Orange County Real Estate Market & Home Values - Feb 2017

By
Real Estate Agent with Keller Williams CA.BRE# 01395219
http://actvra.in/52kg

The numbers are out and it is clear the Orange County real estate market is on fire!  Fire, what does that mean, in terms of sales and values for the county?  We have reviewed the most recent numbers out from the Orange County Association of Realtors and below is our take on the real estate market.

 

Orange County, Ca home sales report

 

Highlights:
  • The median price of a single family detached home in Orange County is $755,000 and this is 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.  
 
However, we shouldn't forget today's home buyer is very smart.  They can look at the numbers just as sellers do. Currently home buyers 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! If your home is on the market, past the average days on the market and has not sold, something is missing in the sales strategy. Taking a look at the price, presentation or availability aspects of your listing should identify why the home hasn't sold.
 
Of course,  the Orange County real estate market is a big market with a variety of communities, remember real estate is local!  Pricing will vary by neighborhood, as an example, 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%. 
 
                                                                 What's the Value of Your Home?
 
Home buyers in Orange County looking to find a bargain.. might want to consider 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.. This is surprising me as the inventory level of resales is very low in Lake Forest and demand is high, which would make the homes on the market undervalued, i.e.  Opportunity is knocking..
 
                                                                         Available Lake Forest Homes
 
As the spring market is just getting off the ground, we should see more homes come on the market, but is there going to be enough homes to meet buyer demand is the question.    Should you have any questions, please don't hesitate to contact us..  
 
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Kelly's positive spirit, sound business and marketing skills, and experience negotiating multimillion dollar contracts all combine to make her one of the premier real estate professional in the communities of Portola Hills, Foothill Ranch, Lake Forest, Trabuco Canyon and throughout the Saddleback Valley.

 

 She takes a big-picture approach to make sure all of your goals, both short and long-term, are part of a larger plan that's guiding you towards success. Call Kelly to schedule a free consultation on how she can help you achieve your objectives. Whatever your Real Estate Dream is, with Kelly Turbeville at your side, It's Possible!

 

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The above information is provied for informational purposes only and is deemed reliable but not guarenteed. Based on information from California Regional Multiple Listing Service, Inc. as of [date the AOR/MLS data was obtained] and /or other sources. All property data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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CALIFORNIA DREAMING
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Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great market report..thank you for sharing and happy weekend!

Mar 17, 2017 07:46 AM #1
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Rainmaker
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Kelly Turbeville

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