It’s typical to see a drop in sales activity through the winter holidays, sales typically picks back up in spring then through the summer. The time it takes to sell, days on market, has
Lake Balboa Real Estate statistics - January 2023
Dated: February 10 2023
It’s typical to see a drop in sales activity through the winter holidays, sales typically picks back up in spring then through the summer. The time it takes to sell, days on market, has grown considerably really driving home the fact that the buying frenzy is over. Supply is always pretty low, low enough to consistently make it a sellers market. Six months supply is considered a balanced market, above six is a buyers market and below six a sellers market. At three months supply it’s technically a seller’s market. Sales volume peaked last year but has fallen, just another reminder that the buying frenzy ended. Sales price has dropped from the peak of one million dollars median in october 2022 to $875,000 for January 2023. A significant drop but climbing from a low of $775,000 in November 2022. Sellers got 93% of their original asking price. As a rough gauge, if you’re curious about what your home might be worth, the median sold price per square foot is $541. So you can multiply the interior square footage of your house by this figure to get an approximate value. That would be a very rough estimate which doesn’t take into account location, condition and any upgrades your house might have.
What does this mean for you?
If you’re looking to sell, it seems we past the bottoming out of prices so if you bought your house more than two years ago, you probably won’t lose any money. When pricing your home, keep in mind that sellers achieve 93% of their original list price (or had to drop their price by seven percent on average) and it took on average 70 days to sell. Pricing it at or just below market could make the difference between selling your house right away or having to drop the price and taking two and a half months or so to sell, depending on how flexible you are with pricing.
If you’re looking to buy, prices dropped from a high of $1 mil in June 2022 but is rebounding slowly. Looking at past performance, Lake Balboa has consistently increased in price year over year. And while that’s no guarantee for future performance, it’s highly unlikely prices will drop crash. Most likely there will be ups and downs month to month but for the long term prices are likely to continue to increase steadily on an annual basis.
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