By Alex Girda, Associate Editor
Talk about a paradox. While California’s number of home sales is rising, the median value of those transactions has been falling, according to DataQuick.
In a trend that has continued for 13 months, the value of the average price per home, whether new or previously owned, has dropped to $240,000, down 6.3 percent from October 2010 and 3.6 percent compared to September 2011.
Yet the number of home sales as well as condos stood at 34,087 for the month of October, 3.7 percent lower than September but higher than last year’s number by 4.3 percent. The average number of home sales in October of the last 23 years is 43,528.
In other news, a large deal has been perfected for the Culver Center, a Culver City shopping center located at the intersection of Venice Boulevard, Washington Boulevard and Overland Avenue. The facility’s 216,578 square feet were developed back in the 50s and stand on a 9.7-acre lot. The location is very promising for the new owner, Equity One, as 278,500 people live within three miles, with an average household income of $86,000. The value of the transaction was $115 million.