How’s the Huntington Beach Market?
Days of Supply* is the best overall indicator of the strength/weakness of the real estate market. And, wow, what a rollercoaster we have been on. From late 2020 until the 1st Quarter of 2022, the Days of Supply reached as little as 20 days and was usually under 40 days… this was the strongest “seller’s market” on record. But, as mortgage rates spiked in mid-2022, the Days of Supply reached a peak of 97 days in October 2022. In 2023, a “record low” number of new listings has resulted in the Days of Supply falling into the 40s again. On July 24, 2023 the reading was 45 days. Surprisingly, we are right back to a strong seller’s market despite the higher mortgage rates.
*Days of Supply is defined as the number of days required to sell all the homes currently on the market at the present rate of home sales.
Read Monthly HB Market Report at: www.HowisTheHBmarket.com
JUST SOLD BY SCOT Visit my webpage to view details & photos of my most recent sales! www.MyJustSoldListings.com CLOSED: Multiple Offers $1,075,000 CLOSED: Represented Buyer/Seller $3.6M CLOSED: Represented Buyer/Seller $1.55M CLOSED: Multiple Offers $3.95M CLOSED: Represented Buyer $1,025,000 CLOSED: Sold in only 11 days $1,400,000 CLOSED: Sold in only 11 days $1,950,000 CLOSED: Age 55+ Unit $460,000 CLOSED: Multiple Offers $1,090,000 CLOSED: Sold in 1 Day $1,299,000 CLOSED: Represented Seller $3.2M CLOSED: Sold in only 18 days $1,050,000
Orange County Housing Report:
By Scot Campbell | 714-336-0394 | Scot@CampbellRealtors.com | Source: Reports on Housing | July 24, 2023
The window of opportunity to take advantage of the Summer Market, the second best time of the year for selling, will soon be coming to a close.
The Orange County housing market in 2023 is characterized by a minimal supply of available homes to purchase, 67% less than the 3-year average before the pandemic (2017 to 2019). This low inventory is matched against muted demand due to unaffordability, with mortgage rates hovering between 6.5% and 7%. Demand is 38% less than the 3-year average and is at its lowest end of July reading since tracking began in 2004. The current market dynamics illustrate further that aggressive pricing in this market is a recipe for disaster.
Many sellers who enter the housing fray in August believe they have plenty of time to cash in on the Summer Market. They do not understand that they must be on the money in terms of price or risk losing valuable market time during a season when they are running out of time. They still need to isolate a buyer and negotiate the sale. They are down to weeks, not months. For sellers who arrive late to the 2023 housing party, they must come out of the gates priced right on the money. Starting at an unrealistic price means they must adjust their asking price to sell. That reduction may come too late when there is very little time on the clock before the Summer Market comes to an end.
The active listing inventory in the past couple of weeks increased by 113 homes, up 5%, and now sits at 2,389, its largest rise of the year. It is still the lowest level for an end to July since tracking began in 2004. In June, 41%
fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,580 less. Last year, there were 4,041 homes on the market, 1,652 more homes, or 69% higher. The 3-year average before COVID (2017 to 2019) was 6,776, or 184% more, nearly triple.
Demand, the number of pending sales over the prior month, increased by 38 pending sales in the past two weeks, up 2%, and now totals 1,598, still the lowest level for an end to July since tracking began in 2004. Last year, there were 1,693 pending sales, 6% more than today. The 3-year average before COVID (2017 to 2019) was 2,578, or 61% more.
With supply and demand rising, the Days of Supply, the number of days to sell all Orange County listings at the current buying pace, increased slightly from 44 to 45 days in the past couple of weeks. It was 72 days last year, much slower than today.
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.
18835 Huntington Street | Huntington Beach
“Near 5-Points Shopping Center”
3 Bedrooms | Office | 2.5 Baths | Island Kitchen
Fireplace | 1,750 Asqft | 2 Car Attached Garage
Balcony | Patio Ideal for Pets, BBQ, & Outdoor Dining
Very Quiet Location | Close to Shopping!
ON MARKET | PRICED AT: $998,000
www.18835Huntington.info
17551 Griffith Circle | Huntington Beach
“Interior Tract Location – Close to Marine View School”
Originally a 3 BR ~ 2 BA SINGLE STORY but now also has an ADDED Family Room + 2nd Level Master Bedroom Ideal for guests & multigenerational households
2 Car Garage | Quiet Location & Private Back Yard
COMING SOON | by Scot Campbell & Jennifer Polich
“Seabridge Townhouses”
Beautifully Remodeled & Upgraded Two Level Townhouse
2 Bedrooms + Office | 2.5 Baths | 1,752 Asqft | 2 Car Att.
Garage Beautiful Sunset & Canal View from Office/Balcony
Fenced Patio | Boat Docks often available to rent
ON MARKET | PRICED AT: $1,199,900
www.3262Sparkler.info
16421 Whitter Huntington Beach
Goldenwest Estates “built by S&S”
Fantastic Home for Large or Multi-Generational Family
5 Bedrooms | Bonus Room 2 Full Baths | 1 Half Bath
3,062 Sqft | 3 Car Gar + 3 Car Driveway
Lots of Fruit Trees | Neighborhood Park
CLOSED l Multiple Offers | Over Asking Price | $1,557,700
www.16421Whittier.info
For information on homes JUST LISTED by Scot Campbell
www.MyCurrentListings.com
3262 Sparkler Dr., Huntington Harbour
My New Website Has Amazing Features for Buyers! You can now search all current listings in the Realtor MLS for most areas of Southern California. For your convenience, I created Listings by Neighborhood in the “For Sale in HB Menu”. You are one click away from seeing what is for sale in several Huntington Beach areas: Downtown Huntington Beach, Seacliff, Edwards Hill, Huntington Harbour, Brightwater, Surfside/Sunset Beach, Beachwalk, Summerlane, Pacific Ranch, The Waterfront, Bolsa Landmark, Pacific Shores, Huntington Court/Place, Meredith Gardens, & Huntington Landmark (Age 55+). In the OC Homes menu, there are saved “Lifestyle Category” listing searches including: Golf Course Views, Homes with Boat Docks, On-the-Sand, Horse Property, Pool Homes, Starter Homes, New Construction, and more! COLDWELL BANKER Campbell Realtors 1720 Pacific Coast Hwy, Suite 101 Huntington Beach, CA 92648 Local Postal Customers Having Thoughts of Buying A Home? SCOT CAMPBELL | Global Luxury Specialist | COLDWELL BANKER-Campbell Realtors 714.336.0394 Mobile / scot@campbellrealtors.com / www.scotcampbell.com / DRE# 00943759 It has never been easier to find the home you want, take a look at: www.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. ©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.
