Update on the Southern California Real Estate Market from the California Association of REALTORS, Courtesy of the Southern California CRS
The Southern California Chapter of CRS had the first Real Estate Leaders Meeting for 2010 yesterday in La Quinta. Our speaker was Sara Sutachan, Senior Research Analyst for the California Association of REALTORS (C.A.R.), who provided an economic update on the California real estate market along with some predictions for the future.
Here are a few slides from her presentation with some interesting information. The complete presentation is available to C.A.R. members (log in and password required) on the C.A.R. website under speeches and presentations [should be uploaded on or about Monday 3/22]).
But first a few highlights from her talk that grabbed my attention:
- We are ahead of the overall US market by about 2 years; our market IS different from the US market and consumers need to understand this when they hear US statistics quoted in the media. And of course we know it is very local - county, town, etc.
California unemployment overall is over 12%, with some counties (e.g., Riverside) over 15%. Pretty high and above the US average
- California has a 10% market share of FHA loans, the highest of all the states
- We have had a healthy level of sales (over 500,000) every month for the last 16 months
- Median sales prices hit bottom in January 2009 at $245,170 (at the county level the bottom came anywhere from January to May for the counties reported), and has been rising since, until January 2010 where it dropped modestly. MDN prices for CA are up 17% from the bottom.
Here are some local real estate reports for February:
Carlsbad Encinitas Cardiff Oceanside San Marcos Solana Beach Del Mar
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