Orange County housing market remains strong this fall
While the homebuying season is slowing down, experts are still touting the steady recovery of the real estate market. Traditionally, the late-fall and winter seasons are not known for large volumes of home purchases. Some experts accredit this phenomenon to the busy holiday season, when potential buyers are more focused on celebrating and spending time with friends and family. Other professionals believe the slowdown is due to people not wishing to deal with the potential hassles associated with moving during the winter months like sleet, snow and ice.
Despite the number of home purchases beginning to slow down as November approaches, one real estate research company claims that the 2012 third quarter posted record numbers. The San Francisco Chronicle reports that home values improved 1.3 percent in the third quarter of 2012 - the largest quarterly gain since 2006.
According to real estate news and custom data provider DataQuick, during the third quarter in 2012, there were 6,229 home sales of single-family residences in Orange County. The median price for one of these properties was $515,000 - a 6.2 percent increase compared to the third quarter in 2011. Potential homebuyers may be interested to know that the median price paid per square foot for a single-family house in Orange County was about $287.
The condominium portion of the market also saw improvements during the third quarter of 2012. The source claims that there were 2,523 condo sales over the three month period. Median cost for one of these properties was $300,000 - a 11.1 percent improvement from the previous year.
"We're likely seeing home values fall back into the negative range in some markets due to the close of the traditional home-buying season," real estate expert Dr. Stan Humphries told the news source. "While that doesn't mean the recovery has come off the rails - in fact, most markets have hit bottom - it does present a confusing environment for consumers. Looking forward, we expect to see home values bump along the bottom for some time, before increasing at a slow and steady pace."
Real estate in Orange County continues to remain a strong investment as the local and national economy improves. Potential homebuyers may be able to purchase property for less during a non-traditional buying season like the winter as sellers try to get their home off the market.