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October 2016 Market Update

THE STATE OF THE MARKET

Housing inventory continued to rise across northeast Orange County this month. The rise in inventory can be attributed to a decrease in closed and pending sales as the market slows down as we enter the holiday season. This is typical for this time of year. It does not indicate a weak market or economy. People get busier than usual during the holidays and many people tend to put their moves on hold as a result it. On the upside, this means that the majority of buyers and sellers who remain in the market are serious! Serious buyers have an increasingly wider pool of homes to choose from, and those homes belong to serious sellers! With the right strategies, very smart moves can be made in this market. If you are thinking of buying or selling in 2016, 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 193 homes on the market in September. That is a 3.6 months supply. 74 homes went on the market. 92 sales were closed and pending. The median sales price was $655,000.

Yorba Linda had an inventory of 316 homes on the market in September. That is a 4.3 months supply. 96 homes went on the market. 127 sales were closed and pending. The median sales price was $679,500.

Placentia had an inventory of 100 homes on the market in September. That is a 2.6 months supply. 48 homes went on the market. 69 sales were closed and pending. The median sales price was $630,000.

Brea had an inventory of 128 homes on the market in September. That is a 3.3 months supply. 61 homes went on the market. 70 sales were closed and pending. The median sales price was $647,250.

Fullerton had an inventory of 286 homes on the market in September. That is a 2.9 months supply. 124 homes went on the market. 180 sales were closed and pending. The median sales price was $569,900.

MONTHS SUPPLY OF HOMES IN ORANGE COUNTY

“Months Supply" is a measurement of current housing inventory. We use this measurement to track how many homes are on the market in an area at any given time. Months Supply has been steadily on the rise in Orange County since December of last year. Last month, we surpassed the highest level of inventory we saw in 2015 and the months supply continued to rise this month. This is a good indicator of a healthy market.

COMMUNITY EVENTS

Walk to End Alzheimer’s | 10/1 | Bolsa Chica State Beach
The Alzheimer’s Association Walk to End Alzheimer’s it the nation’s largest event to raise awareness and funds for Alzheimer’s care, support and research. For more information, visit act.alz.org.

San Clemente SeaFest at the Pier | 10/2 | San Clemente Pier
The Seafest features a chowder cook-off, Lobster, Business Exposition, Arts & Crafts Show, Surf Contest, Children & Teen Contests, Children’s Complementary Arts & Crafts, Entertainment, and a U.S. Coast Guard Search & Rescue Demo all taking place at the historic San Clemente Pier. For more information, visit scchamber.com/events/details/san-clemente-seafest-68.

Annual Sandcastle Contest | 10/2 | Corona del Mar State Beach
Bring your team to the 54th Annual Sandcastle Contest and have a chance to be recognized, win cash prizes, and have a great day at the beach! This year’s theme is “Castles, Cars and Kids.” For  more information, visit newportbeach.com/events/54th-annual-sandcastle-contest.

The Heritage Festival & Parade | 10/8 | Tri-City Park
The Heritage festival will include a beer garden, food, crafts, games, a car show, and a parade! For more information, visit placentia.org/heritagefestival.

Dana Point State BBQ Championship | 10/8 | Sea Terrace Park
Over 100 of the top teams will compete in the largest BBQ competition on the west coast. The event will also include BBQ sampling, live music, beer and wine! For more information, visit danapointbbqchampionships.com.

Silverado Country Fair & Art Festival | 10/8-9 | Silverado Community Center
The event will explore the area’s Old West culture, great live music, tasty food, handmade arts and crafts, 1800’s period activities, children’s petting zoo, Steampunk magic show, games & ‘ole timey’ contests. For more information, visit silveradocountryfair.org.

Plein Air Painting Invitational | 10/8-16 | 31106 Coast Highway, Laguna Beach
This event showcases the nation’s top plein air landscape painters who compete for prestigious prizes and participate in a 9-day plein air celebration that includes public paint-outs, painting demonstrations, PleinTalk conversations, and educational events and activities. For more information, visit lagunapleinair.org.

Silverado Days | 10/14-16 | William Peak Park
The event includes games, crafts, contests, rides, food, and fun for the whole family and raises thousands of dollars for local charities. For more information, visit silveradodays.com/cms.

Dana Point Oktoberfest | 10/15 | Sea Terrace Park
This popular Oktoberfest celebration offers premium beer and wine, traditional German and American food, live music and dancing, and plenty of fun competitions! For more information, visit danapointoktoberfest.com.

Surf City 10 Miler/10K/5K | 10/16 | 21291 Pacific Coast Highway
Surf City 10 gives you the option to run 5K, 10K or 10 miles along PCH. You get to pick your distance, and each one follows an easy course! Costumes are encouraged! For more information, visit surfcity10.com.

Doheny State Beach Halloween Haunt | 10/22 | Doheny State Beach
Bring your family and friends to celebrate Halloween in a fun and safe environment with good ole fashioned spookiness, arts and crafts, a fun zone, and an array of educational booths. For more information, visit dohenystatebeach.org/event-items/doheny-state-beach-halloween-haunt.

Annual Historical Cemetery Tour | 10/22 | 21291 Fairhaven Memorial Park
Tour guides lead guests to the final resting places of historic local figures, set in Fairhaven Memorial Park and Santa Ana Cemetery, where costumed actors play out scenes from Orange County history. For more information, visit http://www.occemeterydistrict.com/article.cfm?id=63.

Main Street Halloween Fest | 10/31 | Downtown Huntington Beach
The spooky festivities include trick-or-treating, pony rides, a petting zoo, games, entertainment, kids and canine costume contests, and more. For more information, visit surfcityusa.com/events/detail/halloween-fest/17208.

WANT TO KNOW THE NEW VALUE OF YOUR HOME?

Click here for a free comparative market analysis of your home! The market has been improving and your home is likely worth more than you think!

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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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