ORTEGA REAL ESTATE MARKET UPDATE

Neither buyers nor sellers controlled the market this year. The Federal Reserve was calling the shots in 2023. The market fluctuated around their interest rate announcements. 3-2-1 rate buy downs became popular seller incentives. Despite the high rates, we did not see a significant dip in pricing. Sellers saw longer days on market and often made more repair concessions than during the pandemic. Other sellers opted to change their properties into rentals rather than make concessions. As a result, overall rental rates softened in the area as the supply of available rentals increased. Interest rates are expected to dip in 2024, and a surge of buyers will likely enter the market at that time.

ORTEGA FAST STATS

61 Days. Properties sold slower in 2023 compared to 41 days in 2022.

$253 Average Price Per Square Foot. The average price per square foot decreased 12% from $288 in 2022.

37 Total Sold Properties in 2023. 2023 saw a decrease in inventory sold – 45 properties sold in 2022.

5 Months of Available Inventory. Six months of inventory is considered a balanced market, favoring neither buyer nor seller.

ORTEGA STATS BY DWELLING TYPE

Single Family Average Sales Price: $568,643

Waterfront Average Sales Price: $1,625,000

Condo Average Sales Price: $277,000

Current Listings: 5 Active Listings. 2 Pending Listings.

* All data is based on information from the NEFAR MLS as of 1-19-2024.

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