Believe it or not, it’s February and 2014 is already 8.5% completed, is your business where you want it to be? If not, we need to meet and I will share with you the most efficient Farming tool on the market. Below is a recap of our current Orange County Real Estate marketplace. All data is based on sales ending on January 17th, 2014 versus one year ago.
Prices
Resale Homes +15.5%, Resale Condos +24.2% and New Home Sales +7.5%
Sales Volume
Resale Homes -23.6%, Resale Condos -11.6% and New Home Sales +114.1%
Facts
Medium Price is $558,000 up from $475,000 a year ago
Sales Volume is down to 2,660 versus 2,975 a year ago
Inventory is down from 5,077 versus 5,149 just one month ago
Mortgage Defaults down 42.7% versus last year
Foreclosures down 68.1% versus last year, 8 year low
OC Jobless rate drops to 5.2%
Interest Rates
30 year fixed Mortgage rate is currently 4.32% versus last year’s 3.53%
Average Home Payment is $2,568.28
Trends
New home sales continue to grow
Million dollar homes sales rising
Medium home sales prices to climb
Home appreciation forecast at 6.6% to 8.2%
Improving economy to create more buyers
Interest rates to rise
Rentals rates to rise
Low inventory
