the GREEN sheet | Mar/April 2023

SPRING MARKET OUTLOOK

by Doug Echelberger

As we head into the Spring market, the real estate market in San Clemente and Talega is experiencing a decrease in inventory levels while demand continues to rise. Talega is an ideal place to call home, with a beautiful planned community featuring sizable homes, larger yards, an 18-hole luxury golf course, a senior community, Vista Del Mar K-8th grade public school, and modern amenities. However, the low level of inventory has made finding a home in this area increasingly difficult for potential buyers. This has brought back a competitive market, while not at the levels experienced a year ago, it is much stronger than just a few months ago, surprising both agents and buyers.

Interest rates continue to play a large role in the pace of the real estate market, but a high level of cash buyers is still present in the market. In the past week I put 5 properties in escrow, and 3 of the 5 were all cash. The housing market in San Clemente and Talega has remained relatively stable, with Days on Market (DOM) steadily increasing over the past 9 months but now dropping as our market heats up. The average DOM for Active Listings is 59, while the average DOM for homes In Escrow is now 46 DOM. This is far from the averages a year ago when they were under 7 DOM in Talega, but it is much less than the average pre-pandemic when we were seeing 65-85 DOM for pending sales. Overall, the Talega market is healthy, and I expect it to continue to improve over the coming months. However, with the current low inventory and high demand, finding a home in this area may be a challenge for potential buyers.

Echelberger Group provides the expertise and resources necessary to make it easier for its clients. More than 20 years of experience in Talega and 53 years living in San Clemente, Doug and his team have an edge in local knowledge and connections. Echelberger Group provides a comprehensive range of services, from industry-leading technology—backed by its partnership with Pacific Sotheby's International Realty—and custom marketing strategies to regular updates and prompt communication that makes transactions efficient and stress-free. For more information, visit www.echelberger.com or call/text Doug at 949-463-0400.

ORANGE COUNTY MARKET SUMMARY

• The active listing inventory in the past couple of weeks decreased by 87 homes, down 4%, and now sits at 2,218, the second-lowest March level since tracking began in 2004 behind last year. In February, 45% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 1,413 less. Last year, there were 1,406 homes on the market, 812 fewer homes, or 37% less. The 3-year average before COVID (2017 to 2019) was 5,119, or 131% more.

• Demand, the number of pending sales over the prior month, decreased by 32 pending sales in the past two weeks, down 2%, and now totals 1,505. Last year, there were 2,195 pending sales, 46% more than today. The 3-year average before COVID (2017 to 2019) was 2,422, or 61% more.

• With the supply falling faster than the drop in demand, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 45 to 44 days in the past couple of weeks. It was 19 days last year, much stronger than today.

• For homes priced below $750,000, the Expected Market Time increased from 38 to 39 days. This range represents 24% of the active inventory and 27% of demand.

• For homes priced between $750,000 and $1 million, the Expected Market Time decreased from 32 to 29 days. This range represents 18% of the active inventory and 27% of demand.

• For homes priced between $1 million to $1.25 million, the Expected Market Time increased from 33 to 36 days. This range represents 10% of the active inventory and 12% of demand.

• For homes priced between $1.25 million to $1.5 million, the Expected Market Time decreased from 45 to 38 days. This range represents 10% of the active inventory and 11% of demand.

• For homes priced between $1.5 million to $2 million, the Expected Market Time increased from 44 to 48 days. This range represents 11% of the active inventory and 10% of demand.

• For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks decreased from 82 to 73 days. For homes priced between $4 million and $6 million, the Expected Market Time decreased from 216 to 128 days. For homes priced above $6 million, the Expected Market Time decreased from 347 to 312 days.

• The luxury end, all homes above $2 million, account for 28% of the inventory and 12% of demand.

• Distressed homes, both short sales and foreclosures combined, comprised only 0.5% of all listings and 0.1% of demand. There are only four foreclosures and six short sales available to purchase today in all of Orange County, with ten total distressed homes on the active market, up two from two weeks ago. Last year there were two total distressed homes on the market, similar to today.

• There were 1,137 closed residential resales in January, 37% less than January 2022’s 1,809 closed sales. January marked an 18% decrease compared to December 2022. The sales-to-list price ratio was 98.6% for all of Orange County. Foreclosures accounted for 0.4% of all closed sales, and short sales accounted for 0.1%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.

for more information on current oc housing market, visit our market reports at

FEATURED LISTING

25 Via Garona

Exceptionally upgraded and completely move-in ready, this luxurious San Clemente home in Talega’s gated Catania neighborhood is generous in size and style. Nestled on a corner homesite opposite preserved open space, the twostory residence is characterized by a covered entry porch and mature landscaping. Interior spaces are professionally embellished with wood flooring, handsome millwork, custom paint in a pleasing palette, subtle archways, plantation shutters and custom lighting. Just off the foyer awaits a versatile office with gorgeous window, an elegant staircase, and a formal dining room with wainscoting and a shimmering LED chandelier. Surround sound and a stacked-stone fireplace enrich the family room, and the newly remodeled kitchen proudly displays white Shaker cabinetry, quartz countertops, an island, pantry, nook, spice drawers, butler’s pantry, farmhouse sink, a built-in Viking refrigerator, Dacor cooktop and GE Monogram double ovens. Enviable style awaits in the first-level primary suite, which opens to the backyard and presents a walk-in closet with custom built-ins, and an upgraded bath with picture-frame mirror, jetted tub and separate shower. A loft with balcony and built-in cabinets is located upstairs and is joined by two bedrooms that share a bath and another ensuite bedroom with large picture window. Approximately 2,941 square feet, the four-bedroom, three- and one-half-bath residence is powered by an owned solar system and boasts a new solar-powered louvered patio cover in the backyard that can open and close for sun or shade. Grounds span about 6,229 square feet and a two-car garage is featured. Tierra Grande Park is just around the corner, and Talega’s excellent schools, shopping centers and golf courses are close by. A quick drive leads to San Clemente’s picturesque beaches and classic pier.

Gated Luxury in Catania

Sevilla

Live the life you have earned at this beautifully upgraded single-level home in San Clemente’s gate-guarded Talega Gallery collection, which is reserved for those 55 and better. The Sandbridge community is the premier development in the Gallery community, and this was the former model home. Spanning approximately 2,401 square feet, the generously proportioned residence welcomes guests with a gated courtyard that leads to an arched leaded-glass entry door. Natural light illuminates the foyer and gallery-style hall, which provides passage to bedrooms and living areas that are nicely separated for privacy. One bedroom is showcased as a home office, complete with custom built-in cabinetry, shelving, and French doors leading to the courtyard. Another room opens to the courtyard and is ideal as a formal living or dining room–whichever suits your lifestyle best. A bright and open great room encompasses a casual dining area, a living area with built-in entertainment center and fireplace, and a grand kitchen with an abundance of white cabinetry, backyard access, a built-in desk, white-on-white appliances including a double oven, under-cabinet lighting, a pantry, stone countertops with a subway tile backsplash, and a large island with a circular bar. Two bedrooms plus an office and two baths include a primary suite adorned with a shiplap ceiling, walk-in closet, soaking tub, separate shower, two sinks and a sit-down vanity. Entertain under the sun in an inviting backyard with two patios, water-saving turf and raised planters on a homesite of about 6,379 square feet. The home has been repiped and the owners has kept excellent maintenance records being the first owner of the home.

Upgraded in the Gallery

Doug

TALEGA RESIDENCES

has a PROVEN track record in Talega Real Estate

Echelberger

36 VIA BELLEZA SOLD IN 4 DAYS

38 VIA ALCAMO IN ESCROW

25 VIA GARONA JUST LISTED

5 CORTE SEVILLA JUST LISTED

18 VIA ALCAMO ACTIVE

13 VIA JACOBEA SOLD IN 13 DAYS

26 CALLE GAULTERIA SOLD IN 3 DAYS

40 AVENIDA CRISTAL SOLD IN 14 DAYS

TALEGA RESIDENCES

Represented by Doug Echelberger

We respect your time, and value your business. We know you could go anywhere for your real estate needs, and appreciate having the opportunity to serve you the best way we can. For more information, or to be the first to learn about pocket listings, open houses, market reports, and local events visit us online or call 949 498 7711

12 CALLE MERECIDA SOLD IN 5 DAYS

26 CALLE AKELIA SOLD IN 21 DAYS

YOUR TALEGA MARKET REPORT FOR HOME VALUES IN FEBRUARY

"Doug and his team kept us informed with all important developments during the sale of our father's home in San Clemente. I enthusiastically recommend Doug to anyone looking to buy or sell a home." - Joe K.

YOUR TALEGA MARKET REPORT FOR HOME VALUES IN FEBRUARY

SINGLE-FAMILY HOMES

the sheet

YOUR TALEGA MARKET REPORT FOR HOME VALUES IN FEBRUARY

SINGLE-FAMILY HOMES

The Green Sheet is based on information from the Association of REALTORS®/Multiple Listing Service as of 2.23.23 and/or other sources. The Talega Green Sheet and MLS data is deemed reliable, but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. The properties listed above are not all Pacific Sotheby's International Realty and include listings from other brokers. If you notice any incorrect information or a property that is not listed, please call my office immediately at 949.498.7711. To preserve space, old sales before 11.1.2022 have been eliminated. If you would like the name, address, and phone number of the firm representing a specific property listed above, please email info@echelberger.com.

YOUR TALEGA MARKET REPORT FOR HOME VALUES IN FEBRUARY

THE GALLERY | SENIOR 55 & OLDER

EXPERIENCE and KNOWLEDGE makes a significant difference when it comes to SELLING and BUYING a home in TALEGA . call us today, for a COMPLIMENTARY home evaluation from talega's most experienced real estate agent

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