Over the last year, home values have skyrocketed. It was dizzying. Across the board, homeowners saw a 30% rise in the value of their homes. People are starting to feel this must be the top of the market.
The first two months of 2022 show a small but steady increase in inventory.
Starting in June of 2022, sales outpaced new listings and our inventory of homes to sell kept dropping. It is still disastrously low but any improvement is a sign we could see a more balanced market before the end of the year. Rapidly escalating prices are a joy to homeowners but anxiety increases too. If people are contemplating retirement or moving closer to grandchildren, they feel pressured to take action or they will miss the top of the market. If they miss it, it may be another 5-7 years to see the top of the market again.
The overbidding of property is slowing.
While median prices are increasing, the sale price is matching the listed price for the first time in months. Sellers and their agents are pushing up the initial price but they appear to be on track with the buyers. The appraisers are doing their best to accommodate everyone because there are multiple offers, sometimes as many as ten or more. The banks and the secondary market do not have any worry about repossessing a property. There will be a lineup of people to buy it. Of course, underwriting standards are so tough, people are over-qualified before they are approved for a mortgage.
These graphs do not highlight the fact that only 23 homes sold. We should see 50-60 homes sell every month. That underscores the inventory problem.
If you would like to see the full report, click here Full Report
When you see the first page, scroll down and click on any address. The address has additional information. You can see the listed price and the sold price, the percentage difference and the days the home was marketed prior to accepting an offer.
| 2 Brownsbury RD | $2,795,000.00 | $3,065,000.00 | 9% | 9d |
After you click on an address, to the right a picture from the MLS will appear with a link at the bottom to give you access to the details and photos. The little box with the picture of the home is placed on a map to show you where it is.
On the opening page, you can change the month to any month in the past twelve months to see the activity.
Let’s take a look at the properties actively on the market! In Laguna Niguel there are 37 listings for sale. The most expensive home is listed at $50 million. It is beautiful! I am attaching this link which will take you to all the active listings, if you choose, and you can define the right property using the options. Active Listings
This is a problem.