It’s hard to believe that 2013 is a thing of the past. In the grand scheme of real estate things, it was one of the most impressive years for Huntington Beach home value gains and sales for as long as most people can remember. It’s left many wondering how 2014 might be able to best it, but according to real estate experts, the New Year is looking bright for Southern California real estate.
For one, builders are starting to resume projects and resume new ones, which will help add inventory to the equation for interested buyers. And because the economy is on the rebound and more jobs are being created, 2014 is anticipated to be a banner year for real estate. While some people are fearful that overbuilding could become a problem, experts say that there is no reason to worry, mostly because of the increasing demand.
According to Michael Carney, director of the real estate research council and a finance and real estate professor at Cal Poly Pomona, home prices throughout the Southland increased 18.3 percent in 2013. However, inventory had a hard time keeping pace with demand. He points out that inventory levels haven’t been this low since the mid-1990’s. Carney said: “The year started strongly for home sales, although the second half cooled down dramatically.”
Specifically, the Inland Empire is poised to see tremendous growth when it comes to new home communities in 2014. New Model Colony, for example, out in Ontario is scheduled to open in late 2014 or early 2015, and the community will add approximately 40,000 homes from more than 12 home builders. These homes will put a roof over the heads of about 120,000 people.
It’s a great time to be a Huntington Beach home owner. Interest continues to increase around Southern California, and because of our beach-close location, the likelihood of home values continuing to rise in 2014 is very possible.
Interested in Huntington Beach homes for sale? Please contact me. I’m a local real estate agent, and I would love to acquaint you with the Huntington Beach real estate market.