A Market On The Move: Coastal Orange County Real Estate Is Hot!
Orange County’s real estate market continues to thrive, but it is especially hot in its coastal cities. Take a look at the Active Inventory and Demand charts in the link and you will see that inventory peaked back in May of this year and, as we predicted, is continuing its downward trend. Demand, on the other hand, is still moving upward at a record pace.
It’s easy to see why the market feels like the hottest market since 2004-2005. The lowest number of homes that remained on the market was in January of 2004, when Talega had just 14 total active listings and the community was only half built. As I write, we have 27 active listings and a few weeks ago that number was 19. Low interests rates, restructuring of the workforce, the need to be in a specific office location, second-home purchases and investment purchases are all adding fuel to the fire. It not just the sales market—the rental market is just as tight, with only three attached homes and one single-family, detached home available for rent in all of Talega. In other words, finding a rental or a $1.4 million home with a pool in Talega is as likely as finding a rainbow unicorn these days.
Today’s market is completely different than it was in the early 2000s, when loan structures fueled the market at first, and then allowed it to collapse. Now, getting a loan takes strong qualifications, most jumbo loans are being handled by the big banks, and the majority of our deals at Echelberger Group are coming in with 20 to 50 percent down or all cash.
To learn answers about the current market in Talega, check out this month’s GREEN sheet!
For more information, visit www.echelberger.com or call 949.498.7711.
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