June saw a sharp increase in homes sold in Orange County. A total of 1,492 (+152) homes sold, compared to May with 1,340. This is also a sharp increase from June of last year, signifying a red hot market.
Again, the most active category was the $200,000-249,000 price range, with 268(+22) homes sold over May with 246. Second most active
was the $250,000-299,000 range, 255(+24) to 231 for May.
In the same fashion, luxury homes of 1 million plus saw an increase, 48(+11) for June to 37 for May. Total sales of all luxury homes over $700,000 followed suit, with 109 (+28) to 81 for May.
It’s not just that more homes are selling. It’s that more homes are selling, faster. For the second month in a row, 65% of all homes sold(967 of the 1,492), were sold within 29 days. 13% of the remaining homes sold went within 30-59 days.
Roughly half of all homes sold were financed with Conventional Financing (744 of 1,492), a 2% increase over May. Homes financed with FHA financing covered 18% of sales, the same figure for May. Cash purchases represented 20%
(-2%), a slight decrease from May. Both months saw 5% of homes financed with VA financing.
So, what does this mean?
If you’re selling, and your house has been on the market over 30 days, something isn’t right. If you’re ready to sell, call me right away…the market is red hot, and you do not want to miss out on possibly the best opportunity to maximize your money. Click
here and receive a free valuation of your home.
If you’re buying, be prepared for competition. With homes selling for more money, faster, you have to make sure your offers are as competitive as possible. Click
here and let’s get the process going!
If you’re investing, we need to sit down and discuss your end
goal, and see how we can best make the market work best for you. Click
here, and let’s get started!