8 | LIFE IN SOLERA | OCTOBER 2021 | REAL ESTATE NEWS
The California real estate single family home market in June 2021 has experienced
approximately a 30 percent increase in prices since June 2020. Despite COVID, 20
California cities grew by more than 40 percent last year. The #1 city that experienced the
most growth is Big Bear, with 100 percent, #2 Malibu 85 percent, #6 Lake Arrowhead 56
percent, and #15 Indian Wells 45 percent.
Southern California and the San Francisco Bay Area increased the most in home sales
growth, 33.9 percent and 34.1 percent respectively. In the past year, 71.4 percent of
California home sales sold above asking price. Unfortunately, California has a dubious
record of housing supply and affordability. It had a record low 1.3 months of available
housing inventory in December 2020. It has set a record median price in June 2021 of
$820,000.
Many things have changed because of COVID-19. It made housing more important
than ever. There is a premium on additional space and quality of life. But remote work
and online shopping are here to stay.
Overall though, momentum is slowing. Forward indicators suggest that the second
half of 2021 will slow, with slightly more inventory and slightly less demand. "Normal"
growth of prices and sales are predicted going forward.
Source: www.car.org
By Glenn & Nona Bradd
Realtors and Residents
Real Estate Market Trends & Forecast
