The real estate market is experiencing some exciting changes overall. Locally and nationwide, there has been a dramatic drop in available inventory for sale since Dec 2011. In San Clemente, we have seen a 20% decrease in homes on the active market.
Here is a snap shot of the breakdown of closed sales in Talega during 2011. Of the 224 homes sold, 107 were standard sales, 81 were short sales and 36 were bank owned.
Here is what has happened in Talega year to date as of April 6, 2012. Of the 31 homes sold, 26 were standard sales, 18 were short sales and 12 were bank owned.
As for the active market, standard sales are making a come back! There are 31 homes for sale as of today and 68% of them are standard sales. Short sales make up 19% and bank owned is at 13%.
In my opinion, the real estate market over all, is turning the corner. The available inventory in San Clemente, Orange County and nationwide has dropped considerably, while the amount of homes going under contract is increasing. This is a move in the right direction to see some recovery in the market. By recovery, I mean working toward a balance in the housing supply and demand. We are not likely to see this balance impact home prices in an upward motion until late 2013 and it will be in modest increments when it does happen.
As an owner of 15 properties, I’m excited to see these trends! Real estate is a huge part of my present and future and it could be a huge part of yours too.
Who do you know who has been wanting to buy real estate as an investment but doesn’t know where to start?
Who do you know who is worried about their retirement and how they will support themselves in the future?
Who do you know who would like someone else to pay their mortgage?
Who do you know who is fearful to invest in the stock market but want to invest in something?
Whoever came to mind when you saw the above questions would appreciate you helping them find the answers to their questions.
Take a few minutes to help your friends, family or yourself. Here’s how: