Orange County real estate market makes improvements
The strengthening housing market in Orange County could entice potential homebuyers to consider now as a good time to buy. Located along 42 miles of southern California coast, this county attracts people from around the nation to experience the beautiful beaches and local culture. The improving local economy is now drawing Americans looking to advance their careers and purchase a property with a strengthening market value.
The current housing situation in Orange County
The Orange County real estate market had a record month in September 2012. Real estate news and custom data provider DataQuick reports that the median price for homes in the market improved by 5.9 percent to $450,000. About 2,677 properties were sold during that time period - a 6.7 percent rise in a year-over-year comparison.
"Assuming this year's modest upward trend in pricing holds, we’ll eventually see the market begin to re-balance with more supply, though that could take many months. More and more potential move-up buyers who do have equity will be thinking about timing their next purchase to maximize the advantage of super-low rates and relatively low prices. As more potential sellers get off the fence, or no longer owe more than their homes are worth, we’ll see the inventory of homes for sale rise," said John Walsh, DataQuick president said.
The value of real estate in Orange County is rising, regardless of whether the property is a new home, condominium or existing property. The median price for a resale house in September 2012 was $510,000 - up 6.3 percent from September 2011. According to DataQuick, 1,816 pre-existing properties were sold during the month. New homes had the greatest median cost at $679,000 in September 2012, which meant the value of new construction has undergone a 16.6 percent positive change over the 12-month period.
The median price for a condominium also improved in September 2012 to $305,000 - up 14.2 percent in a year-over-year comparison. The source claims that 721 condos were sold during the month, for a 9.7 increase from September 2011.
The value of real estate in Orange County is improving, which could make potential homebuyers determine the southern California community is the right neighborhood to move to. The strengthening local economy is an attractive feature for people who were hit hard by the recession of the mid 2000s.