Wondering how the Orange County real estate market is doing so far this summer? Well, do I have good news for you! Southern California home sales were up for the 7th consecutive month in July, and home prices increased for the 4th straight month, according to a recent report by DataQuick Information Systems.
So what’s with the uptick in OC’s real estate economy? Record low mortgage interest rates combined with home prices still well below peak levels have fueled demand and supply is rather limited. Prices increased 8.1%, due in part to a rise in sales at the higher end of the price spectrum. This is music to the ears of many of my clients who are interested in selling their gorgeous Orange County homes! Data shows that home sellers in the higher price range will be able to get closer to what they believe their home is worth, though still not near early 2000 inflated prices.
As for distressed sales, such as short sales and foreclosures, they accounted for just under 40% of all of July’s transactions – the lowest level since January 2008. This means that the time to buy is now! Especially if you are interested in moving into one of Orange County’s more desirable neighborhoods, where home prices are going up.
For more Orange County real estate news, follow Cheryl on Twitter @CherylSellsOC or check her on Facebook at CherylSellsOrangeCounty.
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.
| Area | Price | 1 yr. ch. | Sales | 1 yr. ch. |
|---|---|---|---|---|
| Los Angeles | $330,000 | 3.1% | 7,091 | 14.5% |
| Orange | $450,000 | 2.9% | 3,087 | 25.7% |
| Riverside | $210,500 | 10.8% | 3,546 | 7.8% |
| San Bernardino | $165,000 | 9.3% | 2,434 | 2.4% |
| San Diego | $342,000 | 5.2% | 3,565 | 17.2% |
| Ventura | $361,250 | 0.3% | 865 | 17.7% |
| SoCal | $306,000 | 8.1% | 20,588 | 13.8% |
