Inventory higher with same results for sellers
As we enter the 4th quarter of 2024, the condo markets for Anaheim and Irvine are seeing a few changes, but basically the same end result as the same time last year in 2023.
The inventory has risen significantly compared to August 2023. As a result, condos are staying on the market longer in Anaheim where it increased to 25 days. In Irvine, the time to sell has remained the same, but the sold vs list % dipped below 100%.
The number of homes sold have remained at historically low levels as both buyers and sellers have continued to hold out.
Condos have appreciated overall with Anaheim seeing an increase to median home prices of 10.2% and Irvine increasing by 13%.
NAR Settlement Update
My latest market update details what’s happened so far and the “much ado about nothing” following the NAR settlement a few weeks ago. Prior to launching my newest listing in The Domain of Anaheim, I wondered if more buyers would be going directly to the listing agent. While I was not one of those who thought buyer agency was going to be extinct, I was open to the possibility that we might see more of a commercial real estate style of agency.
After 2 Open Houses, I had a few ask me to show the listing like normal, but as far as offer activity is concerned, none of the buyers asked me to represent them. I’m hearing similar accounts from my co-workers and friends who are agents.
Interest rates at lowest levels since Feb 2023
Rates have continued to decline which will translate into more buying power and some of the buyers from earlier this year into refinancing. With rates going down by more than a point compared to the same time last year, I would be shocked if sales activity doesn’t kick into high gear.
