It’s been a busy year for Orange County Real Estate but how has the market done in 2014 compared to 2013?
In the 3rd quarter of last year (2013) there were 8,877 properties sold in Orange County while in Q3 of 2014 7,710 properties have been sold.
This is a decrease of 13%, year-over-year, from 2013 to 2014, but the question is should we be concerned about a decline Orange County home sales?
Understanding the Market
To really understand what’s behind the 13% decrease in home sales for Orange County it’s important to understand market conditions.
Last year we had a Real Estate market where there was a lot of demand for homes across OC while the supply was quite low.
This year we have plenty of supply (homes for sale) across Orange County and demand has kept up with supply which means a more traditional Real Estate market.
The New Normal?
The 2014 Real Estate market is one which we haven’t seen in years because, over the last 5 years we’ve gone from dealing with a market where home sales crashed and there wasn’t a demand for homes, to a fierce demand for homes and no inventory.
Yes it’s interesting to see the Real Estate Market in Orange County begin to “normalize” but there are other reasons why we’ve seen home sales decline across the OC including:
- Mortgage Interest Rates are still very low – You can find a 30-year fixed mortgage loan for 4%, or lower, right now.
- Many sellers are still sitting “on the fence” – In spite of the flurry of activity we’ve seen in the Real Estate market over the last 12 months there still are sellers who are waiting to sell their homes because, they haven’t decided what their next step will be once they sell their homes.
Learn More about the Orange County Real Estate Market
To learn more about the Orange County Real Estate market, or to view homes for sale across the area, contact Fred Sed & Associates today by calling us at (949) 272-0125, subscribe to our blog, or follow us online.