We keep hearing about it, and in our office we keep seeing with every single transaction: multiple offers on every single Orange County Real Estate transaction, making home prices rise and buyers prepared to pay higher prices.
The most current data covering February home buying trends shows that in Orange County, the median selling price for all residences is $460,000 — up almost 18% from a year ago.
Home prices in Los Angeles and Orange counties ended 2012 up 10.2 percent, according to the latest of four key home price indexes.The annual increase mirrors a similar home-buying trend nationwide. Home prices rose 7.3 percent across the country. A separate measure showed that home prices increased in 19 of 20 leading metro areas.
Additionally, Orange County escrow closings totaled 2,413 residences — this represents a great increase, of about 18% from a year ago. Resales of single family homes are up 17% from last year, while condo sales rose 9% from year ago. In new constructions homes sales, these are 80% higher this year over last year. Orange County new construction is a very positive indicator of a growing economy.
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Now, we have been saying this over and over and it proves to be true: if you are interested in buying a home in Orange County, its crucial that you get in touch with an experienced real estate agent, like ourselves. Not only experience is key, but the agents relationships within the Realtors community, which can put your offer in front of many others when trying to purchase a home.
Many agents when receiving similar offers on a home, would then make their choices based on agent's reputation so they can assure their own clients that the transaction will be handled correctly.
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Remember also, although the percentage increases seem high, we are nowhere close to the peak in 2007, where the median selling price in Orange County reached $645,000. At $460,000 we are still about 30% below that peak, yet 24% above the lowest median in these recent years, back in January 2009.
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Have you signed up to get our daily ( or weekly if you wish) updates on homes matching your criteria? If you are interested in buying a home in Orange County, do not delay. Give us a call. We will be happy to help!
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