Huntington Beach Real Estate Market is Gaining Momentum! By Huntington Beach Realtor - Scot Campbell - 10/21/19 Source: Realtor MLS/Reports on Housing
The big story moving into the 4th Quarter of the year is the increase in sales volume and the improving relative strength of the Huntington Beach real estate market. Days of Supply (The number of homes selling relative to the number listed) is the best measure of the overall market. On October 3, 2017 this metric was 68 days, within 5% of the five-year average, and on October 17, 2019 the reading was 76 days within 14% of the five-year average for Days of Supply. When interest rates were still high in January 2019, the Days of Supply hit 125 (highest in over 10 years), and in February we were at 100 Days (lower than January but 87% more days than the 5year average). The relative improvement in the market is attributable to lower interest rates, increasing home sales, and many sellers electing to either take homes off the market at the end of the summer.\ Days of Supply: Reading was 68 days on 10/3/19 and 76 days on 10/17/19. Days of Supply is an excellent measure of market activity as it tells us how many homes are selling relative to the number listed. During a strong seller's market, this measure may fall into the 40-day range. In a strong buyer's market, the measure may increase to over 200 days. A "balanced market" is 90 to 120 days. But, to judge the relative strength of the market for homes like yours, a measure must be taken for your price segment.
Scot will get your property Sold, for Top Dollar... with Fewer Days on the Market!
Scot Campbell, Broker
Global Luxury Specialist 714.336.0394 Cell / Text firstname.lastname@example.org www.scotcampbell.com DRE #00943759
Scot is the President of Coldwell Banker - Campbell Realtors in Huntington Beach, CA. He is a Certified Global Property Speicalist, and has been licensed for over 32 years. He holds a California Real Estate Brokers License and was also Certified by the State of California to do real estate appraisals. As the Broker of Record for over 1400 closed sales in the last 10 years alone, he has handled just about every type of transaction imaginable. His undergraduate degree is in Real Estate Finance, and he did his graduate studies in Economics. As a Huntington Beach resident since 1973, he has been living & loving the Coastal Orange County Lifestyle for over 45 years. Have questions about real estate? Come visit him at his oceanfront office at Pacific Coast Highway & 18th Street. Scot will answer your questions... and the office has a great view!
Huntington Beach Real Estate Sales JUMP 24.3% Year-over-year in Sept 2019… 9.99% Higher Sales Volume than the 5-Year Average for September. Mortgage Rates near 3-year lows are lowering payments for Buyers, 4th Quarter 2019 is a Great Time to Sell! By Huntington Beach Realtor - Scot Campbell - 10/21/19 Source: Realtor MLS/Reports on Housing
Mortgage Rates: Mortgage Rates spiked at 4.94% per the FreddieMac Mortgage Market Survey on 11/15/18, but rates have since come down to 3.69% as of 10/17/19. Jumbo rates seem to be even lower… a quick review of mortgage rates being quoted by large lenders on the web showed 3.625% for 30-Year Jumbo loans, and 3.0% for 30-Year due in 10 years Jumbo loans. Mortgage rates are still near 3-year lows. Falling mortgage rates are providing an attractive incentive to buy as we move into the 4th Quarter, and low rates will continue to offer an opportunity window for both buyers and sellers as we move into the end of the year..
Go to my website to watch detailed market update videos. www.scotcampbell.info - Market update under Resources tab
Price per Square Foot: The September 2019 Average Price per Square Foot ($PSF) for the entire market was flat year-over-year at $535 (Detached homes $548 and Attached homes $503). Average Price: The average price of detached homes sold in September 2019 was $1,009,678 a decrease of 1.3% compared to September 2018. For attached homes the average price was $708,053 an increase of 13.1% from the same period last year. Insight/Trend: The Summer Selling Season is over, and we are moving into normally the slower time of the year; however, with mortgage rates at 3-year lows the market is actually outperforming the summer. June, July, & August sales were 148, 156, & 163 respectively. September saw 174 closings!!! Now is great time to transact real estate for both buyers and sellers. Favorable mortgage rates are helping to sell homes for sellers and decreasing payments for home buyers. Homes priced under $1 million are having more activity than the higher end of the market… but conditions have improved across the board.
A review of the September 2019 Huntington Beach Residential Closed Sales shows: Homes Sold: In September 2019, the entire Huntington Beach market saw a total of 174 houses, townhomes, and condos sold… 104 detached properties sold and 70 attached homes sold. The sales level was 9.99% higher than the five-year average for the month of September, and 24.3% higher than a year ago. Detached home sales increased 20.9% and attached home closings increased 29.6% compared to September 2018. Average Days on Market until Under Contract: The aver age days on market for September 2019 was 40.
Price Disclaimer: It should be noted that an increase in average price and average price per square foot of sold homes does not 100% correlate with appreciation of all homes. If buyers just happen to be focusing their purchase on luxury homes, it is possible to have an increase in the average price of sold homes while appreciation is flat. The same is true on the downside if buyers chose to buy mostly "fixer homes" in a particular month. The best way to value an individual home is by comparing it to similar homes recently sold in the same neighborhood.
Sellers: Hire a great Realtor & Brokerage to effectively market you home… then: Price your home correctly, prepare it for sale, be patient, and be ready to negotiate on terms that are acceptable to you. Understand the relative strength of your market segment as your guide for pricing and marketing strategy. Buyers: Mortgage Rates have dropped… and there are more homes on the market to choose from. This is a great time to be in the market… probably the best time in over 3 years! If you have questions about the real estate market, buying, and selling real estate in Huntington Beach and Coastal Orange County, contact Scot Campbell… he can answer just about any real estate question you might want to ask.
Mobile Phone/Text: 714-336-0394 Email: Scot@CampbellRealtors.com
To watch real estate market videos, read previous market updates, and other information on buying & selling real estate, go the the â&#x20AC;&#x153;Resourcesâ&#x20AC;? menu on my website:
Instant Home Value Reports Available www.HBhomeValue.com When you order the Instant Report, the system will immediately email the most recent sales in your market area (per the Realtor MLS). You will get info on a number of homes, and you can pick out the properties most similar to yours. If you would like a more detailed list of properties For Sale, In Escrow, and Recently Closed… please email me your address and I will do a more complete list which goes back a little further in time which will have fewer sales but they will be more similar to your property.
Over 1,400 Homes Brokered Over a 32+ Year Career.
714-336-0394 www.ScotCampbell.com Scot.Campbell@ColdwellBanker.com DRE 00943759
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