For most, 2012 was a great year in Real Estate. We saw a big surge in demand, a drop in interest rates, and even an increase in prices! We also saw an increase in the number of sales of single family residences which is another good sign.
Here is a quick snapshot of how 2012 stacked up to the previous years. These numbers are for sales of single-family homes and condos in San Juan Capistrano only that were taken from the MLS.Year Total Homes Sold Median Price Median DOM 2012 330 $707,000 97 2011 278 $639,000 112 2010 278 $676,000 115 Year Total Condos Sold Median Price Median DOM 2012 128 $304,000 122 2011 142 $254,000 100 2010 186 $219,000 80
While statistics don't always tell the whole story, this is a good snapshot of the changes in the market over the past three years. Home sales were up both in volume and prices. Condo values are way up but the number of units sold is down. This could be a factor of affordability or a lack of available homes to buy.
Either way, the market is picking up and that's good news. Hopefully 2013 will be better still!
Erin Kutnick is a Realtor and 15-year resident in San Juan Capistrano who is active in her community and the real estate market.