Orange County property owners are in good spirits — there’s a recent, and successful, trend of increasing listing prices. And while homes of all price points are selling, those with lower listing prices are going fast. Are you a savvy investor looking to snatch a prime piece of real estate before prices really go up? Or are you a homeowner looking to get the best possible price for your home? If you answered yes to either of these questions, call Cheryl Marquis today.
Here are the very interesting and telling results of a recent study on the OC real estate market:
At 25th percentile — the median of the lower half of the price spectrum of local homes for sale:
• Selling price was $299,000 – up over 1% from the last month. This is the 2nd consecutive month-to-month gain in pricing at the lower end.
• But the latest 25th percentile price is still down 5.6% from a year ago. This is the 4th consecutive year-over-year cut in asking prices for these more “affordable” homes.
At the 75th percentile — the median of the upper half of the price spectrum of local homes for sale:
• Selling price was $648,447 – up over 1.15% from the previous month
• Prices are still down 11.9% vs. a year ago
• This is the first gain since June 2010
• Over two years, prices asked are down 11.8% on these more affluent Orange County homes
So while less realistic homeowners will likely not be able to receive their ‘dream’ offer, or in many cases even recoup what they spent on their home if they purchased it during the inflationary peak, the news is still good for those who understand the real estate market. An increase in selling prices means happier sellers and an improving economy — something we can all look forward to.