The housing market in Southern California continues to gain momentum with October home sales jumping to a five-year high, fueled mostly by investors and buyers seeking to move into more expensive homes.
According to DataQuick, home sales in Southern California jumped 18% from September and were up 25.2% from October a year ago. The spike marks a five-year high for the month of October. Homes that sold for more than $800,000 rose 52.4% from last year.
Also on the rise is the median price for new and existing houses and condominiums, which rose 16.7% from the same period last year. It is the seventh straight month of annual price increases.
“As we have been sharing with our clients, the increased activity in the market during the last few months is palpable, and these new numbers support what we have been feeling and anticipating,” said The Agency’s Jonathan Ruiz.
“Luxury Buyers have had to move very quickly to get in play on well-priced properties, and an unfortunate few have learned that hesitating, even for less than a day, can be the difference between getting their offer accepted and competing in a bidding war with multiple offers,” noted Ruiz. “Conversely, as the market begins to shift from a buyers’ market to a sellers’ market, prospective sellers need to be aware that the time to sit on the sidelines is quickly coming to an end.”
View homes currently listed by The Agency here.
Photo Above: The Agency’s listing at 5733 Valley Oak Drive in Los Feliz[Sources: L.A. Times and BusinessWeek]