DQNews.com released the LA Times Southern CA real estate data charts for the year of 2013. I'm excited to report sale prices are up 17+% from 2012. Of all the counties listed, Los Angeles saw the highest increase of 25% with a total of 59,275 single family homes sold. Condos did even better in LA, selling 26.7% higher than 2012.
In fact, condos performed better than single family residences in most Southern California counties. This was to be expected. Why? Because single family homes become less and less affordable as their prices increase concurrently with interest rates. This directs many buyers to consider condos.
One city in Los Angeles that is performing especially well is Canoga Park. Home prices in Canoga Park in 91303 are up 41% from 2012. Condos in 91304 are up 61.1%. This is music to my ears; I have a condo in Canoga Park that has been underwater for years. It's such a sigh of relief to see that I am in the green again.
On the not so glamourous side, I noticed 2 very affluent cities underperforming from 2012. Bel-Air, specifically 90077, sold for an average of 4% less than 2012. Malibu is down 5.6%. These areas aren't doing bad by any means. Their median price/square-foot is still more than double the county average of $290 ($701 & $784 respectively). They just may not have dropped in value as dramatically as other areas did during the crash, therefore not needing to correct as hard as other areas finally are. Bel-Air and Malibu are established, famous and always in demand.