Home Living Report – Orange County, CA Real Estate News by Diego Loya
The Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices.
The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace. That’s not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.
- New Listings were up 0.3 percent for single family homes and up 8.2 percent for condos and townhome properties.
- Pending Sales decreased 10.4 percent for single family homes 2.2 percent for townhouse-condo properties.
- The Median Sales Price was up 21.5 percent to $522,000 for single family homes and 24.1 percent to $335,000 for condos and townhome properties.
- Months Supply of Inventory decreased 9.1 percent for single-family homes and up 16.7 percent for townhouse-condo units.
Given how far the market has come, it’s a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh competitive market analysis might be a good idea. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014. Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Job growth is still fundamental and is likely to dominate this election cycle.
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*Data from PWR and includes Orange County and some surrounding areas.
Current Orange County Homes For Sale
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