The Real Estate Market in Orange County once again posted some strong numbers for the month of February, with some interesting new trends as well.
For the month of February, 863(+52) homes sold, a significant jump from January(811). Historically, the busiest price category has been the 200,000-249,000 price range, however, for February, the busiest category was 250,000-299,000 range, with 166(+18) sales, compared to January with 148. This is now the fifth of the last seven months where the higher price range is more active, possibly signaling a strong new trend in rising home prices. Second most active was the $200,000-249k range, with 143(-4) sales compared to 147 for January.
Sales of Luxury homes over 1 million took a slight dip in February, with 22(-9) sales compared to 31 for January. Sales of all Luxury homes over $700k were also slightly lower in February(-8) with 61, while January had 69.
Again, signaling a strong market, 52%, or 446 homes sold within 0-30 days, while 156, 18% sold within 31-60, and 10% within 61-90.
Homes financed with conventional financing represented 46%(398) of all sales, while FHA financed homes covered 14% (124) of all sales. Of all sales, 239(28%) were purchased cash, and VA represented 5%(45) of sales.
So, with more than half of all homes selling within 30 days, and 70% of homes selling within 60 days, and the most active price category being a higher price point, it is simple to see that we have a strong, robust, competitive market.
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