03 Apr Huntington Beach 1st Quarter 2014 Real Estate Market Update
Overall Market Indices
- Homes Sold: In March 2014, the entire Huntington Beach market saw a total of 139 houses, townhomes, and condos sold… an increase of 2.2% compared to the same period of 2013. Detached home sales were up 14.1% and attached home sales (condos/townhouses) were down 12.3%.
- Average Price: The average price of detached homes sold in March 2014 was $923,075… this was up 0.3% from last month and up 7.8% from the same period last year. For attached homes the average price was up 5.7% to $519,830 compared to last month, and up 21.2% from the same period last year.
- Price per Square Foot: The average price per square foot of detached homes sold in March 2014 was $419 (down 1.3% from last month, and down 3.3% from the same period last year). The attached home price per square foot has done better, increasing to $378 (up 3.7% from last month and 16.8% from last year).
- Marketing Time: Average Days on Market is standing at 66… down from 79 days in March of last year.
As of March 31, the total inventory of homes for sale in Huntington Beach is 440 houses, townhomes, and condominiums. The highest for the last 12 months was 560 in September 2013, and the lowest point for the year was 391 in December 2013. Should you elect to put your home on the market now, there will be less competition than most years.
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 back down to 4.45% according to bankrate.com.
What to do?
April 1st is the beginning of the selling season… Now is a great time to put your home on the market. With interest rates and inventory still low, sellers have more opportunity to find a buyer willing to pay top dollar.