Huntington Beach November Home Sales were down 4% from last month and were about 8.5% lower than the 5 Year November Average By Huntington Beach Realtor - Scot Campbell - HowsTheHBmarket.com 12/11/18 - Source: Realtor MLS
November 2018 Residential Market details: Homes Sold: In November 2018, the entire Huntington Beach market saw a total of 120 houses, townhomes, and condos sold… 84 detached properties sold and 36 attached homes sold. Average Days on Market until Under Contract: 37 days. Price per Square Foot: The November 2018 Average Price per Square Foot ($PSF) for the entire market was $506 (Detached homes $521 and Attached homes $430).
SCOT CAMPBELL, BROKER HB MARKET UPDATE DECEMBER 2018
Average Price: The average price of detached homes sold in November 2018 was $1,103,046 a 5.6% decrease compared to Go to my website to watch a detailed market update video. November 2017. For attached homes the average price was $663,241 a decrease of 1.4% from the same period last year. www.scotcampbell.info - Market update under Resources tab Executive Summary: Mortgage Rates hit a 2018 peak of 4.94% (FreddieMac 11/15/18), but have since fallen back down to 4.63% (12/13/18). Rates are up about 70 basis points in the last 12 months. Household income is increasing during an economic expansion in Southern California, but not as quickly as the rise in mortgage rates and home prices. Many buyers have been "payment priced" out of the market… Those who can still afford to buy are motivated to complete home purchases before mortgage rates rise any further, but the house must be price right… homes in good condition (recently upgraded) have the advantage. The average sales price increased 0.8% and Price per square foot increased 2.5% compared to last month There was a 4.0% drop in sales compared to last month, and year-over-year sales were down 21.6%. The November 2018 sales volume was 8.5% less than the five-year average. The average marketing time (before going under contract) was 37 days… It is the homes that are prepared for the market and priced right sold quickly. The overall market has changed from a hot seller's market a year ago, to a balanced market today. Now is a welcomed better time for buyers to shop… there are more homes to choose from and the frenzied pace has slowed enough for buyers to better consider their home purchase and negotiate on terms.
506
Insight/Trend: Conditions for buying & selling real estate are Average. It is a balanced market. Sellers: The real estate market in Huntington Beach has transitioned… but mid to late 2019 may see conditions reminiscent of a Buyer's Market if mortgage rates increase as predicted. The good news is that your home is worth more than in years past. The bad news is that the higher prices & mortgage rates have eroded affordability… thus the buyer pool for your home has diminished. Early 2019 is likely the best market we will see for selling your home in the next 24 months. I can help you price the home correctly, and prepare it for the market… I will get it sold!
Buyers: Mortgage Rates have increased in the last 12 months, but they are likely to increase further. You will save thousands over the life of the loan by locking in a lower mortgage rate. Inventory has increased, there are more homes to choose from now. If you were frustrated by the lack of homes on the market previously, and the quick pace of homes selling… I recommend you come back into the market. The listing inventory is good, and there are fewer competing offers during the months of December and January. 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.
$1,103,046
120
$663,241