I sell homes in a retirement community located in Casta del Sol, Mission Viejo, CA. There are 1927 residential properties in the community and the sales changes over the course of 1 year. Now this is to be expected but this year has been exceptional! It has been a rollercoaster ride. Spring time the For Sales were on the market averaging 10 days before an offer was coming in, then it changed. We stared the month of June with the inventory down to only 2 houses available on any given day and the offers were coming in within 2 days of it hitting the MLS, plus multiple offers. July and Aug. was pretty much the same way.
Sept. we were up to 5 or 6 houses For Sale each day in Casta del Sol and that gave us time to think how we were going to handle our marketing. The sellers like this pace a lot better because they knew their house was being shown by agents and that an offer would come in soon, no problem.
THEN October hit and where did all the buyers go?? I know I had a listing on the market the first of Sept. and it was shown to 42 potential buyers within 2 weeks. We haven’t sold that many properties to those buyers and only 6 houses have closed escrow since the first of Sept. I am glad to say I am closing escrow tomorrow on my listing but there are 22 properties available at this time. It is like a big STOP sign has been put up.
Fountain Park Walking trails
Prices were going up too fast and we are seeing a drop right now. I think it will level out and be more realistic real estate market in the near future.