Here are the worst extremes of home buying in California – San Bernardino Sun

Home prices and sales in California rose slightly last year, but there are extreme extremes across the state.

A September report from the California Association of Realtors said the statewide median sales price rose 3% to $868,150 for the year. Buying activity also increased by 5% over 12 months.

The number of homes on the market increased throughout the year. House hunters’ choice increased to 3.6 months from 2.8 months in September 2023, based on comparing homes on the market to sales rates. This increased the time to sell, as the typical home sold within 24 days versus 18 days a year earlier.

But this seemingly relatively stable market picture becomes unclear when you think about the differences in home buying between the state’s two largest markets.

In Southern California, prices rose 4% to $850,000 as sales rose 1% over the 12 months. The supply increased to 3.6 months from 2.8, and the time to sell slowed down – 24 days on the market versus 20.

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Meanwhile, Bay Area prices fell 3% to $1,266,250, while sales rose 5% over the 12 months. Supply increased to 2.8 months from 2.3 as lead time increased by six days to 20.

Next, consider the extremes in the 53 California counties highlighted in the report…

Price chasms

“Big city” prices are unnerving, especially compared to much more affordable outlying parts of the state…

Highest prices: San Mateo with an average cost of $2.1 million, followed by Santa Clara with $1.93 million, Marin with $1.75 million, San Francisco with $1.62 million and Orange with $1.4 million.

Lowest prices: Trinity averages with $247,500, followed by Lassen with $265,000, Siskiyou with $290,000, Tehama with $320,000 and Mariposa with $322,500.

Ice markets

Here are California’s cheaper, weaker and slower counties for home buying…

Largest price drop: Mariposa is 25% off annually, Trinity is 23% off, Tuolumne is 15% off, Mono is 13% off and Siskiyou is 11% off.

Biggest sales drops: Mono is 50% off annually, then Sutter is 24% off, Merced is 23% off, Calaveras is 22% off and Glenn is 18% off.

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The fattest deliveries: Mariposa has 10.5 months of inventory at current sales rates, Trinity has 10.2, Lake has 9.8, Mendocino has 9 and Calaveras has 8.

Slowest Sellers: Glenn and Tehama have been on market 84 days, Mendocino 77, Trinity 74 and Napa 72.

Warmer markets

It’s not all dark trends. This is where home buying has become stronger and faster – and more expensive…

Largest price increase: Lassen is up 46% for the year, Lake is up 29%, Mendocino is up 17%, Glenn is up 16% and San Benito is up 13%.

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Greatest sales increase: Lassen is up 79% for the year, Siskiyou is up 75%, Mariposa is up 50%, Del Norte is up 46% and Imperial is up 41%.

The most dense deliveries: Imperial with 1.9 months of inventory at current sales rates, Santa Clara and Kings with 2.2, San Mateo with 2.2 and Alameda with 2.7.

Fastest sellers: Santa Clara – 10 days on market, San Mateo – 12, Alameda – 14, Imperial – 16 and Monterey – 18.

Terrible inaccessibility

Here are the counties that have proven to be the toughest financially for buyers, according to the Realtor First-Time Buyer Affordability Index for the second quarter…

Smallest share eligible to purchase: Mono – 9%, Santa Barbara – 13%, Orange – 15%, Santa Cruz and Monterey – 18%.

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Largest required minimum income: San Mateo – $384,900, Santa Clara – $351,000, Marin – $314,100, San Francisco – $297,300 and Orange – $251,100.

More affordable

The most affordable counties in California…

The largest proportion of persons entitled to purchase: Lassen – 69%, Glenn – 54%, Shasta – 52%, Del Norte and Tehama – 51%.

Minimum Required Minimum Income: Lassen – $43,800, Trinity – $53,100, Siskiyou – $57,900, Glenn – $59,400 and Del Norte – $60,300.

Jonathan Lansner is a business columnist for the Southern California News Group. He can be reached at [email protected].