Recent trends in California real estate indicate that prices have evened out as buyer’s and seller’s negotiate a new understanding of the value of property in the modern economic climate. Between the end of 2011 and April of 2012, the average price for a condo or townhouse in California went from $301,000 to $333,000. Single family homes, both in and out of the city, averaged a list price of $646,000 at the end of last year and seller’s are now asking an average of $666,000. With approximately 60% of the market share, single family homes and townhouses/condos constitute the foundation of the California real estate market.
While the seller’s of single family homes and condos/townhouses seem to have agreed upon the correct price point for California real estate, evidence indicates that buyer’s still expect to get great value for their money. Over the past 5 months, the average sale price of a single family home in California has been $351,000, 46% below the average list price. In the condominium market, the average sale price is $253,000, almost 20% below the asking prices.