The first month of 2017 is in the rearview mirror. How was it for you? In the Orange County Real Estate market it was very busy with buyer demand strong and a too little inventory of homes to show. We heard over and over again from our associates, how packed open houses are, with numbers such as, 35, 65 and more attending.
But how did the numbers pan out.. Below is a snaphsot for the Orange County Real Estate market from the Orange County Association of Realtors.
|Orange County Home Sales Jan 2017|
As you will note the above report is split into two categories; Detached and Attached homes, here some key indicators:
- The Orange County median home price in Jan was $750,000, for a Single Family home. This is up from Jan 2016 just over 7%
- The median price for an Attached home, i.e. Condo/Townhome was $425,000 and just up over 1% from Jan 2016.
- New listings for both types of homes was down about 4%, leaving under 3 months of inventory available for current buyers.
This is great news for homeowners thinking of selling this winter. However, as the weather begins to warm up, we typically see inventory increase which should add some stabilizing to the market.
As always, real estate is local! Though it is important to understand how the whole county is doing, to determine the value of your home, we have to look a closer into your community.
In general homes, priced right, presented well and available are selling within 60 days once placed on the market and sellers are receiving an average of 98% of what they listed their homes for. This shouldn't scare home buyers, as there still are great deals out in the market. However, it is important to work with a seasoned agent who knows what you are looking for and can act immediately if a home comes on the market that fits your needs.
The good news for buyers is, projected rates should remain somewhat steady until our new President defines his economic stance. Though rates are still at historically low levels, increases are noted for the future. So today, is a great time to get into the Orange County market.
If you are wondering if now is the right time to buy or list make sure to check our our Home Buyer and Seller eGuides, they are filled with a ton of helpful information to help you get started... Plus we are just a phone call away.