My Dana Point real estate market report reflects upon residential home sales data seen in December 2018.
Similar to the pattern of other Orange County communities in December, the Dana Point real estate market was an Extreme Seller’s Market in December, with an inventory of 0.63 months.
An inventory of 0.63 months means that if no new properties were placed on the market in Dana Point, it would take just over two weeks to sell all of the currently listed properties on the market.
Due to low inventory, competition for homes increases which means prices tend to increase for buyers. But is there any hope for buyers in Orange County?
My mission as a realtor is to help buyers find a home they want, at a comfortable price. This may sound like a “have your cake and eat it too” philosophy, but every real estate transaction is an exchange of property at the current fair market value, and your strategy as a buyer should be to use as much specific, local data as possible to your advantage.
Given the cyclical nature of the real state market, if a buyer is having trouble finding a home at a price that is comfortable, my advice is to be patient and continue working on your financial credibility so that when the time is right, you can swoop in and get that property you’ve been waiting for.
Property prices will fall. Inventory will increase. If the current market in your desired location is priced too high, patience will be rewarded in the long term because prices have been falling in 2018, and are expected to continue to fall in 2019.
The majority of homes sold in Dana Point in December were sold in the $700,000 – $800,000 price band.
For more information about the Dana Point real estate market, or other markets in Orange County, please contact me below.
A second generation real estate broker living in Laguna Beach, CA. Need help with Orange County real estate? Call/ text 949-973-6478. Follow: @diglagunabeach