In 2001, the average selling price of a house here was $ 670 Prices K. increased steadily every year since 2007 when it reached a peak of approximately $ 1.4 M. This area is like almost any other area of the South Bay, where the average sales price fell here in 2008, back to 2003/2004 levels. They have been stable this year to date.
The number of houses sold reached a peak in 2002 with 66 sales. While the average selling price has been rising each year, the number of homes sold has declined. Last year, only 22 homes were sold in this area.
Between 2002 and 2006, houses rarely stayed in the market for more than two to three weeks. This has changed a bit the last couple of years, but even this year to date, homes are selling for just over two months on average.
The inventory of unsold homes is at least five months. The average selling price of these homes is over $ 1.2 M, but is reduced to $ 1.1 million when I retire a brand new six bedroom home in the mixture. This represents an increase of ten percent above the current average selling prices of homes in the past nine months.