The number of distressed properties dropped dramatically over the past five years while homes values rose significantly.
According to the CALIFORNIA ASSOCIATION OF REALTORS®, "In January 2009, 69.5 percent of all homes sold in California were distressed, which includes short sales and real estate-owned (REOs) properties. Five years later, that figure has shrunk to 15.6 percent."
During the same time period, California’s median home price jumped more than 64 percent from $249,960 in January 2009 to $410,990 in January 2014.
In Murrieta, the single family median home price rose 45 percent from $240,000 in January 2009 to $347,000 in January 2014. The median price of condos rose 41 percent from $128,000 to $180,000 during the same period.
Source: CALIFORNIA ASSOCIATION OF REALTORS®, March 10, 2014, available from "Distressed housing market shrinks dramatically in last 5 years"; Internet; Accessed April 7, 2014.
Bill Burchard, Broker, REALTOR®
3B Realty
BRE# 01864774
Bus: 951-347-3818
Email: Bill@My3BRealty.com
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