The real estate market bounced back rather quickly after the pandemic put the housing market on hold. Low mortgage rates and increase in working from home ignited by the pandemic have fueled a rapid increase in housing demand and there has been a booming residential housing market.

Home sales eased as compared to the previous month, but strong buying interest continues to provide support to the market. It’s still a seller’s market and home prices have reached a new record-high due to tight supply. 29% fewer homes have come on the market below $750,000 so far this year.

For the luxury end, all homes above $1.5 million, accounts for 36% of the inventory and 17% of demand. There were 125% more closed sales in the $1m-$1.5m compared to 2018 & 2019 average.  Above $4 million market, it was nearly triple the number of sales. 

A Note for Seller:

this is a great time for homeowners to take advantage and sell, the median sale price of single-family homes in OC jumped over $1 million last month, with days on market down to just 26 days. With prices continuing to rise due to lack of inventory, now’s the smartest time to do it so that you can sell for top dollar and secure a record-low mortgage rate on your next dream home. 

A Note for Buyer:

The supply is too tight and home prices will continue to go up as mortgage rates predicted to increase. This is a trend that will keep on going in the near future, so I don’t recommend waiting until more homes enter the market.

 

Are you interested in selling and buying in 2021? We analyze most updated market trends and we answer all of your questions! Contact us to find out about the market in the surrounding cities and new properties coming on to the market!

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