A Little Ditty ‘Bout The Housing Market

Up, up, down, down,
We see the numbers spinning round.

Our breath we hold,
While we watch the market unfold.

Home values do fall,
And the market’s sputtered to a stall.

Despite the spring’s peak,
The market continues to be weak.

While this almost a perfect 5-8 (I cheated, the last two lines have 9) syllabic poem, it’s not Shakespeare.  It does, however, capture this volatile market.  With a little help from Altos Research we’ll take a look at what’s going on. 

Unless you’re a big fan of skiing or snowboarding this is not the kind of slope you want to see.  It seems that the median price of Mission Viejo homes has continued to sink.  Right now it’s sitting around $643,000.  Prices continue to head south and while the slope may slow, it won’t stop for a while.  The only good news regarding this is that Jon Lanser’s blog contested the median price as an adequate means of assessing the market.

Perhaps the sign of spring is that the DOM are continuing to drop.  It’s a slow drop, but it’s a drop nonetheless.  It turns out that the average home entering the market today will sell sometime in July.  Encouraging huh?

Now here’s a slope that might bring on some hope…kind of.  There are about 350 single family homes on the market in Mission Viejo.  This is way down from last August when it was near 450.  But as we gear up for the spring/summer selling season we’ll see what happens!