March 2017 Orange County Real Estate Market Report
Welcome Back, I’m Jeb Smith, Real Estate Broker with ReMax Terrasol here in Huntington Beach with your southern California Real Estate Market Report for March 2017. As we approach St. Patrick’s Day and the beginning of our Spring Market we would expect to see our local inventory start to build but the lack of available homes on the market is creating somewhat of a frenzy for Buyers while Sellers are reaping the benefits.
For those of you interested in the actual market statistics, I have provided a link here.
As most of you know, there has been a serious supply shortage dating back to 2012 and this year is much of the same. The supply issue that I’m referring to is the supply of active homes on the market that are available for sell at any given time. Usually during the start of the spring market, inventory begins a steady rise but this year is a little different as we are seeing as many homes go into escrow as are coming on the market which is causing our available inventory to stagnate leaving Buyers wondering if they will ever find the perfect home. The biggest problem we are facing with regards to available homes is that those Sellers wanting to sell are looking at the available homes to purchase and are hesitant to pull the trigger, worrying about not having a place to go if their home sales. If you are a Seller in this position, rest assured you are not alone. Get in touch with your Realtor to discuss possible options so that you can take advantage of the low supply and receive top dollar while the market is HOT.
How does all of this affect you as a Buyer or Seller in our local market? Strong demand coupled with a low supply means that the real estate market favors sellers, not buyers. With extremely favorable interest rates and continuing buyer demand, we expect the market will continue to move sideways to slightly up. Homes priced under $750K seem to be moving the quickest with luxury homes taking a little bit longer to sell, although the days on the market for this price range seem to be getting shorter and shorter as well.
As you know, all Real Estate is local, so if you are a Buyer, Seller or Investor in Today’s market and you have questions, I would love the opportunity to help guide you in the right direction. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on YouTube. As always, I appreciate you taking the time to watch and I look forward to seeing you again next month. Make it a great day.