A National and Local Market Update

What has been going on in our market? Today, I’m going to bring you the latest numbers from both a national and a local perspective.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

What does our current market look like? Today, I wanted to take a look at some of the numbers from both a national and a local perspective.

After 2009, people nationwide are much more apt to believe that real estate is a good investment. In fact, 34% of people believe this is the case, whereas only 26% of people think the same about the stock market.

Following the recession and recovery in our market, there is more consumer confidence in today’s market. Interest rates have reached historic lows, confidence in retirement savings is higher, and unemployment is down.

Here in Southern California, we’ve seen a 6% increase in prices since last year. This means that areas like Riverside, San Diego, Los Angeles, and Orange County have an anemic amount of homes available for sale.

Not only has this driven up prices, it has also caused a rise in demand. This is especially true for homes that are under $700,000.

Recently, a client I’ve been working with has made four offers on four different homes that were all listed under $550,000, and has lost out on each one because of cash buyers and hot competition.

In San Clemente and Mission Viejo, we have about 200 to 250 homes currently on the market. In Mission Viejo, the average price is $789,000. In San Clemente, however, the average price is about $1.8 million.  

Escrow is taking about 39 days to close for homes under $1 million. For homes over $1 million, the average days it has been taking to close escrow has been around at least 77 days.

Right now is a great time to sell.

Ultimately, now is a great time to sell. If you price your home correctly, you’re more likely to expedite the entire process.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.