MISSION VIEJO housing report | January 2018
A NEW YEAR | 2017 – 2018
Below is the latest from the Mission Viejo Housing Report. For the most up-to-date local information, please Sign Up Now to receive real-time housing reports for your neighborhood. We deliver the full/downloadable market reports and charts to your inbox every month.
As always, if you or any of your friends or family have real estate goals for 2018, please don’t hesitate to Contact Us. We are only a call, text or email away!
MISSION VIEJO Housing Report | January 2018
The New Year has arrived! And, the Mission Viejo Housing Market has returned full-force. The housing market will follow its normal housing cycle. The strongest demand with plenty of fresh inventory will occur during the Spring Market. This will be followed by slightly less demand and a continued new supply of homes in the Summer Market.
Here’s a look at the numbers for Mission Viejo:
Inventory & Demand
Current Actives (12/28/2017) 90
Demand (Last 30 Days Pendings) 88
Market Time (In Days) 31
Two Weeks (Prior) 34
Four Weeks (Prior) 48
One Year (12/29/2017) 56
Two Years (12/3/2015) 45
Units Sold (November 2017) 101
Average Sales Price ($) $688,157
Average List Price ($) $697,688
Sales to List Price (%) 98.6%
Low Price ($) $315k
High Price ($) $1.2m
Avg. Square Feet 1,810 s.f.
Avg. $ Per Square Feet $380
Units Sold (November 2016) 101
Now, let's take a look at what is expected in 2018:
The 2018 Forecast is for more of the same.
There have not been many changes to the U.S. economy. That all changed with the new tax bill that was signed into law on December 22. The mortgage interest deduction was lowered from $1 million to $750,000. Equity lines of credit are no longer deductible. State and local property taxes deductions are capped at $10,000.
The cards seem to be stacked against Californians and, more specifically, Orange County residents. Yet, with a chronically anemic inventory and demand juiced by historically low-interest rates, the tax bill will not have a major impact on the local housing market like so many fear.
The bottom line, 2018 will feel a whole lot like 2017 with not enough homes on the market and buyers tripping over each other to purchase. Multiple offers will be the norm for homes priced below $1 million. Once again, the market will heavily favor sellers and buyers will have to pack their patience to isolate their piece of the American Dream.
If you want the full/downloadable 2018 forecast, Sign Up Now!
If you need help preparing to buy or sell in 2018, Contact Us!
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The Swan Team | OC Real Estate
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