Key Housing Market Stats You Need to Know | July 2022 San Clemente Housing Market Update
In this San Clemente housing report, we review the seven key statistics that are important to know if you are thinking about selling or buying a home in the current San Clemente real estate market.
1. Demand (00:17), or the number of homes in escrow, is down 8% from June.
2. Active inventory (00:42) is up 9% and at its highest level since November of 2020.
3. Price reductions (01:07) - Nearly 40% of homeowners dropped their listing price in June 2022.
4. Interest rates (01:42) - My lender is currently quoting 5.25% for non-conforming loans and 5.375% for conforming loans.
5. Closed sales (02:25) - In May, there were 76 sales in San Clemente. In June, there were 57, and to date in July, there are 31.
6. Expected Market Time (02:37) is at 75 days for homes between $1m and $2m, creating a Slight Seller’s Market. For homes between $2m and $4m, the Expected Market Time is at 98 days which is more of a balanced market with really no favor to sellers or buyers.
7. Seasonality (03:46)- Traditionally the busiest time in the housing market is in March, April, and May, however, it will be very interesting to watch what happens in the autumn market as inventory continues to rise.
If you’re thinking about buying a property or selling your San Clemente home, it is never too early to sit down and have a conversation about what the market is doing and how that applies to you. Please text or call me at (949) 284-6327 so we can chat about the best options for your situation.