The first quarter of 2017 is behind us, the weather in Orange County is beginning to warm up and with all the rain we have had the green landscape is back!! As you drive through the county, wild flowers are abundant. So yes spring has sprung.. So how does that relate to the real estate market?
The last few months of late winter are always a bit quieter but here in the OC that typically doesn't impact us that much, but January and February were very wet months for the county, which has impacted new homes coming on the market. We have however began to see inventory increase, but is it to the level needed to meet the high buyer demand.
Below is a snapshot from the Orange County Association of Realtors on how the market finished up in March and for the first quarter of the year.
Single Family Detached Homes:
- The Median Price of Single Family Home in Orange County is $765k and up 6.3% from March 2016.
- Inventory of Available homes was down less then 1%, as inventory in march grew.
- Days on the market was down 25%
- The Median Price of an Attached Home in Orange County is $475k and up 8% from March 2016.
- Inventory of Available homes was down 8%, with just over 2 months of inventory available.
- Days on the market was down 29%
As you look at both segments of the market, and compare the year to date numbers you can see in March though inventory was still down it did make some headway. As tax season is next week, spring break and the Easter holiday are over, we will typically see inventory increase further which should stabilize price gains. However, Orange County is a big county... that is why it is important to review what is selling in your neighborhood.
With all the talk of low inventory, there is good news here for the home buyers. In certain markets, especially high-end inventory is on the higher side. We just took a look at the Laguna Beach real estate market and there currently is almost 9 months of inventory on the market. So if you are looking for the million dollar beach cottage we should certainly talk.
If you are looking to make a move, don't hesitate to contact us to review the current market in your area as well the overall market trends for the county.