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Sunday, April 21, 2024   /   by Bob Cowan


Southern California Property Prices

A snapshot of the Santa Ana real estate market

Santa Ana Amtrak Station California

The housing market in Santa Ana is characterized by competition. In this busy area, properties tend to sell quickly and attract many offers. Trends in the market point to dynamic dynamics that buyers and sellers need to be aware of.

Current Numbers

Median Sale Price: As of late, it has been reported that the median price at which a home in Santa Ana has been sold is roughly $738,000; this change indicates how responsive the market is to demand.

Sale Price per Square Foot: Investing in quality rather than quantity is on the rise, as evidenced by the median sale price per square foot, which is currently at $556.

Market Behavior: Real estate in Santa Ana is in high demand, as evidenced by the area's consistent sales pace. The city's increasing allure and the inherent value of its assets are reflected in this demand.

Inventory and Transactions: Information on the volume of real estate transactions in Santa Ana can be gleaned from this information. A downward trend in transactions may indicate a tightening of the inventory, and the citywide median home values serve as a guide for determining the value of properties as well as establishing expectations for upcoming listings. You can find it by clicking here. Santa Ana, CA Housing Market By Redfin

Santa Ana Real Estate Prices and Market Trends

The real estate market in Santa Ana is highly competitive, with rising trends in listing prices and sales volume reflected in property prices. Multiple bids are frequently made on Santa Ana properties, and the median sale price per square foot has been steadily rising.

Listings Current and Historical Sales Information

The Santa Ana real estate market is distinguished by a large selection of properties at different price points. There are now a variety of properties for sale, from more affordable options to luxury listings with prices above $1 million. The median price per square foot for the city and historical data both show a consistent upward trend in the median listing price of homes. For example, a slice of Redfin data indicates that the median sale price of a house in Santa Ana was $787,000 last month, an increase of 11.7% over the same month the previous year.

Analysis of Price Per Square Foot

An in-depth view of the market's temperature can be obtained by analyzing Santa Ana's price per square foot. According to a Redfin analysis, the median listing price per square foot for homes in Santa Ana is $578, which represents a 10.0% increase from the previous year. Regarding investment potential and valuation, these numbers have important ramifications for both buyers and sellers. The closing sale prices of the recently sold properties nearly match the asking prices of the current listings, confirming this growth.

Santa Ana's Housing Inventory and Current Market Conditions

A dynamic range of home styles and varying inventory levels reflect the competitive nature of the Santa Ana housing market.

House Types That Are Offered

The housing market in Santa Ana is varied, with a variety of homes available to meet different requirements and tastes. Presenting the largest share of the market to prospective homeowners, single-family homes rule the real estate landscape. Furthermore, the market offers a variety of condominiums that appeal to individuals looking for a more urban lifestyle. New home communities are becoming more and more popular, which indicates that more new homes are being built to match the need for housing.

Levels of Market Inventory

One important measure of market dynamics in the Santa Ana home market is inventory levels. According to the most recent data, there is a limited supply of homes in this area; they typically sell in 32 days and draw several bids. Strong demand is reflected in the market's rapid pace, which impacts both home values and rental properties. There has been an increase in the median sale price of homes over the past year, indicating a growth in housing prices. In spite of the competitive market, prospective tenants and purchasers are still scouring Santa Ana's real estate for homes that suit their demands both financially and in terms of lifestyle.

Santa Ana: Buying vs. Renting

Prospective residents must decide whether to buy a property or get into rental properties after looking at the Santa Ana real estate market. In the present Santa Ana market, both possibilities are compared in this section.

Comparing the Rental and Ownership Markets

Santa Ana's home ownership market has demonstrated some degree of competition, with sales of homes usually drawing multiple bids and closing swiftly. According to data from last month, the median price at which a home was sold was $738,000, indicating a rising trend in property values.

The rental market, however, offers an alternative financial picture. According to reports, Santa Ana's median rent is $2,600, which is less than it was a year ago. Nonetheless, the price to rent a house can differ greatly depending on the property, ranging from as little as $300 to as much as $8,356.

Santa Ana's Market Dynamics and Buyer Competition

The demand for homes in Santa Ana frequently exceeds supply, resulting in a competitive seller's market marked by quick transactions and high prices.

A Seller's Market Analysis

In the second quarter of 2023, the median listing price of a home in Santa Ana was valued at roughly $750,000, indicating a 3.2% year-over-year decline. At the same time, the price per square foot of listed homes was $551, which was 1.8% less than the year before.

Santa Ana's strong Redfin Compete Score, which measures the intensity of buyer rivalry, indicates that properties in Santa Ana draw a lot of interest. In a market this hot, homes often get many offers, some significantly over asking. This kind of seller's market tends to accelerate transactions and puts pressure on buyers to make quick decisions.

It is advised that buyers navigating this market come prepared for a fast-paced setting where it is typical to receive many bids. The seller's market scenario highlights the need for buyers to present compelling financial offers in order to increase their chances of winning in competitive bidding scenarios.

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  bob cowan, san clemente, platinum living realty, orange county, california, april 2024, southern california, santa ana

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of May 30, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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