Episode - 048: What does the Orange County real estate market look like? | Recap through November
What is going on in Orange County?! Prices typically stabilize or drop during the holiday season, but that’s not the case.
The median sales price increased $15,000 from October to November to a record price of $925,000. Median price per square foot also shot up $8 to $546 price per square foot and is up $98 since last November!
The number of homes for sale decreased and inventory months supply dropped to 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 there’s still some light for you buyers. There tends to be a lot less buyers looking for homes during the holiday season and historically prices drop. Interest rates are still low and expected to climb heading next year. So this holidays season may be your best chance to lock in a lower monthly mortgage.
*percentages are comparisons year-over-year
For more details and charts, click: https://theluevanosgroup.com/market-trends