The numbers are in for May ’16 from the Pacific West Association of Realtors – Orange County, CA. Enjoy!
Market Update for May
We are in the thick of an exciting period of home buying and selling, often withquick multiple offers that are near, at or even above asking price, depending onthe factors of the home and submarket in question. It was widely predicted thatwe would see healthy sales activity during the second quarter of 2016, and themarket has not disappointed.
New Listings were up 1.0 percent for Single Family homes and 2.8 percent forTownhouse-Condo properties. Pending Sales increased 20.3 percent for SingleFamily homes and 10.2 percent for Townhouse-Condo properties.
The Median Sales Price was up 6.3 percent to $643,000 for Single Familyhomes and 3.1 percent to $400,000 for Townhouse-Condo properties. MonthsSupply of Inventory decreased 24.2 percent for Single Family units and 21.4percent for Townhouse-Condo units.
Although inventory is still being stretched thin in many areas, low mortgagerates coupled with higher wages have built a relatively sturdy housingmarketplace. How long that can continue without fresh supply remains animportant question, but conditions are seemingly good enough for seriousbuyers. With the current slow state of new construction for non-rentalhouseholds, the road ahead could be tricky if demand remains high.