It is a potentially lucrative time to sell a home right now,. This is true not only for Orange County Housing but across the nation, all markets are strong. Houses that show well and are priced correctly are selling quickly, often at higher prices than asking. With a stronger employment and wage landscape more people are participating in the home-buying process.
Year over year the Orange County Housing Reort indicates that new listings were down 8.2% for single family homes and 9% for townhouse-condo properties. Pending sales decreased 44.5% for single family homes and decreased 44% for townhouse-condo units. The median sales price was up 5.6% to $665,000 for single family homes and 6.6% to $431,908 for townhouse-condo units. The supply of inventory decreased 3.3% for single family units and 12.5%t for townhouse-condo units.
Homes are selling on average within 2 weeks of hitting the market. The average days on the market is 44, so taking into consideration that the typical escrow period is 30 days, that means that homes are selling within 14 days from being placed on the multiple listing service.
Buyer demand, and subsequently, competition is unabated during the spring market cycle, and the expectation is that this will continue in the immediate future unless something unpredictable occurs. Higher prices have created an affordability issue for some buyers, especially first-time buyers. However,Orange County Housing prices continue to rise amidst strong demand.
Source: Pacific West Associaion of Realtors