The Sloan Team

at Fidelity National Title

What Were the Actual Numbers? October 2012 According to DataQuick, southern California home sales rose sharply in October as the previously discussed move-up buyers joined investors, shifting the mix of homes selling from the first time buyer, or investor looking for rental scenario. Foreclosures hit a 5 year low, as short sales continued to move front and center as the primary distressed listing. Make a note, however, that standard, or equity sales, are making a comeback as non-distressed owners may enter the market in an effort to sell and move up, or exit Orange County to become a retiree and move elsewhere. The October total was 21,075 homes sold in Los Angeles, Orange, San Bernardino, Riverside, San Diego, and Ventura counties. That was up a whopping 18% from the 17,859 sold in September. The median price for the Southland was $315,000 in September and October, and that was up 16.7% from the $270,000 of September 2011. Short sales made up an estimated 26% of the resale market in the Southland for October. The total number of sales for Orange County was 3,148, which was up 40% from the same period a year ago. The total number of resale houses was 2,066 and condominiums had 882 sales. New homes came in at 200. The median price for all homes was $455,000 and for single-family it was $511,000. The median price for condos was an even 300. Interestingly, buyers paying with all cash hit a near record 32.1% for southern California. A final number which is somewhat sobering... 57% of all homes for sale, had multiple offers.