Wondering what the Orange County, California real estate market looks like? Well, according to the California Association of Realtors, the statewide median house price increased year-over-year for the first time in 16 months. Pretty big news, if you ask us! While CAR credits Nor Cal for much of the boom — “Tight inventory and robust home sales, particularly in the San Francisco Bay Area, fueled the substantial increase in the March median home price” — California as a whole is doing better; although prices did fall in four of six Southern California counties. Median prices rose 4.9% in Riverside County and 0.7% in San Bernardino County — the only two SoCal counties with a price increase.
The across-California statistics:
- The median price of an existing California house was $291,080 in March, up 1.6% from $286,550 in March 2011.
- The median price of an existing California condo or townhome was $235,760, up 1.5% from $232,270 in March 2011.
- House sales were down 2.3% to an annualized rate of 505,360 total sales. Condo sales were up 0.7%.
Even this slight overall increase is not enough to completely revive the California real estate market. According to CAR, “Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions.” Good news for those interested in snatching up an Orange County home at a great price, especially those in Orange County.
While home prices have risen across the state, Orange County sellers cannot expect the same positive news. In fact, CAR statistics show that what happened in Orange County last month was the opposite from what took place in the state as a whole: the median price of an existing single-family home fell in March from the same month a year ago but the number of houses sold increased. In other words, more homes sold but at a lower selling price.
For more information on buying and selling homes in Orange County, contact Cheryl Marquis today.
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.