Seal Beach home sales are trending up, a positive sign buyers are feeling confident about the state of the real estate market. As interest rates dipped again, the demand for well priced homes has grown to a point that hasn’t been seen since the early 2000’s.
I recently listed a home in good condition at 6% below market value and was flooded with six offers in the first 3 days. What amazed me was that of the six offers, 3 were all cash buyers, 2 had nearly a 50% down payment and 1 was using FHA financing (3.5% down payment). 4 days after putting the home on the market, we had an accepted offer well over the asking price. But could this be a fluke?
Between January and the end of June 2011, 45 homes had been sold in Seal Beach, the most lively sales we’d seen in 5 years. During this period in 2011, the average amount of time a home was on the market was 110 days. This may sound like a long time, but considering that sales prices ranged from $561,900 up to $1,600,000, it’s actually quite reasonable.
Compare this to our current 2012 sales figures and the trend becomes clear. During the same period this year, 50 homes have sold in Seal Beach, or about a 10% increase in sales activity. The average days on market dropped slightly to 107 which may be a bi-product of the increased demand. In contrast, the gap in sales prices increased with the lowest being $460,000 up to $1,950,000 (1605 Seal Way sold after 9 days on the market).
Just like with any favorable news on the real estate market, some home owners still want to over price their home for sale and uninformed buyers want to make low-ball offers. Though the signs of recovery may be subtle, this is still a complicated market to understand. If you are considering buying or selling a Seal Beach home, contact your local Seal Beach real estate professional and get educated on the market nuances before making any decisions.