Orange County saw a Price decrease in April overall among all cities and property types. However, the Average Sales Price of Single Family stayed stable in Garden Grove, Westminster, Fountain Valley, Huntington Beach, and Costa Mesa. Surprisingly, the Single Family ‘s Price went up for Santa Ana and Irvine last month.
Common Questions:
Is the Housing Market crashing?
NO, or at least not yet.
Current data shows that the Months of Inventory of the entire Orange County is currently at ~2 months, which means it takes ~2 months to sell all houses currently available (assuming no new listings). This is still a Seller Market compared to the Housing Crisis in 2008 where the Months of Inventory was ~12 months.
Is it a Good Time to Buy?
YES, it’s a Great Time if you’re prepared.
Interest Rates are still at historically low compared to the last 5 years which will benefit Buyers to lock in a low Mortgage for the next 30 years. Also, demand are currently down which will help ease the multiple-offer situation. It’s easier now to compete with fewer Buyers and win an offer. However, you must have your Financials in order. Do NOT rush into buying if your Financials are not stable. If you have prepared and are ready, you should take advantage of this opportunity while the low Interest Rate lasts and before Buyers’ demand rises.
Is it a Good Time to Sell?
It depends, why do you need to sell now?
If you must sell now, it’s great news that you will compete with fewer Sellers because there are only 50% of new listings that came on the market in April in 2020 compared to the same month in 2019 (1953 vs 4076). The issue now is, there are fewer Buyers. That’s why it’s most important that you have the right Home Selling’s Marketing Strategy. Ask your Real Estate Agent to explain to you the Pricing Strategy and the Demand Generation Strategy to help your sell for the Most Amount of Money in the Shortest Amount of Time. Also, in the scenario where the Marketing Strategy isn’t done right, what are the Guarantees that your Real Estate Agent can offer in his or her service to help you sell the house?
Data per City:
Check out the data and comparison of 8 featured Cities in Orange County. You can also look at each city data:
If you’d like to see data of another city not listed here, let us know and we’ll add it.
Housing Report: Demand Rises
Click on the image below the Read the Reports on Housing of the 2nd half of April.
