A recent report by ReportsOnHousing which tracked the home sales in nine Orange County markets has further demonstrated the fact that we continue to be in a sellers market. On the whole, inventory is still tight and homes are selling relatively quickly but this may be a temporary situation.
The fastest selling homes were in Cypress where the average length of time on the market was 17 days. As of May 19th, there were 44 homes on the market with an average asking price of 683K, which was down 27% from a year ago.
La Palma was the second most active with eight homes listed at an average price of 644K but supply was down 56% in a year.
Portola Hills came in third with 8 homes listed where the average price was 760K and a market time of 22 days. Supply there was down 27% in a year.
Further down the list at No. 9 was Buena Park with 66 homes listed average price $576,000 vs. 62 new escrows for a market time of 32 days. Inventory is lower by 36 percent in a year.
Despite the fact that we're in a sellers market, it may not be wise to push your limits. With construction on the rise and more sellers entering the market wanting to cash in, the current market conditions may not be sustainable.
If you're looking to sell, consult a Realtor, like us, to market your property accordingly. We will know the market and are best qualified to maximize whatever equity you might have in your home.