Time to Buy is Running Out!

It’s beginning to look a lot like summer here in Ladera Ranch! The kids are out of school, the weather is warming up and the 4thof July is right around the corner. As we approach the peak summer months, it’s now the second-best time of the year to sell a home. But sellers beware, demand will only remain elevated for six more weeks.

Before the summer distractions like beach days and family vacations set in, buyers who are looking to move are putting finding a home at the top of their to-do list. Most potential buyers prefer moving during the summer months prior to the kids going back to school. That means closing on a home and moving into it by the end of August. In order to close by the end of August, a home needs to be placed into escrow by the end of July. Which means the window of opportunity to take advantage of the Summer Market is already beginning to close.

Active Inventory Continues to Grow

The trend of more homes on the market year over year is here to stay. The active listing inventory continued its climb in the past two-weeks, surpassing last year’s height of 5,983 homes in mid-July. Inventory rose by 4 percent adding 231 homes before the end of June and now totals 6,105. It’s highest level since October 2016. Good news for buyers! Inventory is expected to continue growing until peaking sometime between July and August.

Demand also saw a healthy growth over the past 30 days, increasing by 1 percent. Homes priced between $750,000 and $1 million are still experiencing a hot seller’s market. This range represents 19 percent of the active inventory and 22 percent of the demand. The luxury market is also seeing stabilized growth in supply and demand. Year over year demand is up by 5 percent and active listing inventory is up by 8 percent.