Wednesday, March 15, 2017

So what is really happening in the OC Real Estate Market.. February Market Recap

Has spring sprung for Real Estate... We are hearing news about how hot the  OC real estate market is, but what does that mean when you look at the numbers.. Well here you go, the Orange County Association of Realtors just published a market recap for the area and we have broken down some of the data a bit further..
orange county home sales February by realtor chuck harper
Orange County Home Sales February 2017

Highlights:
  • The median price of a single family detached home in Orange County is $755,000 and this up 5.6% from February 2016.
  • Inventory of available homes is down just about 6% with less homes coming on the market.  Currently there is less then 3 months of inventory available in the OC.
  • The median price of a attached home in Orange County is $450,000 and is up 5.3% from February 2016.
  • Inventory of available condo/townhomes is down almost 14% with only two months of inventory available for home buyers.

So what does this mean.. If you are a home owner thinking of selling this spring, we should chat.  With the low inventory and high buyer demand, your home is a sought after commodity...  As the spring market warms up, we generally see more homes come on the market that will add competition to it.  

But let's not forget today's home buyer is very smart.  They can look at the numbers just as sellers do.  Currently they are paying about 99% of the list price, but homes that are overpriced are the homes that are sitting on the market.   If your home is priced at fair-market value, presented well and available your home is going to sell!

Of course,  the Orange County real estate market is a big market with a variety of areas, so when they say real estate is local, it is true. Pricing will vary by community. I was just looking at pricing in Tustin Ranch and West Irvine, where the average gain percentage between attached and detached homes was up about 13%.    Laguna Niguel price gains is about 10% and Mission Viejo just over 8%. 


Home buyers in Orange County looking to buy... should be looking in Lake Forest. Pricing of single family homes is flat from last year and attached homes a was down about 15% with the average price of condo/townhome in Lake Forest $355k vs. the county wide number $450k.. Opportunity is knocking..



If you are looking to purchase and or sell, don't hesitate to give us a call.  As you can we see we like data and it is a great way to help both parties develop a win/win strategy.  

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