Orange County January 2017, Housing Snapshot.. How did the market do?

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Real Estate Agent with Keller Williams CA.BRE# 01395219
http://activerain.com/droplet/4ZFd

Happy Valentines from Realtor Kelly TurbevilleThe first month of 2017 has passed and we are well into the middle of February, so how did the real estate market perform as the new year began?   The story around town is consistent, inventory of available homes is very low and open house traffic is very high...  

 

Below is a look at the numbers, from the Orange County Association of Realtors.  We have highlighted a few key points.

Orange County home values Jan 2017

Breaking down the the details of detached homes; note the following:

  • The median price of a single family detached home in Orange County is $750k and was up just over 7% from Jan 2016.
  • The number of new listings that came on the market in Jan is down just about 5%, leaving a shortage of homes currently on the market for buyers

 

Orange county attached home values

Breaking down the details of attached homes: note the following.

  • The median price of a single family attached home in Orange County is $425k and was up slightly from 2016 at 1.2%.
  • The number of new listings and overall inventory was down just over 9%, leaving only 2 months of available inventory on the market.

I am a bit surprised with flat price gains for the condo market, as there is a huge demand for homes priced under the overall median.  I did open house last week and had over 35 people come through on a condo priced at $500k.   Maybe there is an affordability factor at play here.  However, recent reports show buying vs renting is now cheaper with the average rent in Orange County at about $1800/Month, and rents outpacing home prices.  Looks like opportunity for home buyers to me.

 

Search available Orange County homes

 

What can we expect for the next month, I am not an economist, but what the market really needs is more inventory.  Of course as the weather warms up we will see some homes come on the market to increase competition but at what percentage is still the unknown.  Sellers who are thinking of selling in early spring have a real opportunity now to take advantage of having less competition on the market.

 

What is the value of your Orange County Home.. Find out now!

 

The key for homebuyers is to work with a seasoned agent who is watching the listings daily and understands what you are looking for. As well, who can help you find those hidden listings that aren't on the market but maybe announced in their office as coming soon.   Not working with an an agent and shopping around is not the best recommendation in this tight of a market.  

 

One way we like to help home buyers is with our property search App.  Take a peak at our recent how to video on how simple the App is to use as you search for properties.  Of course if our group can help in any way we are just a phone call away.

 

 

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Portola Hills Jan 2017 Market Recap

 

 

 

 

 

 

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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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Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

28,400 new and resale home transactions closed escrow in California during January 2017. The number of homes sold in January 2017 was 5% above a year earlier, amounting to 1,400 more sales. But rising interest rates have dampened home buyer purchasing power and enthusiasm, so housing prices might be struggling in 2017. 

Mar 26, 2017 11:20 PM #1
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Rainmaker
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Kelly Turbeville

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