Weekly Update - 7.2.2021

Dated: July 3 2021

Views: 18

Happy 4th of July!
  • Select Committee: House approves select panel to probe Jan. 6 attack
  • NCAA: NCAA adopts temporary policy on name, image and likeness in seismic shift for college sports
  • Air Travel: United bets on travel with the biggest airplane order in its history
  • Transgender: Supreme Court won’t revive school’s transgender bathroom ban

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  • The number of available homes to purchase is finally starting to rise. The unprecedented, ultra-low inventory has been the story for over a year now. At the start of last year, there already were not enough homes on the market, and then COVID-19 made things worse when many homeowners opted to not sell their homes. Ultimately, that led to this year’s anemic historically low level of available homes. In fact, today’s inventory is 64% less than the 5-year average of 6,702 homes (from 2015 to 2019 excluding 2020 due to COVID skewing the data). Yet, finally, now that summer has arrived with all of its normal, cyclical distractions, the inventory is on the rise, adding 174 homes, up 8%, within the past couple of weeks, its largest gain of the year. This new trend will continue throughout the summer months.
  • Demand, the number of new escrows over the prior month, is on the decline after reaching a peak in early spring. Demand typically peaks between April and mid-May. This year, it peaked at the very start of April in Orange County. Many expect the market to behave differently and ignore the seasons because housing is so hot, yet society seemingly likes its routines. Spring is the hottest time of the year in terms of demand. It downshifts during the summer with the kids out of school, planned vacations, and plenty of fun in the sun. Since peaking on April 1st, demand has dropped from 3,110 to 2,906 pending sales, shedding 204, down 7%. Within the past two weeks alone, it dropped by 151 escrows or 5%, its largest drop of the year. This trend should continue throughout the summer months.
Orange
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1480 N Kathleen Ln, Orange

Located on a quiet double cul de sac street and just an easy walk to the Villa Park shopping center is this 4 bedroom 2 bath single story, 2000 sq. ft. home. The owner of more than 20 years has treated it with love, and upgraded it with gutters on both the house and detached garage, plus double paned windows in the house. Built in 1964, the beautiful original wood flooring is continuous throughout the house. The kitchen features a newer Electrolux electric range (gas is available also) and boasts a separate walk in pantry and the window looks out on a citrus tree, Between the kitchen and huge Dining room are custom built-ins, including a work desk and shelving.

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9801 Daron Dr, Villa Park

Welcome Home. Enjoy views of Catalina, sunsets and city lights. This unique one level contemporary home was custom built by Danny Evans in 1973, one of Villa Parks' original builders. This home has expansive 5 bedrooms and 3 bathrooms. Enter through grand double doors, to high vaulted open beam ceilings, into a light filled interior which showcases an inviting living room with dual sided fireplace, family room feature a wet bar. The main entertaining area features floor to ceiling windows which feature the views of Catalina, sunsets and city lights.

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1422 Cloyden Rd, North Tustin

This gorgeous Lemon Heights home has been completely renovated with additional square footage added in 2017 and even includes in-law quarters with a kitchenette. Arguably one of the best neighborhoods in North Tustin where the utilities are underground, no telephone poles, mature trees and wide streets. Not too far from the main artery, Newport Ave, but just far enough to enjoy the rolling hills and city lights view at a slight elevation are some of the reasons why this is one of the most desired areas in North Tustin.

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Kathy Leimkuhler

Buyers and sellers alike are given many options for how to conduct real estate transactions in the modern market. Different people, technologi....

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