For the first time the “same home” price comparison allows homeowners to compare what the same home would cost in every city in the five Southern California counties. Current pricing methods, which use median or average price, can’t do this. For example, median prices in the cities of Rancho Mirage and Palm Springs are almost identical at $915,000, which means little since the average Palm Springs home is 2,100 square feet while Rancho Mirage is 3,500 square feet. To compare homes, you must compare apples to apples and the “same home” price comparison does just that.
It calculates the current price of three standard size homes – 1,700 square feet, 2,500 square feet, and 3,500 square feet– in each city in the five major counties of Southern California – Los Angeles, Orange, Riverside, San Diego and San Bernardino. The tables provide the price, the price per sq. ft. and the 12-month price change of each home size, then ranks them from lowest to highest price. If a city is not listed, or an N/A is inserted, its because there were not enough sales in that city of that home size to make a reliable calculation. In the price calculations, the average price per square foot is calculated from sales over the last six months of homes near that square foot.