ORTEGA FOREST 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 FOREST FAST STATS

81 Days. Properties sold slower in 2023 compared to 31 days in 2022.

$246 Average Price Per Square Foot. The average price per square foot increased from $241 in 2022.

27 Total Sold Properties in 2023. 2023 saw a decrease in inventory sold – 28 properties sold in 2022.

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

ORTEGA FOREST STATS BY DWELLING TYPE

Homes Over 2000 SQ FT Average Sales Price: $625,750

Waterfront Average Sales Price: $1,039,167

Condo Average Sales Price: $303,333

Current Listings: 3 Active Listings. 1 Pending Listings.

* All data is based on information from the NEFAR MLS as of 1-11-2024.

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