This might be the start of a shift.
New Listings = Not a ton of change here. New listings to the market in May were flat. Meaning we had almost the same amount of listings hit the market as last month. This is the time of year where we expect to see a lot of new inventory coming to the market. It doesn't look like 2024 is going to be the year inventory rebounds... but we'll keep an eye on this through the summer.
Available Listings = Big spike in active listings in April! This is a great sign for home buyers. More choices also means less demand (competition) for those listings. We're back over 3,200 active listings which is about the same amount we had last year. We're still well behind where we were two years ago when the market really slowed down.
Days on Market = Still at a very low 9 days on market to sell a home in OC. Remember, this is the median (middle) amount of time it takes from 'sign in the yard' to under contract. Unlike last month's market update, we should expect this number to increase next month. With more active inventory for buyers to choose from, homes will sit a bit longer. Don't expect a huge jump, but it should increase.
Price = No surprise here, prices hit another new high. $1,175,000 was the median sale price for homes that closed in April. We will see what prices do over the summer. With the increased inventory, don't be surprised to see this number stay flat over the summer.
Interest Rate = Interest rates have been bouncing all over the place this month. From 7% back up to 8% and are currently settling in the low 7s.
To summarize, more inventory will bring more (new) buyers to the market, get ahead of it. Also, make sure you're better prepared than the competition. If you didn't see our case study from last week, you might want to check it out. www.socalhomesforsale.com/blo...
If you're selling AND buying at the same time, this is a great time for you. You can take advantage of both sides of this market. If you want to have a conversation, reach out or go to TrackYourValue.com.
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