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Southern California Housing Market Update for January 2025

 

Going over home prices, interest rates, and what it all means for you.



 

As we start the new year, I start getting questions about whether now is the right moment to enter the market. To answer these questions, today, I’m breaking down the latest stats and info from Southern California’s housing market: Current market supply. Redfin says that the supply of homes nationwide is at its highest level since the pandemic. This is good because we’re getting more active properties on the market. Orange County market data. In our local area, active properties on the market are low, with only 2,694 homes averaging around $2.7 million, but the actual average is closer to $1.4 million. This shows that high-priced homes are affecting the overall numbers. The average days on market have decreased to 30 to 50 days, down from 60 to 70 days a couple of months ago, with an average close price of $1.5 million and a median close price of $1.161 million. Opportunities for home sellers. If you’re considering selling your home, now is a great time due to strong buyer demand. Many pre-approved buyers are ready to buy but can’t find enough homes. Whether you want to leave California, downside, or cash in on your equity built over the last 5 to 25 years, it’s a good moment to list your home.

"Many properties are ready to go and are turnkey—exactly what buyers want." 

If you’re a buyer, we can help you find a property that meets your needs, whether you want a single-level home or something else. Many homes are ready to move in and turnkey, which is exactly what most buyers are looking for. Interest rates and market conditions. In terms of financing, interest rates have decreased and now range from 6% to 7% for VA, FHA, and jumbo loans. We can connect you with great lenders if you need help with financing. For example, in San Clemente, where I’ve lived for many years, there are currently 77 active listings with an average list price of $3.1 million and a median list price of around $1.995 million. This area is in high demand and shows how the market is moving. Why choose us? Last year, First Team Real Estate had the most sales out of all brokerages, with over 2,785 homes sold. We have more than 2,000 agents ready to help you. If you want to get your house sold for the best price in the shortest time and under the best terms possible, please reach out to me via phone, text, or email. My contact details are (619) 379-7664 and kwsmith3443@gmail.com. I’m always here to help.


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How Is the Real Estate Market Right Now?




What you need to know about our normalizing real estate market, including home prices, supply, and more.



 

“How is the housing market right now?” I’ve been getting this question a lot recently, and I understand why. This is the time of year when people plan their moves for 2025, but it’s difficult to know what you should do without understanding where the market is at. The truth is that our market can be summed up in one word: Normalization. While the red-hot market of the pandemic is far behind us, the market isn’t heading for a crash anytime soon. Instead, things are balancing out. Here are three things you need to know about our normalizing housing market: 1. Competition is increasing. There are more homes for sale in the U.S. than there have been since before the pandemic. For buyers, this means more options For buyers, this means more options. If you’ve been frustrated by the lack of options, now might be the time to reenter the market. Meanwhile, sellers need to reset expectations about how long it will take to sell. You can still get a great deal in this market, but your home probably won’t fly off the market like it would have a few years ago.

"Prices will increase steadily but slowly in 2025."

2. Prices are increasing slowly but steadily. In most markets around the country, prices are still increasing, although it’s at a modest pace. Redfin expects prices to increase by 4% in 2025, which means sellers need to be careful about not overpricing their properties. Prices are increasing, but buyers are savvy enough to know when a property isn’t worth what you’re asking. Meanwhile, buyers can be confident that they will start building equity as soon as they close. 3. Condition matters. Right now, there is a large gap between homes that need a little work and homes that are in pristine condition. Good-quality homes still sell quickly and for top dollar; they might even create a bidding war among buyers. On the other hand, homes in need of repairs could sit on the market for a long time. Buyers don’t have a ton of extra cash on hand for repairs after closing, so small investments upfront could make it much easier to sell your house. These points are broad strokes that are generally true for most markets across the country. However, you should know that real estate is hyper-local. What’s happening in your neighborhood might not be true for your area in general. If you want to learn more about your local market, call or email me for more details. I’d love to share more information with you.

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What Is the Best Time of Year To Sell My Home?



A lot of homeowners are confused about why they’d ever accept a lowball investor offer, but they provide maximum convenience in exchange for the discount.



 

As a real estate agent, one of the most common questions I get from potential home sellers is, “When is the best time of year to sell my home?” The truth is that the best time to sell is when you need to move; however, if you’re determined to try and time the market, the best time to sell is when you have the least amount of competition. In most markets, that means selling in January, February, or March. Once spring hits, inventory increases rapidly, and you’ll have to compete with tons of other homeowners. If you truly want to hit the optimal selling window in late winter or early spring, here are three key things you need to consider: 1. Plan early. The more time you give yourself to plan out your home sale, the better. Getting your home ready for the market might involve a lot more work than you thought of beforehand, so don’t procrastinate. I recommend giving yourself a three to four months headstart before you list for things like pre-listing consultations, staging, repairs, and more. If you want to sell at the optimal time in late winter or early spring, that means you need to start these things as soon as possible.


"Get ahead of things by listing as early as you reasonably can."


2. Budget your time. It can take 60 to 120 days to sell your home once you list it, but many homeowners still have a mentality leftover from the pandemic market, when homes would sell in as little as a week. That’s why I recommend working with your agent to plan out what you need to do to hit the optimal selling window. Once you have a schedule, it will be easier to budget your time and sell at the perfect moment.

3. Beat your competition to the market. If you have a choice between listing earlier or later, list earlier. Once the spring frenzy hits, supply increases exponentially each month. All those sellers are competition that will make it harder for you to get the best deal possible, so try your best to beat them to the market. It’s tempting to wait for prices to increase as demand picks up, but this isn’t a good strategy. By the time you enter the market, you’ll be chasing a wave of demand that has already passed. Instead, get ahead of things by listing as early as you reasonably can. If you want to sell this spring and get the best deal possible, your first step should be to have a pre-listing meeting. Just call or email me, and we’ll go over your situation, your goals, the market, and more. It’s 100% free and no obligation. I look forward to hearing from you!

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