While inventory stays down, single family home prices in Southern California are taking an upturn, according to the April and March 2017 reports from Corelogic.com.
Los Angeles County is showing a 5.8% price change from April of the previous year.
Beverly Hills, 90210 is by far the most affluent market, where the median price per square foot is up to $7,050 as of this month. While this is a 34% gain over April of last year, (which isn’t too shabby,) the price increase in March was out of the park, with an amazing 136.2% price increase! At that time, the corresponding median price per square foot was $6,000!
In addition, there were a few surprise markets emerging from left field, including Inglewood – particularly zip code 90304, with a 60% gain, Lincoln Heights, with a 65.5% gain, Topanga at 81.4%, and Dockweiler with a hefty 105.2% gain over last years figures.
Santa Barbara County shows a healthy gain of 24.6% overall. Trending over the past several months, Guadalupe reveals the biggest gain in its league, with a shocking 184.2% gain from its 2016 figures, even more drastic than its leading edge of a 55% upswing in March. The zip code 93101 is the priciest in Santa Barbara, with a median price per share foot of $1,431.
Orange County shows a steady increase of roughly 4.7% over last year, with its heavy hitters being Irvine, 92603, at a 82.9% gain, followed by Laguna Beach at a 47.3% increase, and Balboa Island at a 47.6% increase. Balboa Island also boasts the highest prices at $4,614 per square foot.
In March, Newport Beach, 92663, was the OC’s poster child, with a gain of 63.5%.
San Diego County shows an increase of 7.5% from last year. North County reveals its all-star players this month, with Solana Beach at 63.3%, and Del Mar, coming in second at 45.8%. Del Mar also takes the lead on the median price per square foot, at $2,467 - barely beating both La Jolla and Rancho Santa Fe.
San Diego’s market seems to be gaining momentum overall, as it climbs higher than its gain in March, which was 4.8%; when the unlikely underdog, Bonsall, took position as the highest gain with a 100.9% increase in prices over last year.
To see the complete chart, click here: http://www.corelogic.com/downloadable-docs/dq-news/southern-ca-home-resale-activity-march-2017.pdf