With over 3 million inhabitants, Orange County is famous for its master planned communities. The beautiful sandy beaches, the luxurious condos, and endless attractions, have converted the O.C into an excellent real estate market for buyers and renters. At the end of May 2012, Orange County experienced significant increases in condo sales. The median selling price has increased with 2.7% compared to 2011. Hence, residences were sold will an average sum of $418,500
In addition, the total number of sales for the O.C was 3,147 compared to the same period in 2011. This means that the average percentage rate has increased with 14.9%. Sources state that 19 out of 83 O.C ZIPs have been experiencing positive sales as well. The single family median rate is 15% higher compared to the cyclical low. In addition, the condo median has been increased as well with 12% compared to 2009
Predictions about the real estate market in the US will never stop, especially ever since the real estate bubble burst. While some people have predicted Orange County will hit rock bottom, reality strikes again and condos are up big time in the O.C. The market is slowly improving and that’s because properties are selling again. A recent report mentioned home sellers made with $290 million more than on the same period last year. The average home sales have increased with 25% compared to 2011, and the real estate market has managed to generate nearly $1.6 billion only from home selling
The housing market of Orange County is starting to stabilize and condo prices are rising again. In the month of May there were over 1,000 homes sold and the percentage rose to 39.6% compared to the same period last year. 2 mega mansions were recently sold in the OC. One of them was traded for $21.7 million and it is located in Corona del Mar. The giant home features 8,000 sq. ft, it has 6, 25 bathrooms and 6 bedrooms. The other mega mansion was sold for $21 million and it is located in Laguna Niguel. It features 24,000 sq. ft and it comes with 14 baths and 9 bedrooms
The luxury market in Orange County is recovering, and high end homes are selling again. Now that the hot summer season is here, wealthy people have started hunting for vacation homes. Single family homes are with 71% more expensive than with 82% last year during the same period. To break it down, thus far in 2012 sales have increased with 14.9% in homes and condos in Orange County compared to 2012.