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December 2016 Market Update

THE STATE OF THE MARKET

Inventory continued to drop across our market this past month as we make our way through the holiday season. This drop was seen in new inventory as well as total inventory. This is a typical pattern for the real estate market during the 4th quarter of every year and it is actually a positive thing for sellers. The drop in inventory, or supply, creates more demand, which boosts home values. Sales prices rose across our market this past month as inventory dropped! In these conditions, the majority of buyers and sellers who remain in the market are serious about making moves. With the right strategies, very smart moves can be made in this market. If you are debating whether to buy or sell in these conditions, give me a call. I’d love the opportunity to help you take advantage of this amazing market!

MARKET UPDATE

Anaheim Hills had an inventory of 143 homes on the market in November. That is a 2.6 months supply. 46 homes went on the market. 84 sales were closed and pending. The median sales price was $665,000.

Yorba Linda had an inventory of 264 homes on the market in November. That is a 3.6 months supply. 71 homes went on the market. 108 sales were closed and pending. The median sales price was $720,000.

Placentia had an inventory of 103 homes on the market in November. That is a 2.5 months supply. 38 homes went on the market. 57 sales were closed and pending. The median sales price was $640,000.

Brea had an inventory of 94 homes on the market in November. That is a 2.3 months supply. 28 homes went on the market. 64 sales were closed and pending. The median sales price was $682,000.

Fullerton had an inventory of 237 homes on the market in November. That is a 2.4 months supply. 82 homes went on the market. 140 sales were closed and pending. The median sales price was $549,250.

PRICE PER SQUARE FOOT IN ORANGE COUNTY

The Price Per Square Foot rose across Orange County this past month. The Price Per Square Foot is currently at $378/square foot for the county. This is the second highest number we have seen all year, the highest being $383/square foot in August. Decreasing inventory, which is typical during the holiday season has created more demand, boosting home values. This is great news for sellers who remain in the market.

COMMUNITY EVENTS

Annual Tree Lighting Ceremony | 12/3 | Brea Civic & Cultural Center
Join the city of Brea for an evening of live music and entertainment to celebrate the holiday tree lighting. Cookies and hot chocolate will be served. This is a free event. Pictures with Santa are available for a fee. For more info, visit ci.brea.ca.us.

Winter Market | 12/3 | Fullerton Downtown Plaza
The Winter Market will feature a tree lighting, food booths, holiday shopping, face painting, a bounce house, a beer and wine garden, and the Spark of Love Toy Drive with the Fullerton Firefighters. This is a free event. Free pictures with Santa from noon to 4 PM. For more info, visit ci.fullerton.ca.us.

Crystal Cove Tree Lighting & Holiday Bazaar | 12/3 | Crystal Cove State Park
Enjoy authentic vintage décor and strolling carolers with complimentary hot cocoa and cookies provided by The Beachcomber Café. Santa will arrive at 4 PM and the tree lighting will take place at sunset. For more info, visit crystalcovealliance.org.

Autism Speaks Walk Orange County | 12/4 | Angel Stadium
Thousands of families, service providers, and advocates will walk to raise funds and awareness to help change the future for those who struggle with autism spectrum disorder. For more info, visit autismspeakswalk.org.

Home For The Holidays Pet Adoption Fair | 12/4 | Irvine Animal Care Center
Meet 600+ homeless dogs, cats, rabbits, and small animals that need a forever home. This event also features dozens of pet-related vendors, gourmet food trucks, a silent auction & low-cost micro-chipping. For more info, visit cityofirvine.org.

Corona del Mar Christmas Walk | 12/4 | Pacific Coast Highway
Each year, “The Walk” brings together thousands of fun-loving people for live entertainment, food, prizes, games, and unique vendor exhibits right on PCH in Corona del Mar. For more info, visit cdmchamber.com.

Irvine Winter Wonderland | 12/4 | Irvine Civic Center
Celebrate winter as “snow” falls and the community gathers for games, crafts, music, hot chocolate, entertainment and food. This event includes a holiday concert and visit from Santa. For more info, visit cityofirvine.org.

Tamale Fest/Las Posadas | 12/7 | Old Town Placentia
This event will include a Christmas procession and live entertainment, such as the grammy-award-winning Mariachi Divas. All of the local restaurants in the downtown area will have their own food booths. For more info, visit placentiachamber.com.

Tustin Tree Lighting | 12/9 | Tustin City Hall
Christmas tree lighting, holiday crafts, sponsor booths, and pictures with Santa. This is a free event. For more info, visit tustinca.org.

Balboa Island Holiday Home Tour | 12/11 | 331 Marine Avenue
One of Orange County’s most loved Holiday Home Walking Tours returns this year with nine uniquely holiday decorated island homes and cottages. For more info, visit balboaislandnb.org.

Newport Beach Boat Parade | 12/14-12/18 | Newport Harbor
Join over a million viewers as you watch beautifully decorated yachts, boats, kayaks, and canoes sail along the harbor. Fireworks on Wednesday and Friday. For more info, visit christmasboatparade.com.

Winter Fest | 12/18-1/3 | OC Fair & Event Center
Features a full outdoor ice rink, 130-foot, six lane Snowflake Summit ice slide, a play park featuring real snow blown in daily, photos on the world’s largest rocking horse, strolling carolers, and personal visits in the cabin of Mr. & Mrs. Clause. There will also be a holiday light show featuring over 2 million lights! For more info, visit ocfair.com.

Chanukah Wonderland and Menorah Lighting | 12/29 | Laguna Niguel City Hall
Enjoy live entertainment, activities, and crafts, as well as your favorite Chanukah treats – latkes, dreidles, and more! For more info, visit cityoflagunaniguel.org.

25th Annual First Night Fullerton | 12/31 | Downtown Fullerton
Enjoy food, kids activities, four live music venue areas, museum exhibits, roaming entertainment, and a firework show at midnight. This event is family-friendly and alcohol-free. For more info, visit ci.fullerton.ca.us.

WANT TO KNOW THE NEW VALUE OF YOUR HOME?

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By: Mike Magdesian

I am a REALTOR® at TNG Real Estate in Fullerton. Centrally located in northeast Orange County, I have experience selling homes in Orange County, Los Angeles County, and the Inland Empire and am happy to help you wherever you may be. Whether you are a first time buyer, a move-up buyer, an experienced seller, or an investor, I will use my proven marketing strategies and negotiation skills to create the best outcome possible for you. I strive to provide the best service possible for my clients. I will keep you informed of current market trends and local inventory, explain each part of the transaction in terms you will understand, and utilize real estate technologies that create a smooth experience for you. Whatever your real estate goals are for this year, I would love the opportunity to help you achieve them! Call me today at 714-402-2362 for a complimentary consultation!

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