We are approaching the end of the year, another month gone by! I did my monthly analysis today looking at the history of home sales in Huntington Beach during the first 11 months of 2012 as compared to the same time period one year earlier. The market is vastly improved, and I am happy to report the results of my research:
Huntington Beach detached homes (January thru November):
- Closed Sales: Up 37.32%
- Price per square foot: Up 0.98%
- Days on Market: Down from 101 to 84
- Average Sales Price: Up 3.26%
Huntington Beach attached homes (January thru November):
- Closed Sales: Up 27.6%
- Price per square foot: Up 12.50%
- Days on Market: Down from 111 to 96
- Average Sales Price: Up 5.14%
Clearly, the market is much, much improved over 2011. In every aspect of the market, things are better. Closed Sales, Price per square foot, Average sale price are all up… while Days on market are down. This is wonderful news for home sellers… early 2013 is going to be one of the best times to sell a home in years.
The above numbers show what has happened in the last 11 months, but you may be wondering how “How was just November 2012 Vs. November 2011”? The numbers look good, but keep in mind that numbers can be skewed when the sample data is less and individual datapoints will have a greater effect on the reported numbers… but with that said, the numbers are very encouraging:
Huntington Beach detached homes (November Only):
- Closed Sales: Up 2.35%
- Price per square foot: Up 4.66%
- Days on Market: Down from 98 to 78
- Average Sales Price: Up 12.70%
Huntington Beach attached homes (November Only):
- Closed Sales: Up 86.49%
- Price per square foot: Up 4.15%
- Days on Market: Down from 112 to 84
- Average Sales Price: Up 11.87%
The bulk of the buyers are in the lower end of the market, and the “substitution effect” is now in motion. Many buyers have given up or been priced out of the single family home market and have turned to attached dwellings as a substitute. This market trend is clear when looking at the significant increase in the sales of attached dwellings in November 2012 Vs 2011. Detached sales are up only 2.35% while attached are up over 86%.
Of course, the very low level of inventory in the detached single family home market is very likely a big part of what is pushing buyers toward attached dwellings. A rise in the number of detached homes for sale in the coming months may change these numbers. We can only wait to see.
The inventory of available homes for sale is the lowest I have ever seen.
According to BankRate.com, the wholesale 30-Year Fixed Rate Mortgage was 3.40% today, which is very close to the lowest we have seen during this cycle.
The holiday season is NOT deterring home buyers.
Today’s low inventory along with rock bottom mortgage rates makes now a great time to quickly sell a Huntington Beach home for top dollar.
For questions about buying and selling real estate in Orange County, contact Scot Campbell.
He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA.
He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable.
Read his profile and client reviews at www.ScotCampbell.com
He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com