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Huntington Beach Market Update – November 2016
Eric Gausepohl is a Huntington Beach Mortgage Lender who is always looking for the most relevant and important information in the industry to best help his clients succeed.
One way that the Summit Lending team can do this is by consistently looking at the local housing market in Huntington Beach and Orange County to determine how the market is performing and where it is heading.
In October 2016, home sales in Huntington Beach experienced a 1.3% increase over October 2015. When we break this down, we find that detached homes sold 17.9% more homes year-over-year while attached homes fell by 19.7%.
When looking at the average sale price of a home in the area in October 2016, we see that there was a 10.8% rise year-over-year. The average price on a detached home in Huntington Beach last month was $1,016,583, a drop of 2.3% compared to the month previous but up 7% compared to October 2015. Attached homes had an average sale price of $558,302, good for increases of 3.7% month-over-month and 1.7% year-over-year.
According to Trulia, there were 534 total home sales in Huntington Beach in October 2016. This was the highest amount sold in any month since September 2015 when 576 homes were sold.
The most common type of home sold in October 2016 was 3-bedroom units, which accumulated 199 of the month’s total sales. Following were 4-bedroom units with 142 sales while 2-bedroom and 1-bedroom homes rounded things out with 105 and 40 sold units, respectively.
Over the past three months, 3-bedroom units have experienced the greatest median price increase with a 7.2% jump over the same period in 2015. The median price for a 3-bedroom home was $737,000, slightly above the median price of $715,000 for all homes.
Since a 2016-high of a median rent figure of $3,450 this past August, the price to rent a unit in Huntington Beach has been on the decline. The median price was $3,250 in October 2016, down $3,400 median recorded in September 2016. As we approach the final months of 2016 and enter 2017 we can expect to see this number to continue to fall before picking up again in the Spring.
Additionally, the number of rentals set a new high for 2016 in October with 228 units rented. The previous high came in July and August when 193 rentals occurred.
Overall, the average number of days that a home in Huntington Beach spent on the market in October 2016 was 64 days.
How will these numbers play out as we enter the Winter months remains to be seen. However, with mortgage rates near all-time lows, many buyers are entering the market to take advantage of them. It is unrealistic to expect them to remain at this level for much longer as we move forward. Therefore, it is also a good time for potential sellers to list their home.
If you’re interested in buying or selling a home, consulting a Huntington Beach mortgage professional like Eric Gausepohl of Summit Lending is a great way to ensure you are set up with the right deal.
Contact them today to learn more about how you can get the right mortgage!