Home sales climbed over 25% in November 2012 compared to the previous year, evidence that the local housing market is not only rallying by surging as we enter 2013. DataQuick Information Systems, which tracks real estate trends, also reported that the median housing price for Orange County increased an average of $50,000, over 12% in the same year-over-year comparison.
Irvine real estate and properties in Orange County are selling faster than at any point in the last six years. Numerous market indicators suggest that the frequency of real estate purchases in Irvine and the surrounding areas is accelerating, notably:
- November was the tenth consecutive month where more property was purchased year over year
- The rate of sales continue to climb in spite of a derth of inventory as reported by www.ReportsOnHousing.com
- The median house price in Orange County has only crested $450,000 twice since the real estate market dropped and both occurrences were in 2012, in June and October
Such strong, positive rates of change suggest that the Irvine will continue to grow in the next twelve months as it has done in the previous twelve to eighteen. And the low inventory of Irvine homes for sale and rising prices have done nothing to discourage buyers from entering the housing market for the first time or purchasing investment property.
If you are considering buying real estate in Irvine or Orange County, you should align yourself with a Realtor® who knows the area to help find your way through a landscape of competitive bids and hard-to-find properties. I have been serving Buyers and Sellers in real estate for many years and would love to hear from you. Drop me a line today so we can begin the discussion.