Despite elevated mortgage rates existing Home sales and home prices are up in Many of California's counties in today's Video I'll share all the details and by The way this is part two of my two-part Video series I make uh each and every Month regarding the California housing Market if you missed my first video that Was based on what's happening right now At the Statewide level but today's video Is based on what's happening at the Countywide level because there's some Very big differences among the 50 Three Counties that the California Association rers tracks so I have a lot To share so let's begin today's video And of course if you haven't subscribed Just yet I invite you to do so because I Post frequent housing market updates so You guys can make a more informed Decision about whether to buy or sell House right now whether it's in California Texas Florida or any other State Nationwide anyways according to The California Association rors they Posted this about a week ago it says uh 40 counties posted an increase in closed Home sales from a year ago uh this is February last year through February this Year uh Mono County posted the biggest Gain in sales up by 300% the biggest year-over-year change Statewide after that was plumis which is About an hour north of Sacramento and
Then we have TWY up by 77% so this means out of the 53 counties That are tracked by the California Realtors 40 of them or approximately 75% Have posted gains in home sold prices in Regards to home prices at the regional Level and there's by the way seven Regions in California uh that the California Association rers tracks all Major regions registered an increase in Home prices from one year ago in fact The San Francisco Bay Area experienced The biggest increase on a year-year Basis up by a whopping 22.6% I'll share some data regarding That because um I looked at um San Francisco and also U Alama County and Sacramento County uh because I want to Share how uh the numbers we're looking At today or I should say for February How does that compare to the all-time Record highs that was set back more or Less in the spring months of 2022 and uh SPO alert um we haven't reached record Highs yet we're still down compared to The uh Peak we saw in 2022 any case Looking at each of the um 50 uh regions Or counties here in California home Prices continue to show year- ofe Improvement in many counties so 47 of the 53 counties in California Posted a higher price compared to 12 Months ago this means that approximately 89% of californ counties have higher
Home sold prices right now compared to February 20 2023 in fact the biggest increase was Actually in cisq County up by 63.5% then we had Mono County and Lassen County um one thing I'll mention Regarding the those Three Counties there The prices tend to fluctuate greatly Because they don't have a whole lot of Sales so if you have a house that sold That it's I don't know on a 20,000 acre Lot for example I'm just kind of Throwing numbers out but if you have a High sale um in one month where we Didn't had the same high sale one year Ago the variations and prices can vary Uh greatly month to month in contrast There was only five counties that posted A decrease in home sold prices compared To 12 months ago the biggest decrease Was actually in Sano County down 7.6% after that we have Kings County and Amador county in regards to active lines Or housing inventory the amount of Houses for sale uh 34 of the 53 uh Recorded a year-over-year increase uh With eldo County jumping the most up by Nearly 57% from a year ago after that we have Yolo County and Sano County uh each Increasing by more than 37% okay let's Change gears uh slightly here and go Over some slides regarding how each of The counties fared here in California
Here is a onepage snapshot about what's Happening right now at the Statewide Level overall and again if you miss my Video regarding that I'll provide a link In the video description below here so Overall for the state the median sales Price increased to 86,4 190 up by 99.7% from 12 months ago uh the month Supply is only at 3 months days in the Market only at 22 days also home sales Increasing by 1.3% on a year your basis let's have a Look at uh SoCal so SoCal um existing Home sales up by 7% quite a bit more Than the 1.3% average at the Statewide Level also in SoCal you're looking at a Existing home sale price at 825,000 That's an increase of 10.8% from February of 2023 uh the month supply also days the Market roughly on par with the Statewide Average as well as the S price to list Price ratio at 100% this is basically a Fancy word to say that overall for the Houses that did close escrow and by the Way today's video is only looking at Existing single family houses but Overall a 100% ratio means that on Average for the houses that closed this February they sold for the sellers final List price let's also take a look at the Central Coast giant increase in sales up By
18.7% also Prices rose by 11% there as Well these other metrics run roughly on Par with the Statewide averages the Central Valley where I live and work as A r agent here in Sacramento which is Approxim right there uh we're looking at Uh 478,000 is the existing home sale Price uh that's up by 6.3% Year-over-year slightly below the Statewide average at 99.7% and sales uh barely squeaking out A gain uh only increasing by 8% Year-over-year Also let's look at the San Francisco Bay Area um pretty changes Here so sales Ro Rose by 15% look at This existing home sale price nearly $1.3 million um that is below the 1.5 Million that was the all-time record High set back in 2022 um so despite the fact that um Prices rose by 22.6% they're still down compared to the Highs we saw in 20122 days in the market very very fast Also uh the month supply only at 2.1 Months a more balanced real estate Market is in the range of four to 6 Months and not 2.1 months uh this figure Here the S price to list price ratio Tends to be a lot higher compared to um Other uh counties and other regions uh Because for whatever reason for example In San Francisco it's entirely normal to List a house for a million dollars
Knowing knowing that's going to sell for $ 1.5 million doar for example so houses Get listed Far Below Uh current market Values that's why an average um houses Or one of the reasons why houses on Average sold for 1.9% over the sellers Final list price in regards to the far North that is in the far north of California anyways uh sales Rose by 12.5 Uh and also we're looking at Prices rose By 2.7% uh these metrics below here tend to Be a little bit softer compared to other Regions which is entirely normal in Regards to sales uh on a national not National level at the Statewide level Sales reached the highest level since September of 2022 that's based on this Figure right here 290,000 units that is Seasonally adjusted and also it's Annualized as well so the sales pace for February the highest sales Pace since September of 2022 it also Rose by 12.8% on a Month-to-month basis by my D math that's An increase by more than 10% for two Consecutive months as well having said That as you can see by this graphic Right here uh the current sales space Right now at 290,000 is way below pre Pandemic levels where we should be Expecting around 400,000 sales so Looking at preco levels this is the Lowest level since approximately 2008
Let's also take a look at how each of The regions heed Fair regarding sales so Overall uh 47% of all houses that closed escrow This February came from SoCal in Contrast the uh San Francisco Bay Area 18% the Central Valley at 23% uh of course you can see here the Central Coast the far north making up Only a total of 6% of all close home Sales Statewide they also provided this As well this is home sales growth by Region the uh blue bars here is a Year-over-year change in close home Sales this February compared to February Of 2022 2023 anyways the Central Coast saw a big Increase up by 18.7% whereas the Central Valley only Increased by 8% um from one month ago compared to January the biggest increase actually in The San Francisco Bay Area up by nearly 25% let's have a look at home prices so Again we're at 86,000 490 um this is um an increase of 9 7% from 12 months ago um but also when Looking at prices compared to February Of 2020 that means that the meeting home Sold price the Statewide level has Increased a whopping 39% also as I mentioned my video from About a week ago uh this 99.7% increase
On a year-year basis is the biggest Increase since March of 2022 I'm also doubtful this uh growth Will continue though Uh due to the rise in rates uh rates Overall decrease in November December And January but the increase in February And also they have increased since February as well in March so I'm Doubtful we we'll continue to see this Growth rate in home prices um nearly 10 10% right now on top of that we're also Seeing a rise of inventory levels as Well some more houses are getting listed For sale that is actually causing Inventory to increase which should put Downward pressure on home home prices in The months to come the California Association rter also provided this as Well um out of the 53 counties they Track only six of them um are selling For over the sell's asking price more Often than not so that is that blue Dotted line right here so for example Almea County approximately what 73% of Houses that sold this February sold over The seller's asking price um over the Asking price is as well was actually in Santa Clara Sano San Francisco CRA Costa And Imperial counties as well also in Sacramento approximately 45% of houses That sold this February sold over the Sellers list price as I mentioned Inventory levels are increasing
Statewide so right now uh there's Approximately 6.8% more homes for sale From 12 months ago the last time we had A increase of of house inventory on on a Year-year basis was approxim 11 months Ago so we had a huge decrease in Inventory levels from uh early 2023 through approximately January of 2024 um compar that to the huge gains of Inventory levels we saw in 2022 which of course is one of the main Reasons why U home prices decreased so Much in the last half of 2022 huge Increase of inventory levels and of Course one of the main reasons why we're Seeing increase of inventory levels Because we're seeing a huge increase in The amount of newly listed houses Rising By double digits for two consecutive Months right now speaking of that here's A look at five major um regions here in California U the relationship between Home sales close home sales and active Listings which is housing inventory what Caught my attention was this right here So in uh the Bay Area and the far north Home sales are far outpacing the growth Rate of active listings so in the Bay Area active listings are down by 05% From February of 2023 yet sales are Increasing by nearly 15% so the growth Rate of sales far outpacing inventory Gains in fact inventory is actually Going down uh this right here and also
This right here is a recipe for home Prices increasing because as we're Seeing demand Rising faster than the Growth rate of inventory levels um it's Actually worse in the far north active Listings down by 5.6% but sales up by 12.5% in contrast in the uh Central Valley sales only increase by 8% Year-over-year Versus active listings or Supply Rising By 12.2% that right there is is more a Scenario in which home prices could go Down due to the fact that sales uh or I Should say active listings are far Outpacing the growth rate of home sales In fact housing Supply or housing Inventory increase in more than half of The state um the biggest rise again was Actually in elado County which is Approximately 20 minutes east of Sakramento uh inventory There Rose by 56.6% from February of 2023 also big increase in Yolo Solano Santa Barbara and S Bonito also in Sacramento um California uh inventory Increased by about 25% year year okay Let's also have a look at how each of The regions and counties Fair regarding Home prices and home sales both on a Month-to-month basis and also compared To 12 months ago so overall Statewide Sales or not sales home prices Rose by
99.7% um the biggest increase for each Of these regions here was in the San Francisco Bay Area uh the med stld price Nearly $1.3 million up by whopping 22.6% year-over-year Prices rose by 14% um from January which is absolutely Crazy um like I mentioned this is still Way below the all-time record highs that Was set back in 2022 uh back then the meeting sole price For the region as a whole in the San Francisco Bay Area was approximately $1.5 million so this means that they're Still down by about 243,000 compared to the peak that was Set back in 2022 let's also have a look At each of the counties in the Bay area Faired as well almea County at $1.3 Million uh one year ago it was at 1, 66,000 that's a giant increase of 22% also a giant increase of 18% in one Single month absolutely crazy um one Thing I noted I actually have a a file In which I look at how does or how is The record highs from 2022 compared to The numbers we're seeing today and um at 1.3 million this is still down Approximately 14% from the peak that was Set back in May 2022 for that County so pretty wild to See that uh even though it Rose by 22% uh year-over-year they're still down By about 14% from the Peak from about Two years ago um also in san fran San
Francisco at nearly $1.6 million an Increase of 8.5% year-over-year But dowy whopping 23% from the all-time record high that Was set back in March of 2022 when at that time we were at $2.6 million now it's at approximately $1.6 million right now also the most Expensive county in California San anano County at $1.9 million down 7.6% Year-over-year one year ago we're at Nearly one or $2.1 million Santa Clara County up by 20.6% though um very big changes here Let's look at SoCal so SoCal Los Angeles Um up by 12.4% Orange County up by 16.5% look at that $1.35 million uh is The median so price this February one Year ago was approximately $1.2 million And sales Rose by 12.4% also a lot of people ask me about San Diego uh we're at $980,000 quite a Bit higher compared to a year ago up by 11 6% and sales skyrocketed 20.9% a month over month Ventura is also Up by 10.6% uh prices at $890,000 U monre County love visiting monre and carel up By 10.9 we're at $860,000 and Santa Cruz At $1.2 million uh that's actually where I went to college at UC Santa Cruz and That's only increasing by 2.6% uh year-over-year the Central Valley let's talk about Sacramento so
Sacramento we're at $530,000 a year ago we're at 499,000 uh a gain of 6.2% sales uh virtually flat Year-over-year but small or small a big Increase up by 18% from January um the All-time record high by the way this by Is from the California Association rors Uh was at $575,000 that was set in May of 2022 so at $530,000 right now it's down Approximately 8% from the peak also in Pler County which encompasses Roseville Rockland Grant Bay um just outside of Sacramento but it does go all the way Until North Lake Tahoe um prices um only Increase by 3% and also sales are down By 9% year-over-year in the far north I Won't go over these uh counties because The trends uh tend to vary quite a bit Uh month to month so for example here's A great example here Trinity uh County $280,000 this February one month prior To that it was at 42,000 uh this means that prices Decreased by 30.4% in one single month But that's just based on um houses that Closed escrow this February compared to January and again this video is all About the median so price not home Values so again it varies quite a bit um For these counties in which the sales Can vary quite a bit other counties to Note here uh mirosa County up by 10.5
Mono up by 36.8% uh again this is one of those Counties where uh the fluctuations vary Quite a bit what else do we have here Yellow County uh just outside of Sacramento uh prices increasing by4 % And also sales Rose by nearly 19% and Lastly in Yuba County just outside of Sacramento prices down uh from a year Ago and also from one month ago as well Even though sales Rose by more than 20% From last month and 12 months ago with That said thank you so much for watching Today's video I appreciate you like And Subscribe and we'll see you on the next Video [Music] [Music] Yeah
