NEWPORT BEACH, CA - A thriving Southern California real estate market has helped make 2021 our best year on record with a total of $4.142 billion in closed sales volume to date. While our competitor’s stock has fallen recently, we are proud to finish Q2 on a company record high as June was our best month on record in 45 years at First Team Real Estate as we welcomed 188 additional sales professionals to our family for a total combined volume of $194,490,194.00 this year.
Southern California home prices have continued to hit record highs amid the housing shortage with forecasts expecting appreciation to continue over the next five years, adding to the record amount of equity homeowners have already gained over the past year. As a result, seller optimism is at a high with 77% of consumers agreeing that it’s a good time to sell a home according to Fannie Mae’s Home Purchase Sentiment Index.
“This spring and summer have been very exciting so far and I am so proud of all of the hard work our sales professionals have put into their businesses and clients,” says Michele Harrington, Chief Operating Officer at First Team. “What’s even more exciting is seeing our culture of family and fun shining through with more company events like our Hall of Fame celebration at Newport Dunes last month, community outreach days and new top producer cocktail hour tradition. Even amid one of our busiest summers on record, we’re able to safely celebrate our successes together again as a family.”The housing market has moved lightning fast this year with intense bidding wars becoming common thanks to the nationwide housing shortage that began before the pandemic, but as we head further into the year the extreme seller’s market may finally be starting to ease. With more supply coming onto the market, longtime buyers should finally get some relief and homeowners who need to purchase a new home after the sale of their property will benefit as well from a more balanced market.
In June, new listings increased 5.5% year over year and 10.9% compared to May, according to recent data. Among the largest cities in the U.S., the 10 markets with the highest new listings increases posted gains of 20% or more from last year. “With the successful vaccine rollout and the world finally opening up again, people who put off selling during the pandemic last year are finally ready to list,” explains Michele. “I think homeowners are noticing the successes of their neighbors’ home sales and getting excited about all of the possibilities that this market has to offer with low mortgage rates and strong home values.”
Double-digit home price growth this past year has strengthened home equity to a record amount, rising 11.4% in the past year through March 2021, according to CoreLogic’s latest Homeowner Equity Insights Report. Equipped with the latest tools and comprehensive company support as one of the top real estate companies in the U.S., our First Team agents are well poised to continue helping homeowners take advantage of their hard-earned equity and find house hunters their dream home in Southern California.