I am kinda a numbers geek. I wasn't really great in math in school. In fact, I will never forget a Algebra teacher told my mom, it is OK if we went on vaca cause I was never going to get Algebra. Not my recommendation of how I would teach, but maybe that is what gave me an eye for numbers.
Though there are a lot of emotional and intangible aspects to Real Estate in major sense it is a numbers game. So yesterday we were sitting in a sales meeting and reviewed the current status of the Orange County market by the numbers.. Take a peak.
- Current Active Listings: 5067 vs. 5338 in 2015
- Sold Listings YTD: 29093 vs. 28591 in 2015
- YTD Expired's: 9807 vs. 9335 in 2015
Looking at the above numbers what are some of the conclusions about the market?
1. There is currently less inventory on the market then last year, i.e. Low Inventory
2. More homes sold this year then last, i.e. High Demand
3. The number of homes that were listed and did not have a successful close grew.
Actually by almost 2000 units in the last couple of months. Was this do to price, timing, quality or agent performance? Most likely a bit of all things but looking at the supply and demand I would have to believe it was price.
Tradationally the magic number for a balanced market is over 8000 units. With less people listing during the holidays, that 5067 homes will get snatched up pretty quickly as serious buyers are looking during the holidays.
Let's not forget to look at the numbers based on anticipated interest rate increases. Though still historically low, these increases are going to impact who can buy your home as well as your purchasing power.
If you are a numbers person and thinking about selling here in 2017, puting all the pieces of the puzzle together, supply, demand, interest rates. I think you'll agree now is a great time to get top dollar for your home. You might want to consider listing now to take advantage of those serious buyers, who need tax write-offs or are relocating to sunny Socal in January.
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