South Orange County Blog from Bob Phillips

Orange County Median Housing Price Hits $600,000 Mark

sold-homeThe median price of a home in Orange County rose to $600,000 in April, up by 4.2 percent from $576,000 in April 2014, a real estate information service announced today.

According to CoreLogic, the number of homes sold rose by 12.4 percent, from 3,111 in April 2014 to 3,497 last month.

“Sales activity picked up last month, making it one of the stronger Aprils since the housing bust, though sales  remained below average,” said Andrew LePage, a data analyst for CoreLogic. “Many buyers still face credit and affordability hurdles, and the inventory of homes for sale remains relatively tight in many markets. New home construction is still well below historically normal levels, too.”

In A total of 21,708 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 9.9 percent from 19,706 in March and up 8.5 percent from 20,008 in April 2014.

The median price for a Southern California home was $429,000 in April, up 0.9 percent from $425,000 in March and up 6.2 percent from $404,000 in April 2014.

If you have been looking to buy a house in Orange County, you know that the process has been a bit frustrating. Nice homes are selling quickly, frequently with multiple offers. ( Multiple buyers offering on the same property.) My past few sales have all involved such a challenge.

Fortunately – for MY clients – I’m very experienced in such situations, and in every case ours was the successful offer. And, NO, it’s not always about having the highest offer.

Need some good news? This present flurry will pass – probably in only a month or two. If you can exercise a little patience, waiting until late July, or early August, most of the highly competitive buyer activity will likely start to cool down, making for a better environment for a home buyer. The last part of almost every year is a much better time to buy, with fewer competitive buyers, and more houses coming onto the market – a perfect storm for a home buyer.

If you NEED to buy sooner than later, just make sure you’re working with an experienced agent, who can guide you through all the potholes of a real estate purchase. With over 38 years of local service, I happen to be just such an agent, and would be honored to go to work with you, to help find your next home.

Give me a call at (949) 887-5305, or shoot me an email to BobPhillipsRE@gmail.com, and let’s go shopping!

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