Even with rising home prices over the past few years, many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory, according to findings from the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 Survey of Calif. Homeowners.”
More than one-third (35 percent) of homeowners have considered selling their home in the past year, and of that share, about two-thirds (64 percent) are reluctant to sell because they are finding they can’t afford the home they really want, the survey found.
C.A.R.’s inaugural Survey of California Homeowners also found that more than half (59 percent) of homeowners have not seriously considered selling their home in the past year, with more than half (60 percent) saying their current home will be their retirement residence. For those who have been in their home 15 years or more, that figure rises to 70 percent who indicated they have not considered selling because their current residence will be their retirement home.
But for others (44 percent), the affordability crunch, higher property taxes, and home prices are keeping them in their current home.
In first-quarter 2012, when housing in California was at its most affordable, a median income of $56,324 was needed to purchase a me- dian-priced home. In second-quarter 2015, that figure jumped to $96,160, with 99 percent of that required income increase attributable to home price increases.
Forty-five percent of homeowners have considered moving out of state, with Texas (15 percent), Oregon (11 percent), New York (9 percent), and Arizona and Nevada tied (8 percent) as the top five states where homeowners have considered moving.
The 2015 Survey of California Homeowners was conducted online in May to more than 1,000 homeowners statewide to determine why homeowners are not selling. Access the full report on the survey findings at http://www.car.org/marketdata/surveys/other/
Median list prices: Ellwood April-September 2015
- Condos: $438,700
- Houses: $835,000
Condominiums and houses currently for sale
|Active||7465 Hollister Ave 313||319,000||3||2||Mobile Hm.||57|
|Pending||7465 Hollister Ave 440||329,000||3||2||Mobile Hm.||110|
|Active||7610 Hollister Ave 109||359,000||1||1||696||41|
|Active||3 other Grove condos||499k-589k||2,3||2||960-1370||17-Jul|
|Pending||7606 Hollister Ave 212||549,000||3||2||1370||7|
|Active||7617 Anchor Dr||789,000||4||2||1348||22|
|Pending||458 Pepperdine Ct||825,000||3||2||1630||13|
|Pending||7549 Sea Gull Dr||800,000||4||2||1394||61|
|Active||7032 Scripps Crescent St||859,000||3||2||1630||39|
|Pending||7313 Elmhurst Pl||849,900||4||3||2002||55|
|Pending||7274 Evanston Pl||850,000||3||2||2236||24|
|Pending||7384 Chapman Pl||999,000||5||4||duplex||106|
Closed Sales: Condominiums and houses
|Address||Sold Price||Bdrm||Baths||Sq. ft.||DOM||Sale date|
|14 Grove Condos||$330,000 (1 bd) -$510,000 (2 bd)||1,2 bdrm||1,2 bath||varies||Jan-55||April-Sept,29|
|6 Cannon Green Condos||$509,000(2 bd)-$625,000(3 bd)||43,499||1.5-2 bath||varies||1-140||May-Sept 14|
|452 Linfield Pl H||$435,000||2||1||982||7||6/3/15|
|568 Mills Way||$477,000||2||2||1152||28||18-Aug|
|532 Mills Way||$483,500||2||2||1152||16||5/15/15|
|129 Ellwood Station Rd||$505,000||2||2||1134||7||8/19/15|
|7064 Marymount Way||$505,000||2||2||942||4||7/29/15|
|559 Mills Way||$570,000||2||2||1222||10||6/12/15|
|239 Santa Barbara Shores||$620,000||3||2||1417||44||6/29/15|
|323 Pacific Oaks Road||$660,000||2||3||1411||135||4/30/15|
|350 Cannon Green Dr||$680,000||4||2||1725||170||7/10/15|
|331 Pacific Oaks Rd||$688,000||2||3||1707||19||3/27/15|
|7632 Anchor Dr||$777,000||3||2||1132||8||5/29/15|
|7152 Phelps Rd||$735,000||2||3||1707||3||5/12/15|
|7295 Georgetown Rd||$820,000||4||2||1789||13||3/27/15|
|7031 Scripps Crescent St||$845,000||4||2||1902||2||5/15/15|
|7545 Astoria Pl||$865,000||4||2||1447||8||7/29/15|
|7043 Scripps Crescent St||869,000||4||2.5||2000+/-||37||9/23/15|
- Median condo price in Ellwood area April-September of 2015: $500,000 29 sales !!
- Median home price in Ellwood area April-September of 2015: $777,000 7 sales