Episode - 045: What does the Orange County real estate market look like? | Recap through October

Just when we thought the Orange County real estate market was cooling off, we get another record month!

The median sales price increased $15,000 from September to October to a record price of $915,000. Median price per square foot also shot up $8 to $538 price per square foot.

The number of homes for sale increased slightly and inventory months supply increased to 1.2 months from our yearly low of 1.1 months. Remember 5-6 months is a balanced market and 6+ is a buyer’s market.

All in all, we are in an extreme seller’s market but is there still one good sign for buyers. Interest rates are historically low. If you are looking to buy a home, make sure to make a strong offer out of the gate and remember to look at the cost of monthly payment as opposed to price tag. If you work the math out, it’s usually more affordable to have a lower interest rate than a lower purchase price.

*percentages are comparisons year-over-year 

For more details and charts, click: https://theluevanosgroup.com/market-trends