![]() ![]() By comparison, homes listed for $750,000 and under would sell out at the current sales pace in 37 days.Ī buyer’s market exists for homes priced at $1.5 million and above, Thomas said. Thomas calculated it would take 90 days or more to sell all the luxury homes on the market at the current sales pace. Luxury homes - those selling for $1.25 million or more - are a relatively cool part of the market, according to Steve Thomas of. “I think from an affordability standpoint, the market is a little bit stronger than it was four or five months ago,” Reeb said. Overall, job growth is strong, interest rates are lower than four months ago and wages are up. “But new home sales have increased faster,” he said. Projects have increased in the Inland Empire as well. The number of actively selling projects is up 18 percent from a year ago, Reeb said. One reason is builders are building more, said Pete Reeb, a principal at Irvine-based John Burns Real Estate Consulting. That’s 13 percent above the average for an April in records dating back to 1988. New home sales are even hotter, rising 28.7 percent year-over-year to 466 transactions. If you have two equal (offers), it could be the tie breaker.” ![]() They want to know someone else will care about and love their homes as much as they do. One of Rael-Albin’s clients enclosed a photo of herself and her husband holding a sonogram of their expected child. Some buyers are resorting to writing “love letters” to sellers - that is, letters describing how much they love the home and how they plan to take good care of it. They might have to reduce their contingency timelines.” They have to be pre-approved (for a loan). They have to have their down payment accessible. “They have to have their finances in order. They have to be ready to win,” said Priscilla Rael-Albin, broker-owner of Re/Max Discovery in Anaheim Hills. Rates have been holding steady just above 4 percent for the past five weeks.īuyers “have to be on their game. Mortgage interest rates also continue to tempt buyers after dropping in late March, agents said. … If you’re not selling right now, something’s wrong with you.” Every house we put on the market, it’s taking a week (to sell) if it has everything. The four-bedroom, two-story house closed at $670,000 on April 28 - $20,000 above the asking price. Homes that are priced right and are in move-in condition are getting snapped up fast, often within two weeks or less, agents said.Īsa Teran of International Real Estate Services in Covina listed a La Palma house for $650,000, accepting one of eight offers within four days. The average number of sales per day actually went up 11 percent from a year ago. April had 2.8 percent fewer resales than a year ago.īut last month also had fewer business days, in part because of the Easter holiday. New home sales accounted for most of that increase, while resales of existing homes appeared to be declining. Rising prices and fierce competition between homebuyers failed to put a damper on sales, however.ĬoreLogic reported 3,309 transactions last month, 22 more sales than a year ago and the third highest tally for an April since 2006. In my office alone, everything’s got multiple offers on it.” “We keep thinking, gosh, as interest rates creep up, prices are going to stabilize. ![]() “Prices keep going up,” said Deb Shihadeh, an agent with First Team Real Estate in Tustin. Still, Orange County’s median has risen year-over-year for 60 straight months. Southern California’s median remained 15.7 percent below the peak in inflation-adjusted dollars. Orange County’s April median, for example, remains $85,666 - 11 percent - below the price peak when adjusted for inflation. Once inflation is taken into account, however, home prices lag values from the bubble days of 2007. Last month’s existing single-family home median rose to $733,000, $1,000 below the 2007 high of $734,000. That’s up $3,000 from March’s record price and was $8,000 above the high reached during the housing boom. That’s a 73 percent gain in five years.Ĭondo prices also reached record highs for a second straight month, rising 7.3 percent in a year to $478,000. Home prices were up $30,000 in the past year and have climbed $285,000 since the market turnaround in February 2012. The median price of an Orange County home - or price at the midpoint of all sales - hit $675,000, the fifth record in the past year, according to real estate data firm CoreLogic. Orange County home prices set records again in April amid one of the hottest spring homebuying seasons since the housing recovery began five years ago, new data released Tuesday show.ĭespite a lack of homes to buy, strong demand continued to push sales upward as well, especially in the new housing tracts where builders were experiencing their best April in 14 years.
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