Southern California Real Estate Markets Bounce Back

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty”.
– Sir Winston Churchill (1874-1965)

Home prices in Southern California rose a robust 10% in February, with coastal markets such as San Diego and Orange counties posting double-digit gains and with foreclosures accounting for fewer overall sales compared with the same month a year ago, according to data released Tuesday.

The closely watched median price paid for homes in the region was $275,000 last month, according to the San Diego research firm MDA DataQuick. That marked the third consecutive month that the median home price has increased on a year-over-year basis.

The median — the price at which half the sales are higher and half are lower — increased 1.3% from January.

Counties hit hardest and earliest during the bust showed some of the strongest gains. San Diego County and Orange County two areas where home prices typically are higher, climbed 13% and 11.2%.

credit LA Times

ProLogis owns approximately 45 million sq. ft. (4,180,500 sq. m.) of industrial distribution space across 198 distribution centers in Southern California. The company is currently in the midst of trying to sell 33 million sq. ft. (3,065,700 sq. m.) in distribution space in the U.S., but apparently little, if any, of the property is in Southern California. Just prior to reports of the broad U.S. sell-off being published in February, ProLogis released the following statement, attributed to Del Santo, in response to a query from Site Selection on current logistics industry conditions in Southern California:
“ProLogis has owned, managed and operated distribution centers in Southern California for more than 15 years. And, as a leading global provider of distribution space, we have seen both the local and global markets through many changes. While the current economic environment is challenging, ProLogis is well positioned in Southern California. Our long-term focus on the area remains positive, knowing that the most attractive attributes about the market stay intact, regardless of the current economic climate.
“We are still experiencing a steady level of interest from both new and existing customers for distribution space throughout Southern California”.

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