Wondering how the summer season impacted the Real Estate Market in Orange County? With schools starting earlier this year and end of summer vacations there was certainly an impact in terms of buyer traffic. Pending sales (i.e properties that are committed in escrow) was down -40% from August of last year.
Below is a quick look at how the market performed for both Detached (SFR) and Attached (Condos) performed from the Orange County Association of Realtors..
Orange County Single Family Residence Home Value for August 2016
So what do those highlights mean... it means we are entering the Fall Buying Season. Historically August is the one of the slowest months for real estate in the OC. We generally will see an uptick in inventory in August, days on the market begin to increase and price reductions are greater. The good thing for sellers is if your home is priced right serious buyers are buying. Both Closed sales and pricing was up in August.
Orange County Attached Home Value for August 2016
The same story is true with the Attached or Condo inventory.. However demand for this price is still very hot! There was an 18% increase in transactions as well average pricing was up about 6.2%
So what does this mean for the coming months. It is important to look at the Year to Date numbers as you can see they are almost identical from 2015. I believe this will continue to be the case, but the consumers do have added distractions with the upcoming elections. We are already seeing inventory levels drop in September which will continue to keep pressure on pricing.
For my clients, I always recommend the fall season as being an excellent time to buy. As homes stay on the market longer and sellers want to get them sold before the holidays... There are always good opportunities. Of course, the rule of supply and demand always wins..
Here is an good example of an excellent deal for buyers:
4 bedroom, 2200 square foot, 3 car garage home in Rancho Santa Margarita with a Panormic view...
Listed for $725,000 w/$5000 buyer incentive
Sold Comps from July: $750,000/up
Active Comp: $745,000/up
And shhh the seller is motivated!!! The buyer has instant $25,000 in equity.. Take a peak at the median price for all of Orange County... $750,000. Again remember these are basic comps.. don't forget this home has an Amazing Panoromic View and is walking distance from a Top Rated Elementary School. Check it out!
This is why it is important to work with an agent who understands the timing of the market... If you are looking to buy a home in South Orange County... Fall is an excellent time! Of course if we can help, please don't hesitate to contact us
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