When are we going to see growth in property values again?
The answer is NOW! As of July of 2012 the values for most of real estate in Orange County California were on the rise and as of the time I am writing this post they have been moving higher for almost a year! Here are some stats from a few cities in Orange County from May of 2013. I have illustrated the change from May of 2012. Green for an increase and Red for a decrease.
|Newport Beach||Single Family Homes||Townhouse or Condo|
|# of New Listings||109 (1.9%)||44 (33%)|
|# of Pending Sales||71 (2.9%)||33 (0%)|
|Average Sales Price||$2,063,377 (20.8%)||$796,630 (31.5%)|
|# of Homes for Sale||217 (-42.6%)||56 (-47.2%)|
|Costa Mesa||Single Family Homes||Townhouse or Condo|
|# of New Listings||78 (27.9%)||35 (84.2%)|
|# of Pending Sales||58 (23.4%)||37 (208.3%)|
|Average Sales Price||$698,917 (30.1%)||$424,209 (21.4%)|
|# of Homes for Sale||76 (-53.4%)||17 (-74.6%)|
|Corona Del Mar||Single Family Homes||Townhouse or Condo|
|# of New Listings||22 (-33%)||9 (-35.7%)|
|# of Pending Sales||16 (-5.9%)||9 (12.5%)|
|Average Sales Price||$3,306,960 (100.7%)||$1,199,028 (-2.8%)|
|# of Homes for Sale||54 (-46.5%)||19 (-50%)|
|Huntington Beach||Single Family Homes||Townhouse or Condo|
|# of New Listings||167 (-5.1%)||80 (8.1%)|
|# of Pending Sales||139 (6.1%)||76 (11.8%)|
|Average Sales Price||$827,370 (5.3%)||$423,630 (9.3%)|
|# of Homes for Sale||198 (-55%)||85 (-60.8%)|
As you can see from the data above prices have been on the rise in Orange county for the last year. Looking at the decreasing number of homes for sale in Newport Beach and most cities you can expect prices to be on the rise for the foreseeable future. What's the basic rule of economics, low supply equals higher demand? Well here in Orange County you can see we have very low supply and with rates near all time lows there is strong demand.
If you have any questions about buying a home or selling a home in Newport Beach, Costa Mesa, Corona Del Mar, Huntington Beach, or anywhere in Orange County please contact one of our knowledgeable realtors today!