Monday, July 16, 2018 / by Garrett Martinez
The Orange County inventory of homes continues to rise easing the low inventory crunch, however at the same time an increase in interest rates has caused a slight drop in demand. Here's a summary:
The active listing inventory increased by 217 homes in the past two weeks, up 3%, and now totals 6,579. Expect the inventory to increase from now through mid-August. Last year, there were 5,983 homes on the market, 596 fewer than today.
This year, 18% fewer homes have come on the market below $500,000 today compared to last year, and there have been 26% fewer closed sales so far this year. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
Demand, the number of pending sales over the prior month, decreased in the past two-weeks by 150 pending sales, down 6%, and now totals 2,454. Demand peaked in mid-May at 2,726 pending sales. Last year, there were 2,838 pending sales, 16% more than today.
The average list price f ...
Monday, June 18, 2018 / by Garrett Martinez
As we head into the beginning of summer, the demand is picking up pace as families are looking to get into their new home by the end of August before the school year begins. With the average escrow being 30-45 days, that means most sellers and buyers will be looking to negotiate a deal and enter into a contract by the end of July. Read below for a quick summary of the current market in OC:
The active listing inventory increased by 231 homes in the past two weeks, up 4%, and now totals 6,105. Expect the inventory to increase from now through mid-Summer. Last year, there were 5,905 homes on the market, 200 fewer than today.
This year, 19% fewer homes have come on the market below $500,000 today compared to last year, and there have been 25% fewer closed sales so far this year. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
Demand, the number of pending sales over the prior month, increased in the pa ...
Monday, May 21, 2018 / by Garrett Martinez
Once again the summer months prove to increase inventory and there seem to be signs all over the place! Is it a good time to sell or buy? Read below for special insights from renowned economist Steven Thomas regarding the current housing market.
The Summer Market: The active listing inventory is rising and so is the time it takes to successfully sell a home; summer is here.
Every year it is the same thing. Multiple open house directional arrows are scattered on the corners of busy intersections. More and more FOR SALE signs are popping up in neighborhoods. There are not quite as many buyer showings as there were only a few weeks ago. The word from the real estate trenches is that it is not as busy and homes are not flying off the shelves as they did before. Sellers are growing concerned. What is going on? Why the sudden shift? It is called SUMMER. The Summer Market begins with the completion of the school year. It is the season of end of the year school concerts, th ...
Thursday, May 10, 2018 / by Garrett Martinez
According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.
For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:
ATTOM even went a step further and broke their results down by day.
Top 5 Days to Sell:
June 28th – 9.1% above market
February 15th – 9.0% above market
May 31st – 8.3% above market
May 29th – 8.2% above market
June 21st – 8.1% above market
It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition ...
Thursday, May 10, 2018 / by Garrett Martinez
Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of the potential for double-digit price depreciation and suggested that buyer demand could drop like a rock. There was even sentiment that homeownership could lose its coveted status as a major component of the American Dream.
Now that the first quarter numbers are in, we can begin to decipher the actual that impact tax reform has had on the real estate market.
1. Has tax reform killed off home buyer demand? The answer is “NO.”
According to the Showing Time Index which “tracks the average number of buyer showings on active residential properties on a monthly basis” and is a “highly reliable leading indicator of current and future demand trends,”buyer demand has increased each month over the last three months and is HIGHER than it was for the same months last year. Buyer demand is not down. I ...