Presently in California: Source California Association of Realtors August 2017
The combination of high prices and high demand in California have combined to create an environment of record low affordability. With the economy sustaining wage growth and low unemployment rates, households who have finally saved enough to buy have rushed to buy homes while long term mortgage rates remain low.
Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 5 percent on a year-over-year basis from July 2017 to July 2018, and on a month-over-month basis home prices are expected to increase by 0.4 percent from August 2017 to September 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
Presently in Orange County: Source Surterre Properties managerial report based on MLS market and company statistics.
The market does not have enough inventory to supply buyers.
The demand for homes under $750,000 has doubled since this time last year.
$750,000-$1,000,000 = Days on market is 56 compared to 84 in 2016.
$1,000,000-$1,500,000 = Days on market is 110 compared to 114 in 2016.
$1,500,000-$2,000,000 = Days on market is 104 compared to 130 in 2016.
$2,000,000 and over = Days on market is 178 compared to 304 in 2016.
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