How is the market? I hear that prices are rising in So. Cal?

Asked by Suzanne Baker, Mammoth, CA Tue Mar 12, 2013

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Ray Wright, Agent, Riverside, CA
Wed Mar 13, 2013
Definitely on the rise down here in So Cal. How are things up there in God's country? I lived up there years ago. worked at the Whiskey Creek. I would assume the market is challenging up there.
0 votes
Thanks for your answer. Actually, during the whole downturn, we have still been selling more than 300 condos per year and single family homes under $500,000. Condo prices have fallen by about 55% from the peak so it's been a good opportunity for people to buy when they couldn't afford it before. Now, our inventory is really low and we are seeing a lot of multiple offers on well-priced units. I think things are beginning to change and single family homes ar moving better as well. Let's hope that things get better for all of us.

It's beautiful here but we sure need more snow. Whiskey Creek is still here and a very popular place! Do you ever come up?
Flag Thu Mar 14, 2013
Dora Beck, , Riverside, CA
Tue Mar 12, 2013
Hi Suzanne,

Yes, the prices are certainly going up. Are you looking to buy soon? Let me know, I am happy to help out. I can be reached at: 951.675.8734
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Cherie Johns…, Agent, Idyllwild, CA
Tue Mar 12, 2013
Hi Suzanne,

The Idyllwild market is selling at a pace of about 10 to 20% of their inventory each month. It may be similar for you in Mammoth Lakes. In metropolitan areas, inventory is very low and this has pushed up prices a bit. We aren't talking bubble prices, we are talking 3% to 16% over a year, with ups and downs throughout the year. Southern Cal always rocks, that is, most of our cities have a dynamic market while outlying areas can have a lot less momentum to their pricing. (For example, in the recession in the 90s, in San Diego La Jolla dipped 25% while rural Alpine dipped 2-3%. But that corresponded with how much or little the two appreciated up until then as well, La Jolla was dynamic, Alpine was flat.) Prices remain suppressed by more stringent lending guidelines and distressed properties constituting 20% of most inventories. Prices are not being pushed up by conventional buyers--they are being pushed up by cash buyers like hedge funds. These cash buyers can constitute up to 45% of the completed sales here in So Cal!
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Thanks so much...I agree with you. Our condo inventory is lower that I have ever seen it and we are experiencing multiple offers which hasn't happened for several years. Things seem to be looking up so let's hope the market continues to improve. I've always hoped to have a little place there now that my family is gone and we no longer own property in Idyllwild...maybe someday. Thanks again!
Flag Tue Mar 12, 2013
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