OC Home Prices Up 5.2%

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The real estate market has been rising at a fairly steady rate for over the past 5 years in Orange County. Median sales price for all sales in Orange County hit $631,000 in April. An impressive number by any measure. Up 5.2% from April 2016.


Single Family Homes are up 4.5%:


The average sale price of single family homes is currently $974,822. Making Orange County one of the most expensive places in the world to live. The demand is still at all time highs so we can expect even more growth before any sort of correction.


Condominiums:

Detached Condos:

Average Sale Price of $756,064. Detached condos often live like single family homes. They offer a great balance between single family and attached condominiums. Buyers often confuse properties that zoned detached condominiums with single family because of the sometimes subtle differences. In some cases, you can find detached condos that are zoned as such solely of the streets and access to the homes. Streets that are not wide enough or have common driveways yet have no common walls and completely free standing.



Attached Condos:


Attached Condos are up 6.2% with an average sale price of $476,401. The affordability in Orange Counties most affordable segment is rapidly vanishing. Although average household income is rising, home prices are outpacing that growth.


Take-aways:

  • For buyers that are on the bubble, with interest rates set to rise this maybe the opportunity to become homeowners for the foreseeable future.
  • Sellers are taking advantage of the record highs in limited quantities which is driving the prices to unprecedented levels.
  • For both buyers and sellers, we’re in a healthy market. If a move is being considered, the data shows now is an excellent time to capitalize on the current conditions.