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SoCal Builders are Swamped with Unsold Homes


If you are on the market for a new construction home, it is imperative that you know the new construction market as it stands in 2019 before you make a purchase. 

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Knowing these facts and having an experienced real estate advisor guide you through the process, finding and striking a good deal isn't that challenging.

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 The volume of unsold homes is up by 22% in a year and the builders are stuck with the greatest supply of unsold homes in 7 years!

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Q1 data shows 3,750 new homes went unsold in SoCal which translates into an increase of 688 units in a year or a 22% increase.

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Builders were too bullish on the upscale market which is hurt by a pullback of foreign buyers. Plus, there’s been a surge of existing homes listed for sale throughout the state and especially in Orange County, which gives buyers more leverage as there is an infinite amount of inventory available.

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Los Angeles County: 935 finished unsold homes, up 5% over 12 months and up 19% vs. the five-year average.

 

Orange County: 1,108 finished homes for sale up 32% over 12 months and up 85% vs. the five-year average.

 

Inland Empire: 1,707 finished homes for sale up 29% over 12 months and up 25% vs. the five-year average.

 

Riverside and San Bernardino counties have 2,616 units under construction, down 25% in a year and down 9% vs. the five-year average.

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Knowing this information is great, but what can you do with it to get yourself a good deal on new construction real estate. Contact us today for a free consultation: 949-383-0001 or email us Info.Skyworksgroup@gmail.com

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Disclaimer: This article is provided for informational purposes and should not be relied upon as legal advice during a real estate transaction. Please speak to your Real Estate agent or attorney for any advice. If you would like to work with a Skyworks agent, please contact us directly.