In typical last hurrah fashion, August marked the end of an incredibly strong summer season in the Real Estate industry here in Orange County, although numbers were lower than last year. In August, 1,279(+13) homes sold, more than July with 1,266, however, less than August of last year, which saw 1,310 home sales.
Signaling a strong, robust market, homes also sold for more money. The most active price category this last month was the $250-299k Range, with 256(+31) or 20% of sales, higher than July with 225. Sales of homes between $200-249k range accounted for 221(-29), or 17% of August sales, compared to July with 250.
It is interesting to note that for August of 2016, sales in these categories were reversed. The $200-249 range saw 251 sales, and $250-299 hosted 217.
Sales of luxury homes over 1 million saw a decline, with 31(-7) sales, compared to 38 for July. Sales of all luxury homes over $700,000 saw a larger decline, 73(-19) compared to 92 for the previous month.
Again, the majority of all homes sold within 30 days. 794(62%) of all homes sold within this timeframe. 196(15%) sold within 30-59 days.
48% or 619 homes sold were financed with Conventional financing for August, while 16%, 211 homes were financed with FHA. Cash sales saw an increase, with 282, or 22%, compared to 237/19% for July. Homes with VA financing saw 75, or 6% for August.
Looking at historical data, it will be normal to expect fewer homes sold for September, with kids being back to school. It will also be interesting to see what happens with numbers regarding the Hurricane Irma effect.
If you are looking to buy, sell, or invest, don’t hesitate to reach out to me!
407.517.8693/isellcflhomes@gmail.com