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The Latest Numbers From the SoCal Real Estate Market
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How is the real estate market doing during the fourth quarter? I’ll go over the latest numbers for you today.
Selling a home? Get a free home value report
Buying a home? Search all homes for saleWe are approaching the end of 2016. How is our real estate market doing during the fourth quarter?
Let’s start with the desert. We are heading into the selling season, when a lot of snowbirds come back to purchase property. As a result, inventory is rising. Right now, there are 4,825 active listings in the Coachella valley.
The concern is that last month alone, we listed 1,548 properties but only sold 687 properties. In other words, we sold less than half of what was listed. The overall number of listings has increased as a result. If you are selling your home, that means how you price your property is absolutely critical.
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Now is an excellent time to sell your home.
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In the desert, it takes an average of 110 days to sell a home, even when your home is priced well. Some sellers are pricing slightly below the market to create additional competition among buyers and get their homes sold.
In Orange County, the market is still very hot right now. There are about 3,800 listings on average. Last month, we sold 1,273 homes but only listed 1,155, so we’re selling out all the inventory and then some. As a result, our inventory is dropping a little bit, which is normal as we head into those off-season months of December, January, and February.
Whether you are in the desert or Orange County, now is an excellent time to be a seller. If you’re thinking of selling, there is no better time than right now. Inventory is historically low and so are interest rates. We may see a bump in rates in the near future. Rates already jumped up a bit after the election, and we expect more of that in the first quarter of 2017.
Not only is now a great time to sell at peak prices, it’s also a great time for buyers to lock in a low interest rate.
If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!
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