August 2019 Coastal Real Estate Market Update
Check below for the transcript of our August 2019 Coastal Real Estate video:
Quick Orange County August 2019 coastal real estate market update for you! For perspective, it was about a decade ago where values were at their lowest point. That was during the recession it was early 2009…and then fast forward to today 10 years later, values have essentially doubled.
So if you owned a home then that was worth $1M, today it would be worth roughly $2M. Quite the appreciation!
The peak pricing time in our market was April of 2018, so about a year and half ago. That is when properties were trading at their absolute highest values. Today, we are roughly 3% off of that, but what is interesting is we have about a 30% influx of inventory in the market. So that means there are 30% more homes available for sale than there typically are this time of year.
Certain little communities and micro-markets are affected by it more than others. There are some areas where there are a lot of homes available for sale and it’s really softening prices. And then there are other communities where demand is still very high and inventory is low. So there is just not a lot available for sale and in those communities, values are very stable or on an upward trend.