In this video Huntington Beach Realtor, Jeb Smith discusses the March Housing Report for Huntington Beach and Orange County and tells you what it means to be a Buyer or Seller in today’s real estate market.
Inventory: Inventory seems to be the one single factor that everyone is still discussing as it’s
something that everyone can relate too as it goes back to general economics with supply and
demand. As you can see from the chart here, inventory has continued to decline for both single
families and condos throughout all of Orange County and that includes Huntington Beach. As
long as there is way more demand than there is supply which is still the market we are
experiencing, I believe you will see home prices continue to move sideways to up as Sellers still
have control. I have mentioned in the past that a 6-7 month supply is a normal market and we
are quite a ways from that sitting at just below 2 months for single family homes and somewhere
around 2.5 months supply for condos.
DEMAND: Moving from supply, let’s look at a measure of demand while we discuss Days On
Market. Not a lot has changed from last month with regards to Single Family Homes in Orange
County as a whole as it’s still taking on average around 65 days to sell a home but quite a bit has
changed in Huntington Beach as we went from a gradual decline in days on the market up to
around 75 days on average as you can see from the graph. The reason I believe you see this
happening is because with less inventory on the market, you likely have sellers pricing their
homes a bit above market value to see what the market can bare and therefore sitting on the
market longer . It’s a little different story for condos where the days on market is gradually
moving up to sideways for Orange County showing an average of about 65 days on the market
whereas Huntington Beach is showing a decline in days on the market for condos with around 57
days on the market.
HOME PRICES: During February the median home price for both single family homes pulled
pulled back a bit month over month in Orange County but rose substantially in Huntington
Beach rising close to $800K. As you likely know the median home price is the middle not an
average so when the median price has risen that simply means more expensive homes have come
on the market driving that median price up. There is no calculation for the median price as it is
simply the middle number of all the homes on the market whereas the average is an average of
all of the home prices on the market. In this case the average sales price is also up so price
showing prices continuing to rise. Condos show more of a flattening trend with regards to
median price for Huntington Beach with a small gain in Orange County as a whole.
So what does this mean if you are looking to Buy or Sell in today’s market? I think if you are
considering Selling, the data which I just provided shows that the market is definitely in your
favor and now is a perfect time. If you are a Buyer, it’s a little tough as the market is great with
low rates and more or less flattening home prices but you are going to have to be serious about
finding that perfect home as you are going to have a lot of competition with inventory at near
term lows so when you find the perfect home, you are going to have to be ready to move before
someone else does.
As you know all Real Estate is local, so if you are a Buyer, Seller or Investor and would like
more information about your specific property or neighborhood, please give me a call and let’s
discuss your situation in more detail. Also if are looking to buy or sell or have a friend or family
member who is and you don’t have a Real Estate Agent that you trust, I would love to be that
person for you. If you want more information about Huntington Beach Realtor, Jeb Smith please go to www.jebsmith.net or check out my other videos on Youtube.. If you are interested in doing a property search, please visit jebsmith.net/search. As always, I appreciate you taking the time to watch. Have a great day, we’ll talk soon.