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What’s Happening in the Orange County Real Estate Market?

Whats Happening In The Orange County Real Estate Market

Orange County’s homebuying rebound continued in September with sales hitting a pace not seen since 2005. A study done by DQNews (a service that provides home sales and mortgage statistics for the U.S.) shows a market fueled by historically low interest rates, coronavirus-led urges for more space, and a limited inventory for house hunters to choose.

Some of the single-family-home data released for September 2020 is as follows:

  • Median Sales Price:  $875,000 (up 10.8% over 2019)
  • Homes Sold:  2,417 (up 30.6% over 2019)

Zillow reported for the week ending October 17 in Los Angeles and Orange Counties:

  • Newly pending sales:  Up 4.2% vs. in 2019
  • 12 days, escrow from listing vs. 24 days in 2019
  • Inventory:  down 24% over 2019
  • Median list price: up 13% over 2019

Market snapshots of median list prices for individual communities:

  • Costa Mesa: $943,000
  • Huntington Beach:  $819,000
  • Irvine:  $749,000
  • Laguna Beach:  $1,297,000
  • Newport Beach:  $2,230,000

If you are considering a home sale, now’s the time to do it so that you can sell for top dollar!  If you find that you fall short of meeting the new more stringent requirements to qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a fast, secure way to insure that you are able to get into your next home.  Over the past three decades in California, we have helped thousands of folks just like you to achieve their dreams.

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