www.RealtyDigestOnline.com
SOLD by Scot and Featured Listings Page 14-15
2023 Year End Market Recap How’s the Market Price Appreciation Forecast for 2024 Page 3-4
REALTY DIGEST JANUARY 2024
Neighborhood Sales Update
Downtown HB Area Brightwater Huntington Seacliff Edwards Hill Summer Lane Area Bolsa Landmark Area Surfside Colony Area Beachwalk Area Pacific Ranch Area The Waterfront Area Pacific Shores Area Huntington Court & Place Meredith Garders Area Huntington Landmark (Age 55+) Windward Cove (Age 55+) Seal Beach / South of PCH Seal Beach / Hill Area Huntington Harbour Sunset Beach Page 5-19
SCOT CAMPBELL Global Luxury Specialist
COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile scot@campbellrealtors.com DRE# 00943759
scotcampbell.com
HAPPINESS IS LEAVING NOTHING TO CHANCE WHEN HIRING A REALTOR When mortgage rates went up in Spring 2022, the market shifted. Today’s market is characterized by lower effective demand and fewer homeowners who want to sell. It is a time when getting maximum value for your property is more important than ever since everything you buy costs more money… including the next property you purchase. In short, it is important to leave nothing to chance. You need the most educated, experienced, and skilled Realtor possible. • My bachelor’s degree major was Real Estate Finance, and my graduate studies were in Real Estate Economics. • I have been a Full Time Realtor in Coastal Orange County for over 32 years and was the broker-of-record for thousands of closed transactions. • I add value to home sellers and the sales process by skillfully using technology. My marketing enlarges the buyer pool for my listings (especially out-of-area prospects) thanks to: Video, Walk-thru 3D Tours, Beautiful Photography, Detailed Floorplan Drawings, & Drone Imagery.
Often a competitive bidding environment erupts for my listings, and my seller clients get “top dollar” as a result. If you are having thoughts of selling, reach out for a Free Consultation. To read these SPECIAL REPORTS 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
2023 Year End Market Recap
Huntington Beach Market? I have been tracking the numbers carefully in my spreadsheet since 2014, what I have found over the years is that a Days of Supply reading above 120 is a Strong Buyer’s Market, and Days of Supply below 60 is a Strong Seller’s Market.
The Days of Supply was 62 on November 27, 2023. So, presently, we are experiencing conditions of a slight Seller’s Market as we move into the final weeks of the year. • Buyers will find that homes which are priced close to market value and in good general condition will sell quickly…and they will be a little disappointed that there are not more homes available to purchase. However, they will be pleased at the buying conditions in comparison to the 2021 CV-19 market when Days of Supply was hovering around 20… there were multiple offers on everything! • Home Sellers will find a strong level of activity for their home and will get top dollar if they prepare the home for the market, hire a Realtor who does an excellent job marketing the home with beautiful imagery, and it ispriced “close” to market value. Normally the holidays are a slower time of the year to buy or sell; however, with mortgage rates falling by ¾ of a percent in the last two weeks, now is a very good time to put a home on the market or purchase a home.
What happened with Home Price Appreciation? I have been tracking the numbers carefully in my spreadsheet since 2014, what I have found over the years is that Average Annual Home Price Appreciation in Huntington Beach has hovered around 5% in the years 2015 through 2018. In 2019 appreciation was in the 3% range due to a combination of mortgage rates spiking up 1% and the elimination of the mortgage interest deduction (tax savings for owning a home reduced/eliminated). The CV-19 Market (with historically low mortgage rates below 3%) lasted from late 2020 until Spring 2022, and this period saw double digit Average Annual Home Price Appreciation which average over 15%. When interest rates more than doubled into the high 7% range, Average Annual Home Price Appreciation has fallen back into single digits and appears to be in the 6.5% range (except for blip that was an anomaly).
The CV-19 Market saw sustained double-digit appreciation from late 2020 until Spring 2022. August 2023 was an anomaly with 9 homes selling between $3.25 and $7.4 million and price-per-square foot ranging from $1,076 to $1,785. This has never happened in one month before or since.
Where is the market headed in 2024? I have been tracking the numbers carefully in my spreadsheet since 2014, and carefully observing what moves the market. With the exception of the elimination of the mortgage interest deduction, the strength of the real estate market is most highly correlated with the availability of mortgages and the level of mortgage rates. Mortgage rates have already fallen over ¾ of a precent (76 basis points) since their peak in October 2023, and general predictions from experts are that rates will fall further (not much) in 2024. Inventory will remain very low since most homeowners have a very attractive mortgage with a rate below 4%... they simply have no incentive to sell. I predict 2024 will be a better time to sell (thanks to low inventory & enhanced buying power brought on by lower mortgage rates). Buyers will have more competition in 2024, but will certainly welcome the lower payments from plunging mortgage rates.
“Based on information from CRMLS & Coldwell Banker Prospect Square as of 12/07/2023 and/or other resources. Display of MLS data is deemed reliable, but is not guaranteed accurate by CRMLS or Coldwell Banker. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. It is not my intention to imply that I personally sold these properties.”
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.
CLOSED: Represented Buyer/Seller $3.6M
CLOSED: Multiple Offers $1,075,000
CLOSED: Represented Buyer/Seller $1.55M
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 Buyer/Seller $1,737,500
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: Sold in 1 Day $1,299,000
CLOSED: Represented Seller $3.2M
CLOSED: Sold in only 18 days $1,050,000
JUST SOLD BY SCOT
Visit my webpage to view details & photos of my most recent sales!
www.MyJustSoldListings.com
IN ESCROW – 4021 Ondine Circle | Huntington Harbour | PRICE $5,950,000 Come join the Waterfront Lifestyle offered by this Coastal Contemporary Home. Lite & brite, it was built to take advantage of an amazing 97 foot waterfront lot & must be seen to be appreciated!
8566 Colusa Cir #903C, Huntington Landmark 2 Bdrm | 2 Ba | “Breakers Model” | $765.000
16802 Baruna | Davenport Island | Waterfront Home $9,000 per month | Partial dock included in rental. 5 Bdrms | 4 Ba | 3,790 Sqft | Remodeled 1990
Turnkey Duplex 3617 & 3619 Cherry Ave. | LBC Located in Historical CA Heights | $990,000
413 California St, Downtown HB | “Modern Home” 3 Level Elevator | Built in 2020 | 3 BR | Office Bonus Rm | 4.5 Baths | Open Floorplan Huge | $2,695,000
COLDWELL BANKER Campbell Realtors 1720 Pacific Coast Hwy, Suite 101 Huntington Beach, CA 92648
Having
Thoughts
of Buying A
Home? My Website Has Amazing Features for Buyers!
> You can now search all current listings in the Realtor MLS for most areas of Southern California. > I created Automatic Searches by Neighborhood in the “For Sale by Area in Huntington Beach” in the for Buyers Menu. Downtown HB Seacliff Edwards Hill Huntington Harbour Brightwater
Surfside/Sunset Beach Beachwalk Summerlane Pacific Ranch The Waterfront
Bolsa Landmark Pacific Shores Huntington Court/Place Meredith Gardens Hunt. Landmark (Age 55+)
> In the “Lifestyle Homes For Sale” Menu, there are saved Automactic Listing Searches including: Golf Course Views, Homes with Boat Docks, On-the-Sand, Horse Property, and more! > It has never been easier to find a home, just scan my QR Code or GoTo: scotcampbell.com
SCOT CAMPBELL Global Luxury Specialist COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile scot@campbellrealtors.com scotcampbell.com
DRE# 00943759
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. ©2023 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.