Realty Digest February 2024 by Scot Campbell

www.RealtyDigestOnline.com

REALTY DIGEST FEBRUARY 2024

17241 & 17245 Lynn Lane, Huntington Beach - List Price: $5,250,000 This Modern Luxury Quality Home + Guest House was just completed and it is ideal for a multi-generational household or for owners who like to entertain out of town guests comfortably for extended time periods!

Located in the Los Patos (near Brightwater) custom home area. This home is nestled in a very quiet neighborhood of custom homes on oversize homesites. The main house is 4 Bedrooms, 4.5 Baths (4626 SqFt) and the Guest House (Legal ADU) is 2 Bedrooms, 2.5 Baths (1001 SqFt). The house & ADU have separate meters for all utilities and there is a 4-car garage and 3 car driveway. The design, finishes, and ambiance are amazing... this property must be experienced “in person”.

SCOT CAMPBELL Global Luxury Specialist

COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile scot@campbellrealtors.com DRE# 00943759

scotcampbell.com

Happiness is working with a

Realtor who

Understands

Market Trends!

My observations of Huntington Beach market conditions over the years allows me to provide valuable insights to homesellers… And, this is one of the many things that differentiates me from other Realtors.

If you have a minute, allow me to point out the Interest Tax Deduction and an increase in mortgage trends and conditions that drove the real estate rates to 4.94% in November 2018. market over the last 10 years.

From February 2019 to February 2020 (just prior Days of Supply is defined as the number of days it to CV-19) the Light Purple regression line shows would take to sell every one presently on the market market conditions improved rapidly with the level at the current rate of sales if no new homes were list- of Days of Supply falling to just 40 (Strong Seller’s ed. It is the metric which provides the best indica- Market). tion of the overall strength of the real estate market, At the inception of the CV-19 shut down, the Dark and I have been tracking it closely for many years.

Red Oval shows Days of Supply spiked at 126; howTake a look at the above graph. I will walk you ever, as interest rates fell and consumers looked to through market conditions from 2014 to February relocate during the pandemic, the Days of Supply plummeted back to 40 (Strong Seller’s Market).

2024.

From 2014 through 2018, the market saw a general strengthening as shown by the light purple regression line. The mean level of Days of Supply fell from 80 (Balanced Market) to 50 (Strong Seller’s Market).

The Pink Oval shows the Days of Supply peaked at 125 (Buyer’s Market) on January 10, 2019 due to a combination of the elimination of the Mortgage

From July 2020 to May 2022 the Green Oval shows the Days of Supply hovered between 18 and 38… this was the strongest seller’s market on record.

Most likely the strongest imbalance between supply & demand which will ever be seen in our lifetimes.

Continued on next page

To read MY SPECIAL REPORTS on real estate topics go to: www.scotcampbell.com/special-reports or Scan the QR Code

SCOT CAMPBELL | Global Luxury Specialist | COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile / scot@campbellrealtors.com / www.scotcampbell.com / DRE# 00943759

Huntington Beach was seen as an ideal remote work location, interest rates were low, and government stimulus programs put billions of dollars into the economy. Just about every home had multiple offers, and many sold for thousands of dollars above the asking price.

Then… in the Spring of 2022 mortgage interest rates went up over two percent! From June 2022 to February 2023, the Dark Green Oval shows the Days of Supply into the 60 to 97 range. It was a Buyer’s Market in the $2 Million+ price segments and balanced market conditions down into the $800,000 to $1,200,000 range. Mortgage rates rose steadily spiking to 7.08% in November of 2022, and then dropped to 6.13% by February 2023.

Favorable inflation reports and a pause in the increase of interest rates by the Federal Reserve in November 2023 resulted in mortgage rates plunging over 150 basis points. The result was an increase in buyers and purchasing power, and Days of Supply dropped back to 48 on February 1, 2024 (Strong Seller’s Market).

Here is what we know from the fluctuations in Days of Supply and Home Price Appreciation when the metric hits highs & lows?

When Days of Supply reaches the 90 range, we see home prices softening (falling in some cases). And, when the Days of Supply falls well below the 60 mark, we observe home prices increasing. When Days of Supply was between 18 and 40, we saw double digit These low rates in the Spring of 2023, allowed the home price appreciation, multiple offers, and homes Days of Supply to fall back to the 35 to 55 range being bid up well above asking prices.

(Strong Seller’s Market) range March and August, None of us has a crystal ball, and Days of Supply see Yellow Circle. varies in both price segments and within neighborThen mortgage rates began rising once again and hoods for a variety of reasons. The ability of your peaked just over 8% in October 2023. The Aqua Realtor to do an ongoing analysis of Days of Supply Blue Circle shows the Days of Supply responded as in your neighborhood should be a very strong consideration in who you select to market your home. expected reaching 78 on January 18, 2024.

Knowing which way the market is trending while selecting a list price or reviewing offers is essential for home sellers looking to maximize their equity.

Huntington Beach Market Update

The strength of the market as identified by Days of Supply shows that 2024 is beginning the year with more buyer demand relative to the number of homes listed as compared to last year. On February 2, 2023, the Days of Supply was 61 (Balanced Market). On February 1, 2024 the reading was 48 (Strong Seller’s Market).

However, 2024 is starting with slightly less listings and closed sales activity than last year. New Listings were down 4.42% and Sold Listings dropped 5.81%. There were 81 closed sales this January and 86 closings last year. The Average Sold Price is up 10.19% increasing from $1,100,000 to $1,210,000. Average Days on Market are down from 43 days to 40.

This Spring will be an excellent time to sell a home in Huntington Beach.

Continued from Cover Property Welcome to 17241 & 17245 Lynn Lane in the Los Patos (near Brightwater) custom home area of Huntington Beach.

This home has one of the most relaxing and quiet locations in the area, yet it is just a short stroll to Harbour View Elementary School, restaurants & shopping at the Harbour Mall. Activities you enjoy are right out the front door: Surfing, kite boarding, beach fun, bike riding, strolls on the sand, golf, parks, and schools are all nearby… Just a few blocks away is Huntington Harbour which offers paddle boarding, kayaking, and marinas to keep your yacht or rent a Duffy boat for a harbour cruise. The Guest House (ADU) arrangement is perfect for entertaining. Friends and family will be eager to come for a visit to watch the 4th of July Parade/Fireworks, Pacific Air Show, and US Open of Surfing! Scan the QR Code for more details, photographs, and walk-thru 3D tour.

Duplex 3617 & 3619 Cherry Avenue, Long Beach Historic California Heights | List Price $990,000 Turnkey Completely remodeled & upgraded: (One) 2 Bedroom, 1 Bath unit and (One) 1 Bedroom, 1 Bath unit. Both feature upgraded kitchens and bathrooms, wood flooring, recessed lighting, double pane windows, concrete patio & parking areas, and more.

Detached garage has laundry room. Potential to convert garage into an ADU to increase income.

CLOSED: Represented Buyer/Seller $3.6M

CLOSED: Multiple Offers $1,075,000

CLOSED: Represented the Buyer $1,195,000

SOLD & IN ESCROW

by Scot Personally in 2023 25 Transaction Sides totaling $44,773,200 Multiple Offers on Nearly all Listings

CLOSED: Multiple Offers $3.95M

Average Sale Price over $1,612,425

CLOSED: Represented the Seller $715,000

Highest List Price $5,950,000 97.7% List to Sale Price Ratio Zero Expired Listings CLOSED: Represented Seller $1,155,000

CLOSED: Sold in only 11 days $1,950,000

CLOSED: Represented the Buyer $1,198,000

CLOSED: Represented the Seller $5,700,000

CLOSED: Represented the Buyer $850,000

JUST SOLD BY SCOT

Visit my webpage to view details & photos of my most recent sales!

www.MyJustSoldListings.com

16123 Saint Croix Circle | Seagate | Huntington Harbour | Listed at $1,500,000 Remodeled Open Floor Plan | 3 Bedrooms | 2.5 Baths | 1826 SqFt | 2 Car Garage Stunning Seagate waterfront townhome boasting a quiet & leeward location. One of very few units with an oversize front window offering an abundance of light. The unique location offers views of the deepwater in the front rooms, and lagoon view from the kitchen, dining room, living room, patio, and master suite. 30’ Boat slip available for rent with this townhouse. Scan the QR Code for more details, photographs, and walk-thru 3D tour.

Get a FREE no obligation Home Value Report at: www.HBhomeValue.com The system instantly delivers a report which includes value estimates from three independent sources.

COLDWELL BANKER Campbell Realtors 1720 Pacific Coast Hwy, Suite 101 Huntington Beach, CA 92648

413 California St, Downtown HB | “Modern Home” 3 Level | Elevator | Built in 2019 | 3 BR | Office

Bonus Room | 4.5 Baths | Open Floorplan | $2,695,000 Come join the “Coastal Lifestyle” in this Custom Modern style home!

Expertly Designed and Built in 2019 by a developer who was able to maximize the living area, balcony, and deck space in a way never previously approved by the planning department. There is simply “more to love” about this house... definitely worth a look! Located on one of the quietest blocks in Downtown HB, yet just a short stroll to Parks, Pacific City, Main Street Village, and the soft sands of Huntington Beach! This home is in “like new” condition. Scan the QR Code for more details, photographs, and walk-thru 3D tour.

SCOT CAMPBELL - Global Luxury Specialist COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile scot@campbellrealtors.com scotcampbell.com DRE# 00943759

scotcampbell.com

The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.