HUNTINGTON BEACH, CA, January 05, 2017 /24-7PressRelease/
-- The Malakai Sparks Group, A Huntington Beach California-based firm committed to providing its clients with "the greatest real estate experience," announced the release of its Huntington Beach Real Estate Year-End Market Report
for 2016, indicating a prosperous year for the Huntington Beach area. According to the Report, not only was the Huntington Beach market one of the strongest in the entire country, it rose in sheer popularity as well.
"With Pacific City expanding and receiving a great deal of buzz around it, I believe this was a major factor in why Huntington Beach outperformed other coastal cities in Orange County in 2016," states Malakai Sparks, president of The Malakai Sparks Group. "It is true that Huntington Beach boasted the best appreciation this year - and remains the most affordable beach-oriented city in Orange County - but it is equally valid that Pacific City has significantly added a panache to the area that many feel was lacking. Indeed, now residents and others view Huntington Beach as a 'Luxury City' rather than just referring to it as 'Surf City.'"
According to The Malakai Sparks Group Year-End Report, the average home price in Huntington Beach went from $675,000 in December 2015 to $702,500 in December 2016, indicating a four-percent increase year over year. Additionally, at its peak, Malakai Sparks representatives saw a near seven-percent rise in this market, considered an outstanding appreciation. Still, it was in the area of price-per-square-foot that the rise in value in the Huntington Beach market truly became evident - in December 2015, the average price-per-square-foot for a Huntington Beach home was $427, and as of December 2016, the average price was $456, indicating a nearly seven-percent increase year over year.
Malakai believes this activity - which had some wondering why the median sales prices dropped off after summer yet price-per-square-foot continued to climb - is due to Huntington Beach's unique topography with $5,000,000 homes selling around the Huntington Harbor and SeaCliff areas. As he himself explains it, "What happened was the luxury estates in SeaCliff and the Harbor sold in the summer, thus increasing the median price, while the less-expensive homes went on the market and sold during fall and winter, which brought down the average price."
However, notes Malakai, the least-expensive homes were still selling for a higher price-per-square-foot than ever before, and that the best way to judge value would be by the price-per-square-foot and not the median; this equated to sellers getting seven-percent more for their home this year than the year before.
In looking forward to 2017, Malakai and his associates believe the Huntington Beach market will see a rise in values once more, with Pacific City pushing prices up all across the board, especially in the downtown area of Huntington Beach. "We have clients who have sold their five-million-dollar Newport Beach homes and moved to downtown Huntington or SeaCliff for around $1,800,000," adds Malakai. "They pocketed over three million, and endured no lifestyle change in so doing. Both Newport locals and those with premium incomes view Pacific City as the new 'fashion island' and want to get in before it's too late."
In conclusion, The Malakai Sparks Group's Year-End Market Report proved that the Huntington Beach real estate market is on the rise, with Pacific City having changed the vibe of the whole area and how people view Huntington Beach itself.
Since its conception, The Malakai Sparks Group has had a vision for changing the face of the real estate industry. The mission statement of our company is, "to provide you the greatest Real Estate experience you will ever have". We believe that our mission begins with always offering honest opinions, being 100% transparent, and achieving YOUR goals; all while providing you excellent customer service and an overall great experience. In an industry where focus is placed solely on the end result of closing deals and the unspoken motto of "say or do whatever it takes to get the deal done," The Malakai Sparks Group is not of the same makeup.