Hi, I’m Lisa Dunn and this is the Rancho Santa Margarita market update report.
Low inventory is a problem throughout the country and Rancho Santa Margarita is no exception. The inventory level has decreased by approximately 5% from last year and we are not experiencing our normal seasonal patterns. Year to date pending sales have decreased by approximately 6% from the same time in 2016, however closed sales are up by 4%. Most interesting is the change of the average days on market. It has reduced by close to 50%, with the average being 33 days for 2017 compared to 64.5 days for the same time period of 2016.
As one of the safest cities in the state, Rancho is always a highly sought place to live. With continued low interest rates and favorable economic factors in the foreseeable future, the low inventory trend will continue to be a conundrum for homebuyers. A well priced and well maintained home in our community will most likely receive multiple offers and sell quickly. I do not see this trend changing, however sellers need to keep their expectations in check regarding proper pricing. Buyers are looking for a good value and not willing to over pay for a home, even in an area as desirable as ours. And that wraps up the Rancho Santa Margarita Market Update Report