Can you believe it… we are already mid-month in August. Fall is just around the corner. It seems people are finishing up vacations and or taking kids back to school as overall the market has quieted down. But to be expected with the summer distractions! The biggest change in the market in July was in the inventory, with about a 10% increase over last year. The increase came a bit early this year, we don’t normally see the increase till late August/September.
Of course with the jump in inventory, we see a stabilization of price gains and homes not snatched up are seeing reduced pricing. Though homes priced below the median are hot, hot, hot!
July 2016 Real Estate Recap:
- Detached Median OC Price: $739,000 up 1.6% - up 4.9% year-to-date
- Attached Median OC Price: $443,00 up 5.5% - up 7.1% year-to-date
- Average Days on the market:60
- Months of Inventory (Overall) 3.75 up 10% from 2015
- Sales Volume: Down 13% from 2015
Below is a complete look from the Orange County Association of Realtors:
Looks like the O.C. is becoming more of a balanced market towards the 4th quarter of 2016.
It always makes me wonder why sellers what until the end of summer to list when the inventory is the highest. Just this week in my neighborhood, four listings came on the market all above the $1,000,000 mark. (This is high for a mark that normally has 10 listings active listings a month with maybe 1 over the million dollar mark) At the same time, 2 new developments opened up... The Oaks and Skyridge. Did the seller get excited when they saw the new developments? Will this hurt their pricing of help it? All good questions, that need to be asked, long before we see a jump in inventory.