RAPID Changes in the Housing Market | April 2022 San Clemente Housing Market Update
After a few crazy years, our housing market is in the midst of a transition. Here are a few things we are seeing in Orange County:
1. Interest rates have increased from 3.25% at the beginning of the year to 5.25% today, limiting affordability for buyers.
2. Active inventory has risen 60% since January, however that number is still well below the average for this time of year.
3. Demand, the number of new escrows this month over the prior month, is down 2%. It is likely that this year’s demand hit a premature peak in late winter/early spring.
4. 15% of all active listings have done a price reduction mostly due to rising interest rates and arbitrary listing prices.
5. There is only one foreclosure and no short sales available to purchase in all of Orange County. This time last year, there were 11.
To sum it all up, the housing market is changing. As a seller, you must be calculated in how you price your home. As a buyer, you will still have competition, but you might not have to offer as high over the asking price and may even get the opportunity to negotiate terms.
If you have any questions about the market or your options as a buyer or seller in San Clemente, please shoot me a text, (949) 212-1433, or schedule a call with me through this link, https://calendly.com/ryanschramm.