Posted by Scot Campbell July 6, 2011 – Source SoCal MLS
Mid-Year Market Update – 2011
This year, summer seems to have moved quickly past “June Gloom” and straight into beautiful early morning sunny days. Likewise, it is nice to see homes are still selling in Downtown Huntington Beach!
According to SoCal MLS records, the first six months of the year saw 48 closed sales with an average sale price of $888,829, average price per square foot of $400.92, and an average of 108 days on market (for sold listings). The average square footage of the homes sold was 2,371.
Compared to the same period in 2010, the sales volume is down 18.6%, the average sales price is down 13.1%, but the average price per square foot is Up 3.1%. The average square footage of a home sold in 2010 was 2,672.
Buyers are being drawn to the smaller homes within the market area, perhaps due to more attractive financing for the homes priced under $912,000.
Will conditions improve this year? I believe it depends on how many people decide to jump in and buy while interest rates are low. Long term improvement in the market depends on job growth and easing of credit by the banks. Stay tuned to the RealtyDigestBlog for further updates.
Scot Campbell is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable. On his website you can search for homes and obtain an instant home value report: www.RealtyDigestOnline.com He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com
