The Low Down In Mission Viejo

When looking at the median price value of single family homes in Mission Viejo, the value continued to fall from $678,124 back almost 3 weeks ago to $664,771.  This is a loss of about 1% for the month. 

At last, we can see a little bit of that silver lining.  While it’s not the best news or most encouraging news, it’s good news, which is hard to come by these days.  The number of days houses are spending on the market (DOM) in Mission Viejo is on it’s way down.  What peaked at over 450 homes is now slowly dropping down to 370.  Honestly, I find this one the most surprising.  I anticipated a little dip around November/December (which is part of the annual cycle/slowdown around the holidays) but the numbers keep dropping. 

The drop in homes on the market is showing us that the market just might be slowing a bit.  In my humble opinion, people aren’t really buying or selling unless they have to.  Unless they are about to lose their home, are expanding their family, or need to relocate I don’t think people really want to be playing in this housing market.  I’ve talked to several locals who are in a place in their life where they want to downsize and would still make a hefty profit on their house, but are waiting to be sure they won’t lose money on the one they are buying now. 

One thing’s for sure – the spring/summer annual rush in sales will probably give us a better picture of what the market is going to hold for the rest of 2008.  But don’t hold your breath, analysts aren’t too optimistic, and neither am I.