Though the real estate market has improved, we still have one item holding it back from a full recovery – a robust supply of homes for sale. Demand has increased dramatically. At the same time, the housing inventory is decreasing especially at the lower price points.
The National Association of Realtors (NAR) recently revealed that there is a pent-up seller demand caused by the uncertainty created by the housing crisis of the last decade.
Some So Cal Market Statistics
The Southern California regional median home price increased 9.6% in 2014 from the previous year, after a surge of 23.3% in 2013. The California Association of Realtors attributes the appreciation partly to the continued tight supply of inventory.
In the 1st Quarter of 2015: Sales increased 3%, Inventory increased 2%, pending sales increased 38%.
The amount of homes sold in Orange County increased 21.4% as compared to the 1st quarter of 2014. In March the Orange County luxury real estate market absorbed more listings than it gained – an indicator of strong demand and tight inventory.
The average Days On Market for Orange County coastal real estate is currently around 90 days. But again, good listings go in a manner of days.
What does that mean to you?
Houses listed today sell quickly! The inventory is tight, and that makes homes on the market more desirable and hence more valuable. Good news for homeowners looking to sell.
With mortgage interest rates at historic lows, this may be the perfect time for your family to make the move to the dream house you always wanted – whether that’s a larger home or that vacation/retirement home you have been looking at.
The time is now
There is historical evidence that the demand for housing is about to increase dramatically over the next few months. Each year, more homes sell in May, June, July and August than any other four months of the year. The time to put your house on the market is now!
Bottom Line
Inventory is tight, home prices are up and this is a great time to sell. We need more houses for sale in Orange County! Perhaps it makes sense for one of those houses to be yours?
If you have considered selling but are still a little nervous? Now might be the time to sit down with your Orange County Real Estate professional Jaleesa Peluso. We are familiar with your market and can help you understand what your options truly are!
About Jaleesa Peluso
Jaleesa Peluso is an Orange County Real Estate Agent with Berkshire Hathaway HomeServices California Properties. For more information about Orange County Estate visit: www.jaleesapeluso.com. Contact: (949) 395-0960 or Jaleesa@JaleesaPeluso.com.
This information is provided solely as a courtesy by Jaleesa Peluso, Coastal Orange County Realtor. Statistics based on information provided by CRMLS available at the end of March 2015. It is deemed reliable, but not guaranteed.