Not what anyone selling a home really wants to hear in Sylmar, the San Fernando Valley or Los Angeles County for that matter…. Word came in today from the numbers-crunching MDA DataQuick real estate research firm that home prices in Southern California have reached 2003 price levels. (A great time to buy!)
As published in the Los Angeles Times, the news item reports the December median sales price was $278,000 for all Southern California homes sold, which is 35% lower than December 2007. (A great time to buy!)
The primary reason for the price drops has been the number of foreclosed properties on the market, which represents approximately 56% of the current homes for sale in Southern California, the L.A. Times article says. (A great time to buy!)
However, the silver lining is that home sales activity has increase 51% over the same period a year ago, driven by low-cost home purchases. Read the entire L.A. Times article: Southern California home prices close out 2008 down 35%
Like I said, it’s a great time to buy real estate in Sylmar!