Real Estate is Hot Hot Hot in Orange County, CA

Helpful Tips For Home Buyers          Helpful Tips For Home Sellers

As potentially the brightest sun in the current economic recovery, housing  activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, which will help replenish neighborhoods with new listings.

  • New Listings were down 2.3 percent for detached homes but increased 24.1 percent for attached properties.
  • Pending Sales increased 9.7 percent for single family homes and 19.7 percent for townhouse-condo properties.
  • The Median Sales Price was up 25.0 percent to $525,000 for detached homes and 29.3 percent to $336,500 for attached properties.
  • Months Supply of  Inventory decreased 56.1 percent for single-family units and 55.6 percent for townhouse-condo units.

The economy – which generates the jobs that fuel housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 percent again but are not likely to reach 3.3 percent again.

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Orange County Homes For Sale

(Contact me if you are searching for a specific property or property type – 714.989.6040)

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Rate of Brea Homes Selling Keeps Increasing

Home Living Real Estate Sells Your HomeA renewed urgency has overtaken California real estate, particularly in Orange County and cities such as Brea. Virtually every major factor is up compared to the previous year. And the frequency of home sales in Brea, low inventory and decreased number of foreclosure sales continue to heat up the buying frenzy, which will only pick up even more speed in 2013. Record lows in interest rates and mortgage borrowing promise to keep a surging California real estate market soaring in the new year. Such attractive rates will not only spur new inventory to be placed on the market but also invite more buyers and sellers who have been waiting for signs of a revitalized real estate market before entering the fray.

And even if inventory remains low, demand shows no sign of slowing down, especially in Orange County and cities like Brea. Nationwide, it seems that home buying interest has regained momentum but California specifically seems to be growing by leaps and bounds:

  • Overall home buying has increased over 10%
  • New home sales grew by 25% compared to the previous year
  • The median price for homes has surged by nearly 12%
  • Single-family residential construction has picked up by 43% while new apartment builds have grown by 19%

Lastly, prices continue to rise and that should prompt home owners who have been holding onto inventory to place their properties on the market. This increase in supply can only motivate would-be investors waiting for a more promising outlook.

In short, considering any of the number of Brea homes for sale will be an intensive process requiring patience and in-depth research. Partnering with an informed ally will be of the utmost importance. I’m here and ready to help just as I’ve helped hundreds of other buyers looking for luxury real estate in Brea. I’m eager to get you started on your journey. Give me a call today.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea within the Multiple Listing Service  HERE

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The State of the Current Orange County Housing Market

Quick Orange County Real Estate Market View

Home Sales Up 15.8%    Median Home Sales Price Up 5.4%     Number of Homes For Sale Down 63.4%

(Data is compared this year to same time last year)

A few short years ago, housing was considered a headwind to economic recovery. Today, housing is seen as a tailwind to a stalling economy. For the first time since 2005, housing is on track for contributing positively to national GDP in 2012. That can occur either by way of direct residential investment or through remodeling and other ancillary services. Watch for signs of sustained tailwinds in a variety of indicators, including market times, seller concessions, prices and absorption rates.

New Listings were down 8.8 percent for detached homes and 13.2 percent for attached properties. Pending Sales increased 60.5 percent for single-family homes and 65.2 percent for townhouse-condo properties.

The Median Sales Price was up 5.2 percent to $452,500 for detached homes but decreased 0.4 percent to $254,000 for attached properties. Months Supply of Inventory decreased 67.2 percent for single-family units and 74.2 percent for townhouse-condo units.

Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue binding things together. Unimaginable a few years ago, the rate on a 30-year fixed mortgage recently ducked below the 3.49 percent marker. Job creation and GDP numbers will garner particular attention this quarter.

Data from: CRMLS

Personalize your search and have access to over 100,000 homes for sale in your area within the Multiple Listing Service  HERE

Our real estate listings are updated every couple of hours as they become available on the market through the MLS, Multiple Listing Service.

Properties Currently For Sale in Anaheim Hills

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Orange County Real Estate

These real estate figures are for Orange County real estate market and may dip into surrounding areas.

Combined with strong sales, the recent drop in listing activity has translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines mask regional variability. With fewer distressed properties selling, prices are effectively “melting up” due to less downward pressure. May looks pretty good all around.New Listings were down 7.0 percent for detached homes and 19.8 percent for attached properties. Pending Sales increased 62.8 percent for single-family homes and 62.5 percent for townhouse-condo properties. The Median Sales Price was up 1.1 percent to $434,650 for detached homes and 4.2 percent to $250,000 for attached properties. Months Supply of Inventory decreased 64.1 percent for single-family units and 69.7 percent for townhouse-condo units. In economic news, May’s jobs report was disappointing, and there’s a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.

 To search specific properties, areas, cities or foreclosures, click the button. [button link=”http://ehomeliving.com/home-search/” size=”small” style=”tick” color=”red”]Orange County Real Estate Search[/button]

View the full Orange County Real Estate Housing Report May 2012

For a specific market report for your specific area, contact us and we’ll be happy to send you a report with no obligation. Send me a free no obligation Market Report of My Area (click here)

 

Homes Currently For Sale in the

Orange County Real Estate Market

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