Have you bought your dream Orange County home yet?  If not, what are you waiting for?!  Spring is blooming in Orange County homebuying as the recent DataQuick reports shows us that last month (May) was the busiest May since 2006 — with Orange County property prices enjoying their first gains in 18 months.

The DataQuick report indicates that over 3,000 Orange County homes changed ownership last month, up 23% from a year ago and up 12% from April.  Why weren’t you involved in the action?  Even as an investment property, an Orange County home is a great purchase these days. Here’s a little perspective:

May’s advance was strong, by historical standards. The 12% gain last month vs. the previous month compares to an average 6% advance for the same period since 1988. What does this mean? Well, if you’re holding out in the hopes that the market is going to get worse, or your dream home will drop in price, you might want to think again…

Which brings us to home prices… The median selling price for an Orange County home in May was $435,000 — up 2.4% vs. a year ago. This is good news for home sellers as it’s the first year-over-year price gain in 18 months.  Here’s the breakdown of Orange County properties:

  • Single-family homes: 2,142 sold, up 25.9% vs.’11. Best May since 2006. Median price was $495,000, off 1% in a year.
  • Condos: 947 sold, up 24% vs. ’11. Best May since 2006. Median price of $279,000, up 5.3% in a year.
  • New Homes: 190 brand-new Orange County homes were sold, down 4% from a year ago. Median price was $602,000.
For more information on Orange County real estate, from the perspective of an OC real estate veteran, contact Cheryl Marquis today.