Demand is Falling | October 2022 San Clemente Housing Market Update
With November around the corner, it’s time for another housing market update.
If you have thought about buying or selling a property in our current real estate market, you need to be aware of these seven key market statistics:
1. Demand (00:21)
Demand is down 11% since September - the largest drop of the year.
2. Active Inventory (00:48)
As of October 26th, there are 132 active listings in San Clemente.
3. Price Reductions (01:24)
Out of the 132 active listings, there have been 15 price reductions.
4. Mortgage Rates (01:41)
We have only seen about 1/8 of a percent change in mortgage rates since last month’s housing market update. Rates are hovering around 6.625% for a conforming loan and 6.375% for a non-conforming loan.
5. Closed Sales (02:28)
August - 46
September - 53
October (as of 10/26) - 40
6. Expected Market Time (02:47)
$1m to $2m - 79 days, a Slight Seller’s Market
$2m to $4m - 123 days, a Slight Buyer’s Market
7. Market Seasons (03:47)
We are quickly approaching the holiday season. Right after Halloween, people start to get into Thanksgiving mode which significantly slows down the market.
Looking at the data, here are my key takeaways:
If you are a seller, the list price of your property is critical. You also have to pack your patience as selling a house is no longer instantaneous.
If you are a buyer, although interest rates are high, there is less competition in the market. You always have the option to refinance once rates are more favorable.
If you are thinking about putting your home on the market or considering purchasing a home, I would love to help you strategize. Shoot me a text and we can chat - (949) 620-6206.