In the Cypress real estate market, conditions are somewhat neutralizing to an even market, even as fewer homes become available compared to this time last year and with demand relatively unchanged.
February 2023 found a decrease in the number of new and pending listings, while currently active listings rose slightly, according to information from InfoSparks. The 20 new listings in Cypress in February of 2023 represented a 25.9% percent decrease over February of 2022. Total active listings increased 73.9% percent to a total of 40 over the same period (although up just +1 from January to February 2023). Pending listings (or demand), however, had a more modest decrease with just 16 homes entering the escrow process in February, indicating a 44.8% percent decrease over last year.
Actual sales (or closings) decreased just slightly over the same period. The InfoSparks data shows that in February of 2023, a total of 21 total homes were sold in Cypress. This represents a nominal 8.7% decrease over sales in February of 2022. It’s important to note that sales (or closings) are indicative of the prior month’s demand, as the normal escrow period is generally 30-45 days. While it is an important data point to follow, it is a look in the so-called “rear view mirror” while current demand, as indicated above, represents more of a look into the future.
With Cypress, CA being a relatively small city, tracking median or average sales prices by month can lead to varying swings in data. That said, for Orange County as a whole, the median price of all property types in Orange County decreased 4.6% percent between February of 2022 and February of 2023, to $944,000. Average home prices fell 10.2% percent during that period to $1,209,944.
Taking us back to Cypress, homes are spending an average of 33 days on the market, which is a 135.7% increase from last year! And lastly, homes in Cypress are selling for an average of 96.5% of their listing price, down from 105.5% last year. This shows that the pricing strategy of homes will be of utmost importance moving forward towards the spring and summer months of 2023.
Relatively stable prices, scarce availability of inventory, and still speedy sales of those homes that come up for sale make the Cypress, CA and 90630 real estate market a favorable environment for sellers, but not quite to the extreme as during 2021 and 2022. As a buyer, remember that still inventory (read: options) will be increasing in April through July, as these are the months with the historic peaks in available homes for sale.
The Whitney Team provides expert real estate services to residential buyers and sellers in the North Orange County area, including Cypress and its surrounding communities.
Contact us today for more information on our local real estate and for professional assistance navigating this sometimes complex home market.