Huntington Beach August 2014 Real Estate Market Update

By Huntington Beach Realtor – Scot Campbell – September 9, 2014 – Source:  Realtor MLS 

Another month has gone by, so here is my latest update on the Huntington Beach Real Estate Market.  I hope you enjoy the reading and please feel free to share the information with anyone you know who is interested in our real estate market.  

Overall Market Indices

August Huntington Beach Closed SalesHomes Sold:  In August 2014, the entire Huntington Beach market saw a total of 175 houses, townhomes, and condos sold… a huge increase of 25.9% compared to last month and an increase of 10.1% compared to the same period of 2013.  Detached home sales (121) were up an astounding 40.7% compared to last month and up 28.7% compared to the same period in 2013. Attached (condos/townhouses) home sales (54) were Up 1.6% compared to last month and down 16.9% compared to the same period in 2013.

 Average Price:  The average price of detached homes sold in August 2014 was $894,115, which was down 5% compared to last month and up 12.86% from the same period last year. For attached homes the average price was $471,138 which was a 2.3%% decrease from last month and a 9.4% decrease from the same period last year.

 August 2014 Huntington Beach PSFPrice per Square Foot: The average price per square foot of the entire Huntington Beach market was $413 in August 2014. This is about the same level as July, June, and May 2014, which were $414, 415, & $416 respectively… and about the same level as July 2013 ($415). So the market price per square foot for the entire market has been mostly flat for over a full year.   The price per square foot for detached homes sold in August 2014 was $419, down 2.9% from last month and up 5.5% from a year ago. In July 2013 a group of highly upgraded homes sold, and price per square foot hit a peak of $446. The price per square foot for attached homes sold in August 2014 was $390, up 6.1% from last month and up 13.4% from a year ago.

 August HB DOMMarketing Time: Average Days on Market is standing at 63… down from 67 days last month, but up from 53 days in August 2013.

 Mortgage Rates The rate for the conforming 30-year fixed rate mortgage has been “up and down” since bottoming at 3.4% in May 2013.  Rates jumped as high as 4.67 in September, but fortunately today’s rate is way back down to 4.10% according to the FreddieMac Rate Survey. As you can see from the graph, this is near the Lowest that Mortgage Rates have been so far in 2014. These low rates offer an affordability window that many buyers and sellers should exploit while it lasts… certainly fewer buyers will qualify to purchase when rates increase again.

Mort Rates Sept 10 2014Money Savings Example:  A 1/2 percent reduction in mortgage rate translates to $208 per month in interest savings for a $500,000 mortgage!  

Insights from this month’s numbers:  August appears to be the month that we broke a “log jam” of sorts.  The sales volume was lower in nearly all months of 2014 compared to 2013 as home buyers carefully “shopped” for the homes in the “Spring & Summer” selling season.  Many sellers initially priced their homes above the market hoping for additional appreciation, but as the selling season reached July, the buyers and sellers began striking deals!  It now appears that sellers are becoming comfortable with the notion that the market has “leveled off” and are more comfortable with listing and selling their home based on the most recent closings in their neighborhood.  We have come full circle… from buyer’s market, to seller’s market, to a traditional “balanced” market.

What to do?  Now is a great time to buy & sell a Huntington Beach home.  Anyone who experienced the hectic pace of either a strong buyer’s or seller’s would welcome the balanced market we are in now.  With interest rates and inventory still relatively low, sellers have the opportunity to find a buyer willing to pay full market value. But, since the inventory of available homes is up and prices have been flat: Preparing your home for the market, Pricing Correctly, and Aggressive Full Service Marketing will be more important than last year. The “balanced market” is what the Traditional Full Service Brokerage, like Coldwell Banker, was designed for… the extra systems, market savvy, and advertising we offer can make the difference between a house selling or simply sitting!

 Thanks for Reading!  And, keep the homebuyer & homeseller referrals coming… those people you send allow me to have the time and resources to publish this Market Update each month!  Please share this information via: word of mouth, email link, and/or social media.  I really appreciate it!

Scot Campbell Huntington Beach Realtor For questions about buying and selling real estate in Huntington Beach and Coastal Orange County, contact Scot Campbell. He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. 

 Scot is a Previews Property Specialist,  has been a licensed for 28 years, and has brokered over 1000 homes… including just about every type of transaction imaginable.

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