Extraordinarily low mortgage rates have enabled Orange County home sales to hit their highest level, for a November, in seven years. Last month, OC home sales soared 25% percent over the sales pace of the previous year, a number not to be taken lightly. In addition, Orange County home prices hit a 5-year high for November, rising over 12%, or $50,000, from this time last year. This information is to be noted as November tends to be a slow time for home sales. With the holiday season ramping up in November, many families are not as focused on buying and or selling homes In fact, home sales in Orange County have declined from October to November in 22 of the past 25 years.
According to housing market tracker DataQuick:
- Orange County homeowners closed 2,879 home sales last month, up almost 500 sales from November 2011 and the highest number of homes sold since November 2005, the year the housing ‘boom’ ended.
- November marked the 10th consecutive month of annual sales gains.
- Sales were down from October levels, typical of seasonal patterns.
- Sales continued to climb year-over-year last month despite a record low number of homes for sale.
In Orange County, home prices are going up (we’ve been saying that for months!). While buyers might not get the steals that were available (if you had cash or qualified for a loan) a few years ago, there are still many short sales and distressed properties available for the savvy Orange County real estate investor to snatch up!
- The median Orange County home sale price was $450,000 vs. $400,000 in November 2011.
- November 2012 marked the 7th consecutive month of annual price gains.
- At $450,000, the median home price in Orange County is at December 2003 levels and is $195,000 — or 30.% percent — below the all-time high of $645,000 in June 2007.
Orange County seems to be gradually recovering from the huge real estate market hit it took a few years back. This is great news for sellers or Orange County families considering selling their OC home. But buyers, do not despair. Low mortgage rates make purchasing an OC home a great idea as well!
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com