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Hello, and welcome back to the blog! Today, we're going to take a look back at what we saw from Southern California real estate in 2014 and what you can expect from our market in 2015!
We
like to take a look at the data from the past year to see what our
market was really up to. We use a wonderful service called DataQuick, that helps us track where the market is at and where it's heading. As of January 1, our desert office is averaging about 4,700 listings on the market. In the last 90 days, we had an average of 1,125 listings taken per month. Of those listings, we sold about 600 of them. What does all of this mean for our market, you ask?
Right
now, in the Coachella Valley, we're selling half of what we're listing
each month on average. Coming into the new year, with the spring market
just around the corner, we're seeing inventory on the rise, and we expect it to continue for quite some time. Demand,
on the other hand, is expected to remain at current levels. Overall,
we're expecting to see our market stabilize throughout the year.
The
market for homes $500,000 and higher is currently doing better than in
years past. Last year alone, we saw a 13% rise in that market! In Orange
County, there are currently only 5,100 active listings, which is an
alarmingly low level! If you're a seller in that area, now is the time to list your home if you want to get maximum value for it! Every month, roughly 2,300 homes are bought and sold in the area, leaving Orange County with an inventory of only two months.
If
you have any questions about what we're seeing in the desert and Orange
County areas, don't hesitate to give us a call or shoot us an email. We
would love to go into further detail with you about current market
conditions, and help you determine whether now is the time to make your
move. We look forward to hearing from you soon!
