We are already through the 1st quarter of 2011 and we have the official low down of what real estate has done thus far into the year.  Values have declined further and it will be interesting to see what takes place in the coming months.  As you can see from the graph below we have been tracking the average sales prices for almost 3 years now and by next month we will have a complete 3 years of data showing the average sales price for every month since April of 2008. 

The figures for March are now in showing the average sales price in Downey and the surrounding area to be $301,783.  That is a drop of approximately 3.5% from the previous month with an average price of $312,609, and we are now officially at the lowest point in home values since April of 2008.  Simple economics tells us that when there is a great supply of product the price/value of that product goes down because there is an overabundance.  This may certainly be the case and reason for values being lower over previous months.  There were 849 homes sold in March, 589 in February, and only 655 homes sold in January. 

Overall it is a great time to buy.  We are working with buyers that end up having an equal or lower payment on their mortgage then when they were renting.  Values are so low now that it so much more affordable than in the past.  Rates are still amazingly low with the average 30 year fixed rate at 4.79% in California…Give us a call or send us a
message through our website.