Source: Wikipedia
With less than 200 homes listed for sale in Anaheim competition between buyers is fierce, and median list prices have been going up, up, up as a result. Inventory is about the same as it was this time last year but when you consider there are less than 200 homes listed in a city with a population over 336,000 this really is quite startling. Homes are listed for more – the median has increased significantly from last year and they’re selling a lot faster, making it a seller’s market in Anaheim, for sure.
Fewer Than 200 Homes Listed in Anaheim
Anaheim’s housing inventory is recovering after a very slow start to the year though total number of homes listed for sale is still a little down on this time one year ago when 199 homes were listed. Today’s figure is 4 percent lower at 192, though compared to last month there’s been a huge spike in Anaheim’s housing inventory, increasing by a massive 33 percent from 144. So inventory is roughly at the same level as it was this time last year, but even so, the number of homes listed for sale is still among the lowest number in years.
For buyer’s this is bad news because there are so few homes to choose from. It’s also bad news for buyers because prices are increasing too. In fact, median list prices in Anaheim have been on the up since their low point in January 2012 and since then higher prices have come to be expected.
Median List Prices Keeps Rising
The median list price one year ago was $368,000 but this has increased by a hefty 17 percent to $430,000. This is also a 4 percent increase on last month’s median which was $415,000. Median price per square foot is showing even higher spikes with an increase of 30 percent over last year’s figure of $227 per square foot. Today’s figure is $294 which is also a 5 percent increase from last month’s $279.
Unsurprisingly, with so few homes listed for sale in Anaheim, those that are listed are generally selling faster. Despite only a 4 percent change in inventory over last year, median days on market have dropped by a startling 35 percent from 43 days to 28 days. Last month homes were selling even faster, taking just 25 days to sell so in fact today’s figure is actually a 12 percent increase from last month’s.
All this points to a strong seller’s market in Anaheim. However, it’s not all good news for sellers as anyone looking to sell and stay within the city will not be pocketing all that extra money – it will have to go towards the higher cost of purchasing another home. Maybe this is why there are so few homes listed for sale here!
Mortgage Interest Rates Up From Last Year
Bad news comes for anyone who needs a mortgage to buy a home as mortgage rates in California have been climbing along with the rest of the country since their low point at the beginning of May. The California mortgage interest rate is up 6 basis points from last week’s average, now sitting at 4.34 percent, and is 1 basis point lower than the national average of 4.35 percent
