Yorba Linda Real Estate


Are you thinking of buying Yorba Linda Real Estate, here is what you need to know about Yorba Linda. When you are ready to buy Yorba Linda Real Estate, Contact me. I will help you to buy Yorba Linda Home. I can help you to buy Yorba Linda Estate Homes, Yorba Linda Town Homes, Yorba Linda Condos. Are  you thinking of selling your Yorba Linda Home? As a Yorba Linda Real Estate agent and  Specialist I can do it with my Proven Marketing Plan

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Market Analysis for Yorba Linda Real Estate from January 2003 to September 2005

With sizzling home prices there is one question on every ones mind, how is the Real Estate market really doing? Where is the threshold for these price increases? That is the million dollar question. Many so called experts, top notch studies have been proven wrong year after year. So where should people turn for the answer? The way to figure this out is to analyze your local real estate market carefully, and the best source for that information is the local Realtor MLS. This database has information on tens of thousands of homes that have sold in the past, and many more thousands of homes that are currently for sale. It contains data on prices, time on the market, cost per square foot, and can be used to extrapolate such information as average prices for any given neighborhood. It is truly the Realtor’s best tool in evaluating and marketing your property. Let us take Yorba Linda, a very prestigious city in North Orange County, and see where are we heading?

January 2003 was a very desirable time to buy Yorba Linda Real Estate.  The average home price at that time was $478,406 as compared to January 2004 when it hit $606,590 and come January 2005 it jumped up once again to $701,945.  But wait, it does not stop there as the latest sales figures for September 2005 show an average sales price of $850,708.

To translate this data into percentages, 2003 lead to a 26% increase, 2004 prices went up an average of 15% and the final jump for 2005 so far stands at 21% year to date. The majority of theses gains were seen in the first half of each year with the third quarter making a respectable showing and concluding with the fourth quarter which is seasonable the slowest time for real estate bringing the year in for a soft landing before the next storm of price increase starting out at the beginning of the next year. Over all there was a 77% increase in property values from January 2003, to September 2005.

 Price increases are greatly tied to inventory as even the hot Southern California real estate market can’t escape the basic supply and demand theory of economics.  Low inventory means quicker sales and higher prices, and conversely the larger the inventory of homes on the market, the longer it will take to sell them and the lower the average price will eventually become.  In 2003 the average days on the market for properties was 30.6, for 2004 it was 35 and for 2005 as of today the average is 49 days. If this trend continues it is probable to expect some price pull back from the current level at least in the near term.

Another factor to look into is the number of properties sold per year. In 2003 total residential sales were 1121, for 2004 it was 924, for 2005 so far we have total residential sales of 855, which means we may very well reach our 2004 bench mark.

Could these strong sales figures even with the increased number of days on the market lead to another surge of prices in the first half of the next year?, This is possible. The one other variable is interest rates as that effects the price of home a buyer can afford to buy. If the rates go up too much too fast the housing market will stagnate and prices will remain flat or possible even decrease.  This will apply not only to Yorba Linda properties, but to the rest of the Southern California as well.  Stay Tuned!

 

Published by

Namneet Dhaliwal

www.namneet.com

714-932-9409

10/10/2005

 

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