When you look at our local incomes/wages and other traditional metrics, it is hard to make sense of how the market keeps going. But it has!
How does that happen?
There are three sources of buyers that don’t rely on a regular job to buy.
We see younger buyers being funded by the Bank of Mom and Dad to generate larger down payments, or to pay cash outright, and many are inheriting big bucks when an elder’s estate – probably full of rental properties – is liquidated.
But another segment that is fueling our demand are the buyers from more expensive areas – places that make the San Diego metro area look cheap. Buyers from the LA/OC and those from the Bay Area come here and think we are giving them away!
Look at these median sale prices from Los Angeles Magazine – and when I checked these for the last 90 days, they are even higher now:
Our market is connected to others nearby, and as long as we all keep moving together, the sorting of the haves and have-nots will continue.