What’s Really Out There?

What does the Mission Viejo Single Family Residence really look like?  Is it good, is it bad?  Well, it depends who you are!  Whether you see the glass as half empty, half full or if you’re a buyer or seller there’s info that will appease all of you.

First up – inventory…
inventory-august-mv.jpg

There’s more houses on the market…and it’s rather substantial.  Could this be that the market’s flooded?  Not likely – we’re in peak selling season so that could easily explain the increase (there is an increase every summer). 

Next up, Days on Market (DOM)…

dom-august-mv.jpg

This is probably more indicative of the market than the actually inventory of homes available.  It’s definitely taking longer to sell your home – singificantly longer.  It’s past the tripling point from a year ago.  For sellers, that’s not good news, but for buyers it sure is.  Dig in your heels.  Some sellers might be more flexible on prices – especially those who bought years ago for good prices who will be turning a substantial profit – even if they do sell it for less than they thought their house was worth.

Last up, median prices…

median-price-august-mv.jpg

 *gulp*  Are you there?  Are you still reading?  Some of you might have seen that downward slump and hit the big “X” in the right hand corner of Explorer or Firefox.  Well, if you’re still with me hold tight.  Yes there is a downward trend on this map, but not when compared to last fall.  As Laguna Beach learned last month – there are so many factors (such as a few critical big sales, etc.) that can affect this number.  I haven’t had a chance to tease this out yet but I’m hoping to in the near future so stay tuned.

Charts courtesy of Altos Research