Disappearing are the days where you could snatch up an Orange County home for less than $500,000 (i.e. during the Great Recession) as Orange County’s median home price reached $505,000 in March of this year (up $105,000 or 26% since March of 2012!). This is the biggest annual price gain since 2004. The median is determined by the midpoint of all home sales, whereas the average is the sum of all sales divided by the number of homes sold. This is the first time in five years that the median crossed the half-million-dollar threshold. In other words, I hope you haven’t been waiting for OC home prices to drop before buying your dream home!
What’s more, the number of OC homes sold each year in going up, rising over 7% year over year to 3,063 transactions in March. Real estate experts believe that much of the price gain is due to the increase of standard homes sales and shift away from distressed housing (such as foreclosures and short sales — read our post on March OC foreclosures stats here). According to one industry analyst, Orange County is “moving back to a more normal (market).”
A little bit of history on Orange County median home prices: We first crossed the half-million-dollar mark in April 2004, hitting a high of $645,000 in June 2007. A month later (July 2007), the OC housing bubble burst, and the median home price dropped below $500,000 in May 2008.
If you are looking to buy, sell, or invest in an Orange County home, contact the best real estate agent Orange County has to offer: Cheryl Marquis. Cheryl will expertly and patiently guide you through the home selling and/or buying process.
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