Market Data, June 2015
It feels like we are settling into a very balanced market between buyers and sellers.
As you can see from the table below, prices, for the first time in 3 years, are rising at a very modest pace – about 2%-3% on a per sq. ft. basis. So, buyers are not facing a steep hill if they wait, but they’re not buying into a bubble, either.
On the other hand, interest rates are definitely on the upswing and even if the price of a house doesn’t go up, the cost of ownership will if they wait.
Inventory levels remain depressed which is also giving buyers fits in terms of finding what they want. Once they do, they act. Unit sales are up across the board, with the exception of San Juan Capistrano, averaging about a 10% increase in transactions.
One interesting factoid is that the average sales price in Laguna Beach is $2.76M this year, a 20% increase over last year. Amazingly, Laguna remains the most expensive community on a per sq. ft. basis but folks are lining up to buy and obviously not at the low end. It remains an iconic place to live.
But, they’re all great out here in the land of sun and fun!
Please check out the charts below for even more Orange County real estate data including the number of units sold/month and the avg. sales price.
We are enjoying living the dream, as they say, and welcome you to join us! Thanks for your support.