As we head into the Spring market, the real estate market in San Clemente and Talega is experiencing a decrease in inventory levels while demand continues to rise. Talega is an ideal place to call home, with a beautiful planned community featuring sizable homes, larger yards, an 18-hole luxury golf course, a senior community, Vista Del Mar K-8th grade public school, and modern amenities. However, the low level of inventory has made finding a home in this area increasingly difficult for potential buyers. This has brought back a competitive market, while not at the levels experienced a year ago, it is much stronger than just a few months ago, surprising both agents and buyers.
Interest rates continue to play a large role in the pace of the real estate market, but a high level of cash buyers is still present in the market. In the past week I put 5 properties in escrow, and 3 of the 5 were all cash. The housing market in San Clemente and Talega has remained relatively stable, with Days on Market (DOM) steadily increasing over the past 9 months but now dropping as our market heats up. The average DOM for Active Listings is 59, while the average DOM for homes In Escrow is now 46 DOM. This is far from the averages a year ago when they were under 7 DOM in Talega, but it is much less than the average pre-pandemic when we were seeing 65-85 DOM for pending sales. Overall, the Talega market is healthy, and I expect it to continue to improve over the coming months. However, with the current low inventory and high demand, finding a home in this area may be a challenge for potential buyers.