The California housing demand remains resilient, with median sales prices at around $796,570, according to a recent report from doorloop.com. The numbers indicate a 1.8% price growth from the previous year and an 11% increase from December 2020 prices.
However, according to the report, the median closing price for these homes is only $682,000.
According to the California Association of Realtors (C.A.R.), single-family home sales are forecast to total 416,800 units in 2024, representing a 5.2% decrease from the projected pace of 439,00 in 2021.
At the same time, the price of condos decreased, with a 1.2% decline from November. Condo prices have now fallen to a median of $612,750, according to Doorloop.
The median listing price of a home in California is around $729,000, about an 11% increase from the previous year. In contrast, the number of active listings all over the state has dropped precipitously.
In Los Angeles, San Francisco, and San Diego counties, active listings have steadily declined, pointed out Doorloop. Along with a general decrease in the statewide median price, active listings have dropped by as much as 45%.
The news for property owners and landlords is good. However, while not generally favorable to renters. The median rent for a one-bedroom apartment in California is currently around $1,762, and higher in Southern California.
Nationally, rents are increasing 11% to 13%, and California is keeping pace. Cities like Los Angeles, Fresno, San Diego, and the Orange County area are performing extremely well—not ideal conditions for renters, but they are strong conditions for homeowners looking to rent their properties.
Based on current conditions, said Doorloop, the California market will most likely remain slanted in the seller’s favor for the foreseeable future.
