Planning to buy or sell a home in Orange County soon? Find out if your community is a hot market for buyers or sellers!
According to a recent study by the National Association of Realtors (NAR), Orange County is in the top 20 of hottest markets in the US. The research team used the number of views per listing on realtor.com to gauge demand, and the median age of inventory to assess supply. The team found that South California and Orange County rank highly because of thight supply and economic-powered growth in demand.
Tips for Sellers
Orange County’s low housing supply and rising demand from buyers means homes are receiving multiple offers and improved sales prices. Be prepared for a quick sale if you price your house right.
Here are some of the hottest markets for sellers:
Corona del Mar
Avg sales price: +49.4%. What can we say? Wow. Inventory is tight. We have the buyers, now we need more home sellers in Corona del Mar!
South Laguna Beach
Avg sales price: +47.8%. Currently, South Laguna is the hottest market in Laguna Beach. Homes are selling at rates almost twice as fast as elsewhere in town. There are a lot of Laguna Beach home buyers looking for homes below $2 million, and South Laguna is the perfect area for them. Do you live in South Laguna? Please give us a call! We have several buyers ready and willing to buy a home in ‘SoLag’.
Dana Point and Monarch Beach
Avg sales price: +29.2% (Dana Point) +21.5% (Monarch Beach). Dana Point is hot! Higher home prices in nearby Laguna and Newport Beach cause buyers to look south. Buyers also recognize the potential of the town and its amenities as the city is working hard to improve it’s image, harbor and down-town area. P.S. Do you own a single level home in Monarch Beach? We have several ready and able buyers waiting for you to sell!
San Juan Capistrano
Avg sales price: +13.2%. Basically, everything is up in San Juan; sales price, list price, pending sales, etc. The only number that really went down is Days on Market. Homes in San Juan are currently selling close to 30% faster now than they did during the summer of 2014! Buyers recognize the increased value offered by San Juan Capistrano real estate.
Laguna Niguel
Avg sales price: +10.6%. Laguna Niguel is a more steady market and demand remains high. In fact, home sales were up +30.7% this summer as compared to last year. Buyers recognize the benefits of living in Laguna Niguel; whether it is freeway and shopping access or the ability to buy more home for their money.
Tips for Buyers
Lower- to average-priced homes are selling quickly. Be prepared to jump on a good opportunity. Have your pre-approval in hand. Work with a local real estate agent who knows the market and can help find pocket listings.
Here are some of our favorite markets for buyers:
West San Clemente
San Clemente (and particularly South-West San Clemente) is often overlooked by Orange County homebuyers. Some of the best deals on beach homes can be found here; whether you’re looking for a single family fixer, brand new remodel or condo. Depending on where you commute to for work, living in San Clemente can add as little as 5-10 minutes to the drive. Really, it’s not that bad and it is not that far south!
East-side Costa Mesa
Listing prices are down as compared to last year, as inventory has increased by almost 30%! Looking to buy in the Newport Beach area? East-side Costa Mesa is a great area to invest in, whether you are looking for a fixer or brand new remodel. You’ll enjoy the benefits of living close to Newport Beach, while also benefiting from easy access to the freeways and lower purchase prices.
Monarch Beach
“What are you talking about? You just listed this as a hot sellers market!” Yes, but hear me out. There is a still a lot of value to be had in Monarch Beach. There is a reason homes are selling fast there. Dana Point is working hard to improve its image and overall look and feel. You can buy more home and more view for your money, as compared to for example Laguna. Furthermore, Monarch Beach offers great access to both beaches, shopping and freeways.
Mission Viejo
Inventory is up 8% as compared to last year, and home prices have remained stable. You can find great homes for sale here, but keep in mind that the good listings are also selling very fast. Mission Viejo real estate is a great option for first-time buyers and families alike. Are you a 55+er? Mission Viejo offers several communities dedicated to those homebuyers who are 55 and over.
Laguna Niguel
Priced out of the coastal communities? Laguna Niguel offers swift access to the beach, shopping and freeways. The easy access is a huge benefit, and you’ll be able to buy more home for your money in Laguna Niguel. Besides, did you know that many Laguna Niguel homes offer panoramic and even ocean views? The hilly geography ensures that many homes enjoy great views.
Irvine
Yes, in most Irvine areas the home prices have come up a little bit. The inventory however has also increased as compared to 2014 meaning there are more homes to choose from. Certain neighborhoods incl. Shady Canyon and Turtle Rock have actually seen slightly lower sales and list prices as compared to last year. Irvine real estate is a great choice for families, working professionals and first time buyers alike.
About Jaleesa Peluso Orange County Real Estate
Jaleesa Peluso is a Realtor with Berkshire Hathaway HomeServices based out of Laguna Beach. Jaleesa and her team specialize in representing homebuyers and sellers in South Orange County. For more info please call us at (949)395-0960.
The data provided is based on data available at the end of Aug 2015, provided by CARETS. The data may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.