The high-end home market picked up enough to give the overall median home price in SoCal a 1% increase—I guess not everyone’s losing their job! John Walsh, MDA DataQuick president, told the L.A.
Times, “As more sellers get realistic, more buyers get off the fence and more lenders offer reasonable terms for high-end purchase financing, we’ll see a more normal share of sales in the more established, higher-cost areas that have been nearly comatose.” Want to hear something crazy? “The April-to-May
Southern California median price increase was the first month-to-month gain since July 2007…” So, that 1% increase has been a long time coming! SHORTsense.com is currently featuring many luxury short sales.
Although the high-end market is beginning to sizzle, the low-end market is HOT! The OC
Register’s home market watcher, Steve Thomas, shows distressed and short sale properties moving like hotcakes, “The expected market time for foreclosures is currently 0.65 months. For short sales, the expected market time is 2.10 months.” Now, that’s news you can use!
Minda Reves is a freelance blogger for SHORTsense.com