SoCal Median Price Highest in a Decade; Locally, LaFayette Square Still Popular
Southern California real estate sales in May 2017 were up 15.8% from April and 5.2% from the same time last year to a total of 23,478 homes or condos sold, according to data from Core Logic, a real estate analysis firm out of La Jolla, CA.
The median price paid for Southern California homes in May was $492,000, the highest it’s been in nearly 10 years, and home sales of $500,000 or more accounted for nearly 50% of sales.
According to Andrew LePage, a research analyst with CoreLogic, the price jump is a matter of supply and demand.
“Healthy demand continues to meet a relatively low inventory of homes for sale, helping to nudge prices higher,” he said. “Last month’s Southern California median sale price rose to within three percentage points of its all-time high, but in inflation-adjusted terms it remains 15 percent below the peak reached a decade ago—a peak made possible by a lot of very risky home loans.”
The key difference between then and now, according to LePage, is that buyers no longer have access to the kind of financing they did in the mid-2000s.
“Many home shoppers continue to struggle with waning affordability, which is worse than the rise in prices suggest,” said LePage.
Locally, there were 54 single-family homes and 20 condos sold in our coverage area this May.
Lafayette Square once again boasted the month’s highest local sales, with 24 homes sold in the 90019 ZIP code. The median price for the area went up by about 7% from the same time last year to $937,000. Seven condos sold in the same area for a median price of $607,000, up about 3% from the previous year.
Meanwhile, 18 homes sold in Hancock Park’s 90004 ZIP code, at a median price of $1.335 million, up about 7% from May 2016. Condo prices for that ZIP were up as well, though not as significantly. Median price went up just under a percent to $625,000 for the seven condos sold.
La Brea-Wilshire saw nine single-family home sales in May, and the 90036 ZIP code saw a decrease in median price of nearly a quarter from May 2016 to $1.246 million. Three condos sold in the area for a median price of $675,000—a more than 65% jump in median condo price for the neighborhood from the previous year.
Three homes sold this May in Hancock Park’s 90020 zip code, at median price of $1.150 million, a more than 40% decrease from the previous year, and significantly less than April 2017’s whopping $3.175 million median for the neighborhood. Condo prices in 90020 were up, however, just over 6% from the previous year to a median of $450,000 for the nine sold.