As inventory rises due to both construction and renewed seller confidence in the Yorba Linda real estate market, the number of buyer-friendly opportunities has become much more plentiful over the past month.
Yorba Linda, CA (PRWEB) September 23, 2013
The Edie Israel Team reports that as national home prices have begun to normalize after a blistering first half of 2013, the Yorba Linda home market is acting accordingly, with recent analytics reports showing a trend of values stabilizing in this picturesque Orange County area. This news also comes in light of a mid-August USA Today article that outlined this trend of homes becoming more buyer-friendly due to increasing inventory and the unofficial closing of the busy spring and early-summer selling season. While these reports should not dissuade Yorba Linda home sellers as prices still remain extremely favorable compared to where 2013 began, this shift in the market represents a golden opportunity for those who’ve been patiently waiting to get their piece of one of the most desirable real estate markets in Orange County.
Putting a face to this trend, a September 16th Yorba Linda home data report from California-based real estate analytics company Altos Research saw the median list price of Yorba Linda homes at $899,000. This is the exact same price that these homes were valued at in Altos’ August 19th report—a clear signal that home prices are beginning to even out. In fact, graphed-out data of the Yorba Linda seven-day home value average shows prices flatlining at this figure for the entirety of the past month, with Altos reporting that, "the market has achieved a relative stasis point in terms of sales to inventory."
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A stable market is exactly what should invigorate buyers, and the aforementioned USA Today article points directly to this possibility. After all, the all-cash deals and bidding wars that flooded the market for the first six-plus months of the year are beginning to die down. This signals major investors and house-flippers stepping away from the market, as the increased mortgage rates of the past few months actually favor the more typical buyer who sees a Yorba Linda home as both an investment and a permanent dwelling place.
Other specific signs that point directly to the Yorba Linda home market becoming more buyer-friendly include increased days on market (DOM) and a rising number of homes for sale. The Yorba Linda DOM of 68 as of September 16th is up from 61 on August 18th and nowhere near the 2013 low. Additionally, the 302 Yorba Linda homes for sale as reported by Altos is up from 290 a month ago and more than double what it was as recently as March, when there were under 140 homes on the market.
"As inventory rises due to both construction and renewed seller confidence in the Yorba Linda real estate market, the amount of buyer-friendly opportunities has become much more plentiful over the past month," says Edie Israel. "This news should come as an extremely encouraging sign to those potential buyers who couldn’t compete in bidding wars earlier this year or had a tough time finding a home in this extremely popular area."
As for what this means for Yorba Linda home sellers? They should take comfort in the fact the median list price on their homes has risen by more than $150,000 on average since January.
About the Edie Israel Team:
Edie Israel, an award-winning Yorba Linda real estate agent, has more than 20 years of experience in home sales. Her Yorba Linda real estate team has helped a wide variety of buyers and sellers throughout the Orange County area, and is well-known for delivering some of the most prime real estate opportunities available in all of Southern California. To talk about Yorba Linda-area homes with a member of Edie Israel’s team, call 714-623-3543.