Mission Viejo Market Update April 2020

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Real Estate

Hi. I’m JOHN ALESI and welcome to my channel where I talk about buying, selling and living in the Mission Viejo California area.

When it comes to frequently asked questions about real estate, the most frequent is “how’s the market?” Everybody wants to know what’s going on in the real estate market because they are owning or thinking about buying or thinking about selling and the real estate market seems to be a pretty solid gauge of what’s going on in the entire economy PLUS it’s a tangible product so it’s easy for people to make comparisons and understand the values.

Today, I have a market update for homes in Mission Viejo and I will also be comparing them with activity in the greater Orange County California market. I always start my comparisons with SOLD properties even though it’s kind of a historical look in the rearview mirror. It actually shows us facts, not opinions. It’s not projections; it’s not pending... These are facts. These are transactions that have closed and we can look at the numbers and come up with a solid conclusion. 

So let’s start off by looking at 2019. In April, we had 122 properties sold in Mission Viejo. We peaked in July and then slowly slid into January.  February and March started to pick up but on March 13, we know what happened, which created this severe drop and in April 2020 we only sold 83 houses, which is a decrease of about 32%. If we compare that to the entire ORANGE County market, we see that it followed a similar pattern. In April 2019 there were 2600 units sold and still on the way up to the peak and then in April 2020 we dropped down to 1711 units sold and that’s about a 34% decrease, similar to what we saw in Mission Viejo. 

In this next series of charts I’m going to compare the Average Sales Price in the Mission Viejo market along with the Orange County market on the same chart.  

You’ll notice that they generally follow the same pattern but there are some differences. 

In this comparison we see that orange county average sales price in April 2019 was almost $895,000 while and Mission Viejo the price was $749,000, A year later the county average sales price was about $890,000 and Mission Viejo was about $733,000. These reflect a drop of .5% in orange county and 2.1% and Mission Viejo. So you can see that over the 12 months the change in average sales price is hardly noticeable.

And my final chart is Days On Market. This shows that in April 2019, homes sold in about 45 days in both markets, but as we move forward into 2020 we find that Orange County has 31 days on market while Mission Viejo is down to 19 days to get a home sold. This is an amazing number which just reflects that there’s a lot of velocity right now in the market. Homes are selling quickly because they are priced correctly and they are in great shape AND buyers are prequalified and ready to buy. These are the kinds of statistics you want to see if you’re getting ready to sell your house in Mission Viejo.

So I hope you found this market report helpful. If you have any questions feel free to reach out anytime with text, email or phone;  

You know we’re talking to people every day about moving to the Southern California lifestyle right here in Mission Viejo and we’d love to hear from you. 

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