Last month home prices in Southern California hit the largest median price of $460,000, thats the highest its been in over a year. The average cost of a home jumped up $5000 more than in January. That’s the largest year over year rise in 15 months and followed nearly five years of steady price increases.
This surge in price of homes is attributed to a shortage of supply on the market. Just last month there was a smaller supply of homes for sale than a year earlier in every Southern California county. With a shortage of homes on the market, buyers have less options to choose from which drives prices up. Simple laws of supply and demand.
If you’re thinking of selling your home, right now is the best time to sell. People who are currently shopping for a home are limited on the current supply, forcing them to pay higher prices because of competition. This is great for people who are currently listing their homes. Don’t wait though, the summer time is when most listings come on the market, which will stabilize home prices. Act now and you could get 5% – 10% more on the value of your property. If you’re interested in selling your home please contact us at (562) 964-841