It is almost the end of the year and thankfully with the Election over the Real Estate market has picked up in Orange County. Traditionally we do tend to see a seasonal slow down this time of year, but I believe the uncertainity of the election actually slowed down the market a bit. Since the election it has been very busy..
Below is quick look at how the OC Real Estate Market performed in November for both Single Family Homes and Attached i.e. Condo/Attached homes from the Orange County Association of Realtors
On detached Single Family Residents, the big news here was the closed sales.. As they were up over 27% in November, which pushed inventory levels down further. Median home price continues to move up at 4.2% with the Average price of home sold in Orange County in November was $965k...
As with Single Family homes, the number of homes that closed escrow for attached homes was also up by 27%. Pricing overall was up slightly but with only 2 months of inventory available, I would anticipate we see pricing push up a little further in December.
Though we are expecting a bit of rain the next couple of days, we are blessed here in SoCal with great weather, so the only real seasonal effect we have, is sellers tend to hold off listing their home during the holidays..
Buyer demand is still very heavy. We had 30 people through our open house last weekend and that was consistent with what other Realtors are saying.
I am not an economist, but with the mortgage rates increasing up to 4%, historically we see demand pick up. So what does that mean for Orange County.. Low Inventory + High Demand = positve pressure on home values!
As I always say.. homes priced well, presented nicely and made available will sell in any market. Though inventory is low in the Orange County; this is still very important if you want to get top dollar for your home. Today's buyer is very aware of the data, as well they are visually inundated with design information, from photos on the Internet, to real estate TV shows. Buyers expect your home to be a model home.. Especially if they are paying close to $500,000 for a condo and a $1,000,000 for a house.
If you are considering a move in early 2017, it might worth talking a look at the market today to see if you would benefit from the tight inventory and serious home buyers that are out there.
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