The volume of Orange County CA real estate sales of existing homes is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year." Let’s take a look at the sales statistics for Orange County in February 2008 to see if the Orange County market is holding steady: Feb 2008 figures for Dana Point show the number of new listings increased 3 percent compared to 2007. Home sales decreased by 47 percent during the same time period, while market times decreased to 90 days or 3 percent. The average sales price decreased 15 percent to $833,087.
Please check back during the coming week for detailed charts of market activity in each Orange County city. If you want to learn more about Orange County real estate, please contact us at 949-285-3739 or visit GuideToLocalRealEstate.com. To begin searching for Orange County homes, please use our complimentary MLS search.
New listings in Laguna Beach remained the same in January and the number of homes that sold decreased by 52 percent. Market times decreased 6 percent and the average sales price increased 38 percent to $2,920,200.
Laguna Niguel reported a 22 percent decrease in new listings in Feb compared to a year earlier. Market times were increased by 12 percent as the number of homes sold dropped 39 percent. The average sales price in Laguna Niguel declined by 23 percent to $725,068.
Mission Viejo's average sales price decreased 23 percent to $566,649, while sales decreased by 61 percent and market times increased 20 percent. The number of new listings decreased by 53 percent.
The San Clemente average sales price dropped 20 percent compared to Feb 2007, bringing the average price to $803,775. The number of new listings decreased 25 percent, while sales decreased 30 percent. Meanwhile, the average market time increased 6 percent, with average market times of 113 days vs. 107 days in 2007.
San Juan Capistrano's average sales price decreased 23 percent, bringing the average price to $707,766. The number of new listings increased by 17 percent, while market times increased 1 day or 1 percent. Sales decreased 56 percent.
Softer markets are ideal for home buyers. the conventional wisdom is to buy low and sell high. Now is the time!
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Date: 2008-03-20 12:17:24