Fullerton Market Update
Big Picture: As we step into spring, home buyers and sellers are preparing for a solid real estate market. Buyers are motivated by low interest rates and an attractive affordability while sellers are loving the increased home values and bigger pockets at the end of a sale. Sellers are definitely getting Top Dollar. Here’s how February shaped up.
The Details:
For Fullerton Single Family Homes and Condos
New Listings were up 17.7 percent for single family homes and up 20 percent for Townhome / Condo properties. There is a great shortage of homes for sale and a great number of buyers waiting to buy a home. Even through the amount of listings is up, there is still a shortage of housing available. If you’re a homeowner thinking about selling, you may want to consider right now! You’ll definitely get top dollar. Be prepared to sell your home quickly.
Pending Sales increased 36.8 percent for single-family homes and down 15.2 percent for townhouse-condo properties. More single family homes went into escrow while less condos went into escrow.
The Median Sales Price for single family homes went up 7.1 percent to $450,000 compared to $420,000 a year before. The median condo / townhome sales price was up 10.5 percent to $359,000. Prices will continue to rise as long as there is a strong demand for housing. There are many buyers wanting to live in the city of Fullerton.
Months Supply of Inventory decreased 66.7 percent for single-family units and 79.2 percent for townhouse-condo units. Only 120 single family homes were for sale in the city of Fullerton in February and only 25 condo / townhomes. Compared to 297 homes and 115 condos for sale in the same time last year. Months Supply of Inventory means how many months it will take to sell every home that is currently for sale in Fullerton. This is a very low number and is one of the main reasons home are starting to get up in price quickly. In a normal market, you would want to see about 3 months inventory.
A few consumers may feel less confident due to Washington’s latest self inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail’s pace. Sequestration is more of a nuisance than a real threat to recovery; and there’s significant pent–up demand from renters, first-timers, parental basement dwellers and investors to counteract it.
I provided a chart and graph below with more information on the current real estate market in Fullerton.
If you are thinking of selling your property, contact me for a consultation I will tell you how much you can sell your property for and what is the best way to market your home. 714.989.6040. diego@ehomeliving.com
Buyers, let me know if you are looking to buy in Fullerton. We have a special priority list for new homes that hit the market. 714.989.6040 diego@ehomeliving.com
Current Homes For Sale in the City of Fullerton
To See Homes For Sale in Other Areas Search HERE
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