As we head into the fall market, I’d like to talk to you a little bit about some market trends I’ve been noticing lately in Southern California. Quite a lot has changed lately.
Last year’s average home price was $614,000. This year, the average home price has risen to $641,000. This is a substantial 3.5% to 5% increased. The average mortgage payment has gone up as well, from $2,800 last year to $2,900 this year depending on the type of house.
As far as some of my preferred lenders are concerned, the interest rates are still absolutely phenomenal and near 3.5% in most cases. If you need to get pre-approved or just speak with a lender, I can recommend some great lenders to you. They will help you get the lowest price possible.
We have had about 6,600 homes listed on the market and have sold 2,700 of them. Right now, we have about 2.7 months of inventory available, putting us in a great seller’s market. Pending sales and closed sales are up as well.
The time to make a move is now.
Although we are in a seller’s market, homes are taking slightly longer to sell. We were seeing homes sell in around 42 days this summer, but right now they are taking an average of 67 days to sell. The market is starting to flatten out for fall.
For those of you looking to put your home on the market, you should act quickly. As we continue into the fall and winter season, it’s going to take longer and longer for homes to sell. If you are looking to sell, it’s important that you price your home slightly below or right at market value. The price gap between what people ask for and what they’re netting at closing is around $9,000.
The market may have slowed down a little bit, but it’s still a great time to buy or sell. If you have any questions or would like to take advantage of this market, give us a call or send us an email. We would love to hear from you!
