Happy Holidays folks! The month of November presented a very interesting development in the Real Estate Market here in Orange County. November saw 916(-192) sales of single family homes in Orange County, a sharp decline from October, when 1,108 sales occurred.
The most active price range all year has been the $200,000-$249,000 range. In October, 197 homes in this range sold, compared to a slower November with 151(-46). Second most active was $250,000-$299,000. November saw 123(-53) homes sold in this category, compared to October’s 176.
Sales in the luxury market were also interesting. Homes over $700,000 dropped slightly in November, hosting 43(-9) sales compared to October’s 52. While October saw 24 homes over 1 million sold, only 20(-4) sold in November.
Of all homes sold in November, 429, or 46.8%, sold within 30 days of being listed. This is again a slight drop from the month of October, when 527, or 47.6% of homes sold within the same time frame.
Cash purchases have risen on a percentage basis. November had 281, or 30.7% homes purchased with cash, compared to October’s 304, 27.4%. November also saw a slightly higher rate of homes purchased with conventional financing, as 370, or 40.4% homes were financed with conventional financing compared to October, 439, 39.6%. Homes purchased with FHA financing dropped slightly in November, with only 190(20.7%) compared to 247(22.3%) financed in October.
While these numbers do indicate a slowdown in the market, there is no reason at all for concern. Home sales typically slowdown in this time, as most people are more pre-occupied with the holiday season, leaving many unwilling to deal with home buying or selling during this time of year.
The benefit for buyers is that there may be a tiny bit less competition in the market at this time of year. Buyers need to make sure they are pre-approved, and put themselves in best possible position in the eyes of banks and sellers.
This is a prime season for investors to find that perfect home to add to their portfolio. A prime signal of this is the higher percentage of homes purchased with cash.
Sellers can also find a way to take advantage of this market. With less competition out there, the buyers that are ready to buy in this season are serious! It is the perfect time to set your house up for a quick sale at a great price!
Are you interested in buying or selling? Call me at 407.517.8693, or email me at isellcflhomes@gmail.com, and lets set up a winning game plan for you!
www.ramonmoralesrealestateagent.com
***Information obtained from MLS Homes Sold Reports***