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Hey everyone, welcome back to our blog. The real estate market is continuing to sizzle here in Southern California.
In LA county, the median sale price went up in the last year. In May 2014, the average was $430,000, while in May 2015, the average rose to $460,000. Here is a link to a graph that shows the median home price in LA County over time.
While prices were rising, the supply of homes decreased in the last year. In May 2014, we had 4.1 months of inventory. Currently, we have 3.4 months.
In Orange County, the median sale price also rose in the past year. After being at $575,000 in May 2014, the average home price in Orange County is now $600,000; Here is a link to a graph that shows the median sale price in Orange County over time. The supply of homes in Orange county dropped slightly, from 3.8 months in May 2014, to 3.1 months in May 2015.
Local job growth, mortgage rates, and availability of homes all look solid. These factors, in addition to slower home appreciation, helped draw buyers. We saw an increase in the volume of homes sold in Orange County of over 10% for April and May of 2015 compared to the same period last year and about 7% in LA County.
The housing market is doing great right now in Orange and LA Counties. In some neighborhoods, we are even having all-out bidding wars on homes. Sometimes, these homes go for hundreds of thousands of dollars over asking price. In fact, we recently had a listing receive 40 offers.
Supply is not even close to keeping up with demand. So if you have been looking to sell your home, no matter the price, we are in a great market to do so.
If you have any questions for me, feel free to give me a call or send me a quick email. I would love to speak with you!
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