October 31, 2023 by Edwin Baloloy

Stadium Lofts on track to sell more condos in 2023? November Update

Condos sold in 2022: 20

Average days on market in 2022: 15

YTD condo sales in 2023: 17

Average days on market in 2023: 23

Unlike the rest of the market including condo sales in Anaheim, Stadium Lofts has actually seen more activity this year through October. With 3 active listings, it’s safe to say there will be at least the same amount of sales. Sharp contrast to most markets where sales have taken a nose dive:

Regardless, it continues to be a seller’s market for condos in Anaheim with only 1.8 months of supply in September. That increased to 2.1 in October, but still lower than its 2022 counterpart.

Interest rates reach levels not seen for more than 20 years

As discussed in my video above, rates have predictably brought demand down, but it continues to bring supply down lower as most sellers need a replacement property.

Landlord Update

How many investors sold so far in 2023?

Out of the 17 sales, 5 units were investor-owned where the tax bill address is different from the Stadium Lofts address.

Current Active Listings & Leases

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October 10, 2023 by Edwin Baloloy

Higher rates means LOWER supply? Domain October Update

*Things are awfully quiet in The Domain in Anaheim. But if you were to sell, you’d have very little competition.*

Let’s see what’s happening in the local Anaheim market for condos.

Rates went even higher in September resulting in much lower pending sales and less new listings hitting the market.

As you can see from the Anaheim Condo / Townhome numbers, the already low numbers for new listings hitting the market, pending sales, and closed sales went significantly lower compared to 2022. Just for reference, prior to the pandemic in Sept 2019, we had 64 new condo listings hit the market, 34 pending sales, and 69 closed sales.

While activity continues to dip, the other metics for someone looking to sell continue to be strong. Only 26 days to sell and less than 2 months months of supply.

After a long hiatus of no activity, The Domain finally has an active listing at the time this blog was updated:

There is also one “Plan B” unit leased which is a 1,103 square foot, 2 bedroom, 2 bath layout in the 415 building for $3,000 a month. 12 month lease term. For you landlords in The Domain, it would be a good idea to keep track of the local apartment prices nearby.

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Data taken from CRMLS as of May 17, 2023.

September 22, 2023 by Edwin Baloloy

How long will this last? September 2023 Domain Update

If high interest rates remain high in the long term (which is very possible especially if we don’t have another recession), we might remain in this low activity market for quite sometime. When using “rolling 12 month average” for the City of Anaheim, sales activity hasn’t been this low since the market crash of 2008:

Domain Update as of Sept 22:

The Domain hasn’t seen a listing hit the market since April. On the last sales, they were only on the market 13 and 9 days. The market seems to be week to week at this point and I’ve personally experienced some slow weekends with listings hitting the market if there was bad weather or there simply was more competition at that moment and buyers were going elsewhere.

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September 7, 2023 by Edwin Baloloy

High rates, low inventory the new normal? Stadium Lofts September 2023 Update

Watch my latest Mid Rise update below where I provide information for landlords on overall rents for condos and townhomes along with some perspective on the Anaheim condo market.

At the time of writing this blog, Stadium Lofts has 2 active listings in the usually-busy month of September. The map below may not match the listings in the report as that’s updated in real time.

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Stadium Lofts Rental Activity since July

Active units currently for rent:

Studio 2nd floor

2 bedroom 3rd floor

2.1 “months of inventory” is a hard sellers market. However, compared to other times when supply was this low, this market is unique as the showing activity which would usually coincide with a buying frenzy is more like a trickle. Fewer showings with many homes still receiving prices higher than the list price as evidenced above with the 101.6% figure.

Interest rates stopped climbing and actually fell a bit the last week, but we’re still much higher than the first quarter of 2022.

The new normal?

If rates stay well above 6%, this stalemate of low supply can last until today’s buyers become sellers. That will take a few years and while this isn’t the first time we’ve seen an interest rate hike in such a short span, so many other factors were different including the increased demand for housing.

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