Even dabblers in real estate have probably noticed that the market is smokin’ hot.
How hot? Orange County, California, currently has the fifth-hottest real estate market in the U.S., according to numbers recently released by Trulia.com and reported by the OC Register.
Indeed, 59 percent of homes listed on Trulia are off the market within two months, according to data tracked from Feb. 5 to April 5. Homes within the $250,000 to $500,000 price range are flying off the shelves the quickest, selling in an average of 47 days. Homes priced within the $500,000 to $750,000 range are selling within an average of 54 days.
And all homes priced between $250,000 and $2 million are selling faster right now than they did at the same time last year.
What’s driving this market? Inventory is still extremely low, and demand is very high.
I talked about this phenomenon in my recent YouTube video, which you can check out here:
In it, I discuss how Orange County saw the biggest sales volume of homes in March in eight months, with 3,140 homes sold, and this volume was the biggest for a March since 2006.
As you can see, if you’re a property owner, it’s a great time to sell in Orange County.
As always, if you’d like to discuss this or any other real estate issues, please feel free to give me a call any time at (714) 348-4000.