A four-year high in housing prices and overall activity has highlighted year-end reports for the O.C., which just concluded its busiest month since 2005. Year over year, Orange County sales increased a whopping 40%, reaffirming the general positivity buyers and real estate professionals are projecting for 2013.
As a result of this rush on home purchases and the continuation of record-low interest rates, prices have steadily risen as inventory has decreased. Adding to the good news is that the augmented activity has touched the entire spectrum of the housing market. While lower-priced homes still account for over half of all sales, the frequency of home sales over $500,000 increased by nearly 25%. Even homes priced from $1,000,000 and up increased by a staggering 68%, indicating real estate market that is recovering as a whole industry, rather than just select vectors.
What does this mean for buyers in Orange County? A viable, thriving real estate industry in the coming year. New buyers should prompt those holding onto inventory to put their homes on the market, increasing both supply and demand. Whether you are a new buyer, a potential seller or an owner looking to scale-up your residence, working with a trusted real estate professional is the best way to find a dream home or sell your property at values that are steadily increasing.
Can I assist you with your Irvine real estate needs? Please contact me to discuss your unique real estate objectives.