Margie Hersh Realtor

Margie Hersh Realtor Realtor at RE/MAX College Park Realty*Margie Hersh- Long Beach and Orange County Realtor*
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02/01/2017

MARKET UPDATE FOR DECEMBER
Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

New Listings were down 9.2 percent for Single Family homes and 0.4 percent for Townhouse-Condo properties. Pending Sales decreased 41.6 percent for Single Family homes and 41.0 percent for Townhouse-Condo properties.

The Median Sales Price was up 4.5 percent to $626,000 for Single Family homes and 4.9 percent to $398,444 for Townhouse-Condo properties. Months Supply of Inventory decreased 12.0 percent for Single Family units and 14.3 percent for Townhouse-Condo units.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent agents prepared to put in the necessary amount of work.

07/21/2016

MARKET UPDATE FOR JUNE

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.

New Listings were down 5.5 percent for Single Family homes but increased 1.7 percent for Townhouse-Condo properties. Pending Sales decreased 50.2 percent for Single Family homes and 44.5 percent for Townhouse-Condo properties.

The Median Sales Price was up 4.9 percent to $645,000 for Single Family homes and 5.2 percent to $405,000 for Townhouse-Condo properties. Months Supply of Inventory increased 5.9 percent for Single Family units and 10.7 percent for Townhouse-Condo units.

The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade

03/02/2016

MARKET UPDATE FOR JANUARY

The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.

New Listings were down 6.9 percent for Single Family homes and 1.4 percent for Townhouse-Condo properties. Pending Sales increased 4.9 percent for Single Family homes and 19.4 percent for Townhouse-Condo properties.

The Median Sales Price was up 7.3 percent to $590,001 for Single Family homes and 7.4 percent to $376,000 for Townhouse-Condo properties. Months Supply of Inventory decreased 30.0 percent for Single Family units and 37.9 percent for Townhouse-Condo units.

Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this year.

09/23/2015

MARKET UPDATE FOR AUGUST

Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for July 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happen without careful consideration for the impact such a move will have on residential real estate.

New Listings were up 0.6 percent for Single Family homes and 3.6 percent for Townhouse-Condo properties. Pending Sales increased 20.4 percent for Single Family homes and 19.4 percent for Townhouse-Condo properties.

The Median Sales Price was up 3.4 percent to $600,000 for Single Family homes and 5.0 percent to $385,500 for Townhouse-Condo properties. Months Supply of Inventory decreased 29.3 percent for Single Family units and 35.9 percent for Townhouse-Condo units.

Statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing starts in July 2015 rose 10.1 percent compared to last year to the highest level the market has seen since October 2007. This bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.

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