Our beloved Angels outfielder, Mike Trout would love this hit rate: 75% – that is the current rate of home sales in Orange County. In the highest ratio of home sales in over seven years, three out of every four homes put up for sale went into escrow. Considering that in 2007 with a purchase percentage of just 6%, the steadily climbing rate of sales certainly seems to suggest that the real estate market across O.C. is in full recovery.
In fact, November was the tenth month in a row that home sales rose, suggesting that not only are more buyers entering the market, but they are increasingly motivated to buy. Combined with a sharp decline in the number of “distressed” sales, or purchases of foreclosed homes, the activity is based on full-value properties and not underwater loans the lender is motivated to move. Buyers are therefore prepared to be negotiating at fair market value and less inclined to be expected an unreasonable bargain.
And the high batting average is being enjoyed by buyers and sellers across the O.C. with over 58 zip codes reporting augmented volume and pricing. With interest rates continuing at historic lows, increased inventory matching rising demand and prices returning to market levels, ReportsOnHousing.com’s Steven Thomas predicts that the wave will continue into the new year, claiming, “Housing is back and a full recovery is well under way.”
If you would like more information about how your zip code and, in particular, how your local Irvine neighborhood is recovering, please contact us at [email protected] or feel free to text or call us at 949.334.7473. We will provide you with FREE monthly Market Reports for any zip code or community in which you are interested. We’re your local Irvine real estate team, and we would love to introduce you to the many distinct neighborhoods and assist in answering any of your questions or concerns involved in your decision to buy a home in our beautiful Irvine community.