Wrapped: California Real Estate 2024

Can you believe how quickly this past year went by? Over this last year, I worked on real estate transactions that gave me first-hand insight into the current real estate market in both Northern and Southern California.

California is certainly different from places like Texas and Florida, that currently hold national headlines for their ongoing inventory pile-ups. Our inventory here locally remains limited, although it does appear to be growing very slowly. Check out years 2007-2008 for some context. ;)

The scarcity of homes in Southern California shows itself in the sale prices of homes here: Orange County has a median sold price of $1,350,000, and it's not the only one; the San Francisco Bay Area comes in close at $1,315,000 for median sold price, and that's just two areas from different parts (North & South) of California.

Consider, just for one example, that the median price of a home now in California is about $852,880 VERSUS the national median of $406,100; that's more than DOUBLE the national stat.

And as expected, Single Family Homes (SFH) outperformed Condo/Townhomes in terms of value, when measured as price-per-sq-ft.

So what to make of all this info? Not much at the moment, but trust that it will come in handy when it's time to make your next real estate purchase or sale. And when in doubt, get a second opinion from a trusted real estate professional.

I welcome your call or message anytime.

Sincerely,

Inna Peshkova

Realtor®

Call/Text 714-747-1174

Email inna@innaEstates.com