers and sometimes going for more than asking.
The following update on local real estate information is based on Multiple Listing Service data as of Friday.
Properties available: 246
Condominiums: 65
Houses: 181
Short Sales and REOs: 96
Average condo price: $234,812
Average house price: $579,353
Average time on the market: 80 days for condos; 93 days for houses
Available properties by price range:
Under $399,999: 141
$400,000 – $699,999: 61
$700,000 – $999,999: 30
$1,000,000 and over: 14
Properties available by ZIP Code:
92831 – 55
92832 – 31
92833 – 100
92835 – 60
Escrows opened last week: 33
Least expensive houses: One of the least expensive single-family homes going into escrow features 2 bedrooms, 3 baths with 1,000 square feet on a 5,800-square-foot lot. This home is listed for $219,100. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Least expensive condos: One of the least expensive condos going into escrow is a 3 bedrooms, 2 baths end unit with 1,437 interior square feet and 2-car detached garage. This home is listed for $175,000. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Most expensive properties: One of the most expensive homes going into escrow features 3 bedrooms, 3 baths, 2,144 interior square feet and a 4,721-square-foot lot with view and 2-car attached garage. This home is listed for $699,888. The actual sale price is not disclosed by the MLS until after the property closes escrow.
Closed escrows: 25 with an average sale price of $421,740.
Dennis Bode is a Realtor with Prudential California Realty. You may contact him at 714-814-1041, e-mail him at Dennis@DennisBode.com or find him online at Blog.DennisBode.com.