September Local Market Real Estate Report
So far this year we haven't seen any drastic change in the average home values in Downey and surrounding areas. If you look at the graph above, the average sales price in our market area hit rock bottom in Feb of 2009 clocking in at $306,835. The most recent figures generated from SoCal MLS reports show that the average sales price in Downey and surrounding areas is $321,114. We are now over a year and a half from the rock bottom period of home sales values and we are now seeing home values approximately 4.4% higher than the low point. This is great news because we are in a stable market. The fact the we haven't seen any drastic change in the past year and a half definitely shows stability in the local real estate market. Granted we did start out 2010 with a higher average sales price than what we have this month (Jan 2010: $327,180 compared to Aug 2010: $321,114), BUT looking at the big picture we are definitely in a leveling off period of home values.
The graph above includes the following cities: Bell, Bellflower, Bell Gardens, Cerritos, Downey, La Mirada, La Habra, Long Beach, Lakewood, Montebello, Norwalk, Paramount, Pico Rivera, Santa Fe Springs, South Gate, and Whittier.
