Real Estate Agents in California
California real estate continues to be in great demand, which often makes the state have the highest median home value. However, prices of homes are extremely diverse, as are the income levels of California residents. Twenty-three percent of the top 400 wealthiest Americans live in California while the San Joaquin Valley is home to a high number of impoverished migrant workers and has been named one of the most economically depressed regions of the country.
Due to the vast difference in home prices, families at different income levels have been able to find a single family home affordable to them. However, there are individual towns with median home prices well above the state's average.
Top Ten Most Expensive California Cities
- Rolling Hills with an average house value of over $2.8 million.
- Beverly Hills
- Belvedere Tiburon
- Atherton with an average house value of over $1.8 million.
California Continues to be a Competitive Market
It is reported that nearly half of homes sold in California bring in multiple offers, making it a competitive market for homebuyers. This has resulted in there being more cash sales, nearly 20%, as this method of payment is preferable to real estate investors. Although California has had trouble in recent years, it has continued to improve for the third straight month this year. How long a home takes to sell is a concern many sellers have. Luckily, California homes average at 46.6 days on the market in May compared to 48.9 days in April and 52.0 days in May of 2011.
The sales pace in California is now at its highest since February of 2009. Home prices are stabilizing with a statewide median price of $312,000 for a single-family detached home, which is the highest since September of 2010. Reasons behind this can be due to first-time home buyers taking advantage of buying a home with ultra-low interest rates and low home prices. Also, trade-up buyers are entering the market again after waiting for there to be more favorable home prices.
Concern Over a Low Inventory of Homes
A 7-month housing supply in California is considered normal but is down to 3.5 months in May. Inventory levels have not been this low since December of 2005. The San Francisco Bay Area currently has the shortest supply of homes with inventory levels as low as a two- to three-month range. The Bay Area's economy is growing faster than other areas of the state and has a strong job growth, making the area attractive to homebuyers.
- Agoura Hills
- Arroyo Grande
- Chino Hills
- Chula Vista
- Citrus Heights
- Daly City
- El Cajon
- El Dorado Hills
- Fair Oaks
- Fort Bragg
- Granada Hills
- Grass Valley