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Second home sales skyrocketing in California, eliminating inventory in some areas

KNX 1070 News Radio
KNX 1070 News Radio
 2021-11-29

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LAKE TAHOE, Calif. (KNX) — New data shows the sale of second or "vacation" homes are up more than 50% since pre-pandemic times — many in the Lake Tahoe and Truckee areas, according to Redfin.

The California Association of Realtors (C.A.R.) found that second-home sales jumped 54% in 2021, with an estimated 35,000 vacation and second homes expected to be sold this year (about 6.5% of the state's sales).

In Northern California's Tahoe and Truckee areas, the demand is causing a serious shortage, according to Coldwell Banker Real Estate Agent Christina Soloski.

"We have much more demand for people to live here than the inventory supply," Soloski said in an interview with KCBS, explaining that inventory has dropped 90% since pre-COVID times.

That doesn't mean you wont' get a house though, she said — as long as you prepare correctly.

"There’s a difference between pre-qualified and pre-approved," she said. "In pre-approval your lender will basically tell you you can make an offer that’s not contingent upon your loan."

Latest data from an October C.A.R. report shows the median prices for single-family homes in California as $798,440. Further data indicates the following median sold prices for single-family homes across the state:

L.A. Metro Area: $725,000

Southern California: $750,000

Inland Empire: $525,000

Central Valley: $450,000

San Francisco Bay Area: $1,275,000

In the Southern California region Orange County had the highest median sold price - at $1,120,000 for a single-family home. San Diego and L.A. Counties followed, with $850,000 and $848,970, respectively.

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