Homes Sold: In June 2014, the entire Huntington Beach market saw a total of 155 houses, townhomes, and condos sold… an increase of 3.3% compared to last month and a decrease of 13.9% compared to the same period of 2013. Detached home sales were down 3.7% and attached home sales (condos/townhouses) were down 28.6% compared to the same period in 2013.
Average Price: The average price of detached homes sold in June 2014 was $920,524, which was up 15.4% from the same period last year. For attached homes the average price was $567,360 which was a 18.5% increase.
Price per Square Foot: The average price per square foot of the entire Huntington Beach market was $416 in June 2014. This is about the same level as May 2014 ($415) and the same level as July 2013 ($415). So the market price per square foot for the entire market has been mostly flat for 11 months. The price per square foot for detached homes sold in June 2014 was $430, up 1.7% from last month and up 5.9% from a year ago. It hit a peak of $446 per square foot in July 2013. The price per square foot in the attached home market is down 6.0% compared to last month, and up 4.2% compared to June 2013.
Marketing Time: Average Days on Market is standing at 88… up sharply from 54 days last month, and 53 days in June 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 4.13% according to the FreddieMac Rate Survey. This is the Lowest Rates have been so far in 2014, and this offers an affordability window that many buyers should exploit while it lasts.
Money Savings Example: A 1/2 percent reduction in mortgage rate translates to $208 per month in interest savings for a $500,000 mortgage!
What to do? There are about six weeks left in the “selling season”. Now is a great time to put your home on the market. 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.