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MISSION VIEJO Housing Report | February 2018
With demand exploding onto the scene, it is officially the best season to sell a home! The activity below $1 million is nothing short of crazy. There is a steady stream of buyers at open houses for all homes priced below $1.25 million.
Sellers are entertaining multiple offers within days of coming on the market. Buyers are writing offers before even seeing the home. That’s right; the crazy Spring Market has arrived.
Many are scratching their heads knowing that the first day of spring is not til March 20. However, the Spring Market in Southern California actually starts in February and runs through May. The expected market time, the amount of time it would take to place a home onto the market and then into escrow, dips to its lowest level of the year.
This year will be similar to 2017. The expected market time dipped below 60-days – a hot seller’s market – the entire Spring Market. Spring 2018 is going to be hot. Buyers will be faced with tremendous competition to buy, and sellers will be running the table.
Here’s a look at the numbers for Mission Viejo:
Inventory & Demand
Units Sold (January 2018) 99
Average Sales Price ($) $673,635
Average List Price ($) $679,830
Sales to List Price (%) 99.1%
Low Price ($) $288k
High Price ($) $1.2m
Avg. Square Feet 1,747 s.f.
Avg. $ Per Square Feet $386
Units Sold (January 2017) 83
Warning to Buyers: Regardless of rising interest rates and the volatility of Wall Street, the market is not going to change anytime soon and tilt in the buyer’s favor. The trends are lined up in favor of sellers with tremendous demand and a very low supply of homes to purchase.
Warning to Sellers: Pricing very close to the most recent comparable pending and closed sales is fundamental to find success. The active inventory has already started to increase despite red-hot demand, primarily because many sellers ignore the comparable data and overprice.
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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