Huntington Beach still a Seller’s Market, Distressed Sales are down

By Scot Campbell – August 18, 2013 – Source: Reports on Housing

Overall Inventory

The current inventory of homes for sale in Huntington Beach is 360 and the average list price is $950,000.

Huntington Beach LogoThere were 165 properties which went pending in the last 30 days, so the current Market Time (in months) for Huntington Beach is 2.18.  Two weeks ago it was 2.23, four weeks ago it was 1.92, one year ago it was 1.46, two years ago it was 3.28.

So, homes in Huntington Beach are selling a little bit slower than last year, but faster than two years ago.  I have noticed over the years that the level of inventory consistent with a “Seller’s Market” is at about 3.0 months supply.  The current level of inventory suggests that a home priced close to the most recent similar sale (market value) will sell relatively quickly.

Distressed Inventory

Currently just 4.2% of the Huntington Beach inventory of active listings are distressed sales (foreclosures and short sales).  The relatively low number of distressed properties has resulted in “near retail” sale prices of distressed sales… many have multiple offers.

Presently we do not have the large inventory of distressed sales in Huntington Beach pushing down home values which we had in years past.  There are still many homeowners which are “underwater”, so distressed sales could come back in larger numbers in the future.  The level of distressed properties in the future depends on how banks elect to “work with” borrowers who are presently behind in their payments, and how they deal with the “temporary loan modifications” as they expire.

What to know based on the current conditions

Clearly now may be viewed in the future as a great “opportunity window” to have sold a Huntington Beach home.  Interest rates, while higher than before, are still low… and the inventory of available homes to purchase is still in the “Seller’s Market” range.

For questions about buying and selling real estate in Huntington Beach and Coastal Orange County, contact Scot Campbell.

Scot Campbell is an expert in the Huntington Beach market areaHe 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 22 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

 

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