Tomasino PRESENTED BY:
ONE REPORT 2 0 2 4 Q U A R T E R L Y R E P O R T | Q 1
With over 15 years of experience, I offer unmatched expertise in South Orange Counties dynamic real estate market. For the past 10 years I have specialized in Rancho Mission Viejo with a focus on the 55+ neighborhoods of Gavilán and I am an area expert and Top Producer in RMV. I bring my multifaceted experience and knowledge to each transaction, empowering my clients to make informed lifestyle and financial decisions that benefit their immediate and farreaching future and always deliver exceptional service, whether you're buying, selling, or investing in Gavilán.
As a long-time area resident, I bring local insights and a client-centered approach to exceed your expectations. I have specialized in Gavilán since it began in 2014 and I am proud to produce records in your neighborhood having sold over 4o homes. My awards and recognitions underscore my unwavering commitment to your success.
23 AVG. SALE PRICE
7 HOMES UNDER CONTRACT
$1,107,442 HOMES ON THE MARKET
15 HOMES SOLD
26 AVG. DAYS ON MARKET
Q 1 | G A V I L A N M A R K E T U P D A T E
Understanding the housing market involves looking at how many homes are for sale compared to the number of people looking to buy Let's break it down:
BUYER’S MARKET:
Definition: This happens when there are more homes for sale than people wanting to buy.
Signs: Lots of options for buyers; sellers might need to be more competitive.
NEUTRAL MARKET:
Definition: This occurs when the number of buyers matches the number of homes for sale.
Signs: A balanced market where supply meets demand; neither buyers nor sellers have a clear advantage.
SELLER’S MARKET:
Definition: This is when there are more buyers than available homes.
Signs: Buyers face more competition; sellers may have the upper hand in negotiations. Understanding these market conditions helps both buyers and sellers navigate the real estate landscape.
CURRENTLY IN A SELLER’S MARKET, RESULTING IN ELEVATED PRICES AND SWIFT HOME SALES.
SELLER’S MARKET
NEUTRAL MARKET
BUYER’S MARKET
1 | H O U S I N G M A R K E T C O N D I T I O N S
*THIS INFORMATION IS COLLECTED FROM MLS
THE TOTAL NUMBER OF HOMES ACTIVELY LISTED IN AN AREA
QUARTER 1 QUARTER 1 2023 CHANGE
23 HOMES 9 HOMES +155%
QUARTER 1 QUARTER 1 2023
15 HOMES SOLD 4 HOMES SOLD +275%
THE ASKING PRICE IS THE INITIAL LISTING AMOUNT FOR A HOME, WHILE THE SELLING PRICE IS THE ACTUAL AMOUNT IT SELLS FOR.
UNDER ASKING: HOMES SOLD FOR LESS THAN THE LISTED PRICE.
AT ASKING: HOMES SOLD AT THE LISTED PRICE.
OVER ASKING: HOMES SOLD FOR MORE THAN THE LISTED PRICE.
7 7 HOMES WERE SOLD ABOVE ASKING PRICE 1
HOMES WERE SOLD UNDER ASKING PRICE
HOMES WERE SOLD AT ASKING PRICE
THIS IS THE AVERAGE NUMBER OF DAYS HOMES TAKE TO SELL IN AN AREA
*THIS INFORMATION IS COLLECTED FROM MLS 1/01/2024 - 3/31/24
OR UNDER
$1,300,000 - $1,500,000
$1,500,000 - $1,700,000
$1,700,000 - $1,990,000 $2,000,000+
$1,284,990
$1,295,000
$1,450,000
$1,895,000
$2,099,990
$749,990
$749,990
$769,900
$770,245
$780,561
$799,990
$971,000
$1,019,990
$1,039,990
$1,049,990
$1,249,990
$1,280,000
$1,450,000
$1,850,000
$2,080,000
E C E N T L Y S O L D
Last year, rising mortgage rates dominated the real estate market. The Federal Reserve hiked interest rates a total of 11 times between March of 2022 and January of 2024 to combat inflation , impacting the housing market. Demand and price growth have since slowed, shifting the focus from availability to affordability for homebuyers.
Predicting this period is challenging, but here's what industry experts foresee for the U.S. housing market:
1.
Mortgage Rates: Mortgage rates have been bobbing around 7% for most of the year. With the recent sticky Consumer Price Index (CPI) inflation report and other hotter-than-expected economic reports, rates spiked to 7.44% as of April 15th. Last year, in mid-April, mortgage rates were around 6.5%, nearly a whole percentage point lower. Even with today’s higher mortgage rate environment, there have been an extra 187 closed sales, 4% more, this year compared to 2023.
2.
Sales Volume and Inventory: Homeowners are “hunkering down” in their homes and are unwilling to move due to their current underlying, locked-in, low fixed-rate mortgage. Through March, 37% fewer homes are on the market compared to the 3-year average before COVID (2017 to 2019).
3.
Home Prices: Many economic experts believe the U.S. economy will cool sometime this year. Rates drop with a cooling economy. If the economy downshifts enough, rates could fall to the low 6s or even into the upper 5s. The lower mortgage rates fall, the more inclined homeowners will be to move. It will also result in a spike in demand. With more homes available and more demand, the housing market would begin to thaw. With such limited inventory in 55+ communities the Gavilán market remains strong.
4. I am here to help you navigate the local real estate market's nuances and anticipate factors affecting your neighborhood's sales and home values. If you are considering buying or selling a home in 2024, let’s chat. I promise to save you time and money!
Rent Prices: Rent prices are expected to continue rising above average in many areas due to affordability challenges, inflation, and housing shortages.
G A V I L Á N M A R K E T O U T L O O K
