Real Estate - What are some thoughts and opinions on the real estate housing market? When should we expect to start seeing growth in property value again?When are we going to see growth in property values again?  

The answer is NOW!  As of July of 2012 the values for most of real estate in Orange County

California were on the rise and as of the time I am writing this post they have been moving higher for

almost a year!  Here are some stats from a few cities in Orange County from May of 2013.  I have

illustrated the change from May of 2012.  Green for an increase and Red for a decrease.

Newport Beach Single Family Homes

Townhouse or Condo

# of New Listings 109 (1.9%) 44 (33%)

# of Pending Sales

71 (2.9%) 33 (0%)

Average Sales Price

$2,063,377 (20.8%) $796,630 (31.5%)

# of Homes for Sale

217 (-42.6%) 56 (-47.2%)

 

Costa Mesa Single Family Homes

Townhouse or Condo

# of New Listings 78 (27.9%) 35 (84.2%)

# of Pending Sales

58 (23.4%) 37 (208.3%)

Average Sales Price

$698,917 (30.1%) $424,209 (21.4%)

# of Homes for Sale

76 (-53.4%) 17 (-74.6%)

 

Corona Del Mar Single Family Homes

Townhouse or Condo

# of New Listings 22 (-33%) 9 (-35.7%)

# of Pending Sales

16 (-5.9%) 9 (12.5%)

Average Sales Price

$3,306,960 (100.7%)

$1,199,028 (-2.8%)

# of Homes for Sale

54 (-46.5%) 19 (-50%)

 

Huntington Beach

Single Family Homes

Townhouse or Condo

# of New Listings 167 (-5.1%) 80 (8.1%)

# of Pending Sales 139 (6.1%) 76 (11.8%)

Average Sales Price

$827,370 (5.3%) $423,630 (9.3%)

# of Homes for Sale

198 (-55%) 85 (-60.8%)

As you can see from the data above prices have been on the rise in Orange county for the last year.

Looking at the decreasing number of homes for sale in Newport Beachand most cities you can

expect prices to be on the rise for the foreseeable future.  What's the basic rule of economics, low

supply equals higher demand?  Well here in Orange County you can see we have very low supply and

with rates near all time lows there is strong demand.  

If you have any questions about buying a home or selling a home in Newport Beach ,Costa

Mesa, Corona Del Mar, Huntington Beach, or anywhere in Orange Countyplease contact one

of our knowledgeable realtors today!

Posted at 06/21/2013 04:52 PM by David Feldberg