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Appraisal Values Jump for Houses in Southland : Their Average Price Exceeds $150,000 for First Time, Survey by Research Council Indicates

June 22, 1986|DAVID M. KINCHEN | Times Staff Writer

Appraised prices of existing single-family houses in seven Southland counties rose by 4.2% from October, 1985, to April, 1986, and by 6.3% from April, 1985, to April, 1986, about double the percentage increases reported last October, according to the latest survey conducted by the Real Estate Research Council of Southern California.

The combined average price of the 204 houses appraised last April in Los Angeles, Orange, San Bernardino, Riverside, San Diego, Ventura and Santa Barbara counties was $151,100, up from $144,100.

It marked the first time the average price exceeded the $150,000 mark, according to Michael Carney, executive director of the association. The report was released at the council's luncheon meeting last Thursday at Cal Poly Pomona.

As in the previous survey, Ventura County experienced the largest increases--6.7%--over the past six months, he said.

Six-Month Increases

The second largest price increases, 5.3%, occurred in San Diego County. Los Angeles County had a six-month percentage increase of 4.6%, followed by Orange County (3.8%), Riverside County (3.2%), Santa Barbara County (2.1%) and San Bernardino County (1.5%).

Because of the demand for real estate appraisals in the wake of falling mortgage interest rates, 11 sample houses that were included in last October's report were still being appraised and will be included in next October's survey, Carney said.

Acceleration in Prices

He added that the increase in appraised values "indicate a recent acceleration of the continued growth in prices that has occurred since the decline of 1982."

Eighty-two percent of the surveyed houses experienced price increases, up sharply from the 59% in last October's survey, Carney said. Appraised prices stayed the same for 28 houses, or 13.7%, of the sample, while prices decreased for nine houses, or 4.4%,. of the 204 surveyed, he added.

Price appreciation is based on an assigned index value that stood at 320 (1975 equals 100) for the seven-county survey area last April.

Typical same homes, along with the April, 1986 price and index and the October, 1985 price and index in parentheses, follow:

LOS ANGELES COUNTY

Panorama City, $88,000, 319 ($85,000, 315); Burbank, $144,000, 400 ($135,000, 375); Glendale, $205,000, 410 ($195,000, 390); Pasadena, $114,000, 485 ($114,000, 485); San Marino, $330,000, 471 ($330,000, 471).

Also, Pomona, $80,000, 320 ($78,000, 312); Whittier, $90,000, 409 ($85,000, 386); Long Beach, $275,000, 491 ($215,000, 384); Torrance, $132,000, 368 ($130,000, 361); Beverly Hills, $1,140,000, 530 ($1,050,000, 488); West Los Angeles, $292,000, 442 ($285,000, 432) and Santa Monica, $175,000, 372 ($170,000, 362).

ORANGE COUNTY

Anaheim, $100,000, 308 ($98,000, 295); Fullerton, $128,000, 288 ($125,000, 281); Santa Ana, $102,000, 364 ($98,000, 350); Garden Grove, $119,000, 309 ($113,000, 294); Newport Beach, $168,000, 326 ($160,000, 311) and San Juan Capistrano, $175,000, 289 ($170,000, 281).

RIVERSIDE & SAN BERNARDINO COUNTIES

Corona, $83,000, 319 ($79,000, 304); Riverside, $85,000, 288 ($82,000, 278); Ontario, $73,000, 336 ($73,000, 336); San Bernardino, $67,000, 285 ($62,000, 264) and Rancho Cucamonga, $190,000, 308 ($190,000, 308).

VENTURA & SANTA BARBARA COUNTIES

Oxnard, $100,000, 400 ($90,000, 360) and Santa Barbara, $195,000, 364 ($190,000, 355).

SAN DIEGO COUNTY

Pacific Beach, $150,000, 337 ($145,000, 326); La Mesa, $100,000, 308 ($96,000, 295); Chula Vista, $116,000, 220 ($112,000, 212); Poway, $295,000, 216 ($295,000, 216) and Carlsbad, $145,000, 277 ($135,000, 258).

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