Mission Viejo Spring Selling Season in Full Swing
The Mission Viejo spring selling season started sooner than many expected, and well in advance of what the ground hog predicted as it pertains to the Mission Viejo real estate landscape. You do know that spring is the busy season for home sales in Mission Viejo, right? Typically, more homes sell in the March to June time-frame than other time of year. While the number of homes for sale today is definitely greater than what we lived through two springs ago (do you remember that roller coaster ride?) inventory is a little low as compared to the demand for housing in Orange today. Now let me translate the Mission Viejo Spring selling season mumbo jumbo into real spoken American English.
If you have a house you’d like to sell today, be reassured by this evidence that homes that are flying off the shelves. Here’s how that breaks down.
In Rancho Santa Margarita, over 40 homes that were listed for sale in the last 30 days have gone into escrow (marked as Pending or Backup Offer status in the California Regional Multiple Listing Service – CRMLS) in the last 30 days. Kabam!
In Mission Viejo, about 69 homes that have gone on the market for sale and been scooped up by a well qualified buyer and taken off the market in less than 30 days. That’s a pretty rapid pace. Kabam!
In Irvine, there are more than 100 properties launched into the” for sale market” that have gone into escrow in the past 30 days. Double Kabam!
In Placentia, there are 20 listings that came on the MLS in the last 30 days that are already sold. Shazam.
I mention these high level, non-scientific numbers as an indicator of the pace of the market today. Is there any evidence to the contrary, you may ask? Of course. For instance, in Placentia, 39 of the homes currently marked as Pending of Backup Offer status took more than 30 days to sell. One Placentia Short Sale has been on the market (by that I mean listed for sale in the CRMLS) for 636 days. That’s about 21 months.
Another standard sale home in Placentia has been in the CRMLS for 313 days, during which time it shows a history of initially selling in 10 days, being in escrow for 165 days, a $124,000 price increase, expiring, being re-listed, a price increase of $74,000, and now in escrow after a $119,000 price reduction. All of which I share with you to demonstrate that high level statistics can give you a general sense of how the market is doing, but your actual experience will depend on a numbers of factors. The most critical to your specific experience will depend on what the local market is doing the very day your house goes into the CRMLS, and the price you ask in relation to the location and condition of your property. Then let the games begin.
I’m Leslie Eskildsen. Just keeping it real in Mission Viejo real estate. Call me. Text me. Email me.
I’m here to help you.