The first quarter of 2017 is behind us...and the market is shifting but is it shifting into a strong spring market? The demand for homes is certainly high.. Open houses are packed with potential buyers, homes that are priced at fair market value, presented well and available are selling in record times often with multiple offers. What is driving this.. Overall in March inventory of available homes was still low from winter, but it is increasing, which is good news for home buyers.
Below is a look at how the Orange County Real Estate market performed in March as well year to date from the Orange County Association of Realtors.
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.
I recently did a search for a customer of homes priced between $500k-$700k and there were over 3200 homes available in Orange County. However, when I narrowed the search down to South Orange County that left only 171 homes.
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