Orange County home buying reports put the median selling price at $470,000. That’s up 17.5 percent vs. the end of 2011, and is the highest since June 2008 – just before the nation’s recessionary financial collapse. Increased pricing is not slowing buyers for now. Orange County buyers snapped up 3,446 residences closed in the latest period — up 32.5 percent vs. a year ago. Sales are happening across all market slices: Old single-family homes are up 34.9 percent vs. last year; condos up 19.8 percent; and builders’ are joining the party – up 61 percent in a year. And it’s a broad-based advance, geographically, with 54 of 83 Orange County Zip-codes having both rising sales and prices in the period vs. 2011.
The rapid sales pace – plus a very reluctant bunch of Orange County sellers – means there is just about nothing on the market today. Ask any buyer who has been looking to purchase a home within the past six months and they will let you know how frustratingly difficult the process has been.
California Coast Real Estate & Community News