With sales running 26 per cent above the same period last year, the condo property market in Orange County is white hot. In a report from the ocregister.com, 1, 116 resale condos were sold in total for the period of 22 days preceding June 5.
The market, considered as Orange County's most affordable niche, had gained the largest in three specific categories. These include a 2.5 per cent increase from last year's numbers in the single family home market. For 2015, the median price was $665,000 while sales topped 2,351, which is 14 percent increase from 2014.The newly constructed homes median price hit $836,000, which is an increase of 5.2 percent from 2014. There were 333 homes sold, which is 18 percent higher than the previous year.
In another report also from the ocregister.com, the area of Fullerton has the lowest number of distressed properties in the Orange County area. The total number of properties was at 229 units, broken down into 52 condominiums and 177 homes. The average condo price is at $443,232 while the average house price $966,090.
Overall, the Southern California area was named as one of the top five real estate markets for growth. In a white paper report from Christie's International, entitled "Luxury Defined", the continued strength of the regional luxury real estate market in Southern California, which is expanding at 7 percent per year, has made it one of the best markets for the year.
According to First Team Real Estate Christie's International Chief Operating Officer Mark Hughes, "Christie's in depth research of global luxury real estate markets have confirmed what we are seeing month after month in the Southern California market. Near double-digit growth has been occurring because of strong global demand for Orange County's most exclusive estates and strong local demand."
