Rancho Santa Margarita is one of O.C’s youngest communities. The master planned city has recently gone through an excellent housing boost. Based on a recent inventory report, at the end of November Rancho Santa Margarita was proclaimed the hottest real estate of the month. The report clearly showed that no less than 61 houses went into escrow on November 21 and on Thanksgiving Day Rancho Santa Margarita listed 19 more houses. It is estimated that in less than 9 days these active listings will result in sold proprieties
Rancho Santa Margarita is not the only community in this situation, as there are four more communities in the county that feature a constricted supply of proprieties for sale. These are Dove Canyon, Foothill Ranch, Lake Forest and Aliso Viejo, all presenting a sell-off time between ten and seventeen days. This is definitely great for the housing market of Orange County. Active listings, excellent prices, and people willing to buy, is everything the county needs to stabilize
On the other hand, the coldest market sector from the inventory report was Newport Beach. The area also includes Newport Coast and Corona del Mar. In this region, a home can wind up on the market for 3 months before it is sold. In worst case scenarios, proprieties can even endure 5 months on the market. Nevertheless, the real estate market in Orange County is doing well, and this is a period when the 49 ZIP codes feature sale gains, as well as price gains; these two types of gains result in a tremendous increase with approximately 66%. Actually, 62 of the total of 83 ZIP codes that exist in Orange County have shown gains in their median selling price, and costs went up with almost 12.4% in comparison with the same period last year. Also, if we were to take into account the sales volume, the home-sale pricing represents 79% of the Orange County market
Additionally, 7 out of the 83 ZIP codes in O.C. feature median prices that go beyond $1 million. Since 2007 the housing market in the county registered a decrease of 29% in median prices throughout the country. At this point, the most active region is Aliso Viejo where the average price for a home reaches $403,000 and there are currently 99 active listings. Also, in contrast with the same period, 4 years ago there were three ZIP codes where the median selling price for homes was under $250,000.