Good news for real estate in the Orange County area! In a recent article by the Orange County Register, “the Orange County housing market ended 2012 on a strong note, as sales soared and prices climbed to the highest level in 4 1/2 years, according to two reports released” recently.
With both sales and prices up at the highest rates since 2006 and 2008 respectively, it looks like the real estate market for Southern California is on the rebound.
For 2012, homebuyers bought 34,380 homes–in December alone, the sales jumped 19.4% from the previous December; even with the median home prices for single-family residences up 20.3% more than the previous year in December. Demand was most obviously up, with multiple buyers often bidding on houses, in all price ranges. Part of the reason for this was because there was a reduction in the amount of foreclosures and short sales–last year only 4,531 homes were in foreclosure, a drop of 37% from 2011. The number of homes for sale as a whole also fell to 3,161 earlier in January 2013, from 8,100 at the beginning of 2012.
Read the article that I pulled this information from, at the OC Register’s website here: ‘Turnaround year’ for O.C. real estate”
From this article, it looks like real estate in our area of the nation is finally on the rebound! What are you doing to be involved in this positive housing market development? Please let me know if you need any real estate assistance or advice–I would be happy to help! Give me a call at (714) 914-9060 or email me at Renee@prucdm.com.