Real Estate - What are some thoughts and opinions on the real estate housing market? When should we expect to start seeing growth in property value again?

Posted by David Feldberg on Friday, June 21st, 2013 at 4:52pm.

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!

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