California Is Hot And Getting Hotter

California Is Hot And Getting Hotter

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We all know that California is one of the hottest real estate markets in the country and, with the growing number of people wanting to buy homes here, the competition is stiff. Looking back on 2017 give us a pretty good indication of the direction we're headed in 2018. Though Orange County hasn't reached the competition of the Bay Area markets, it's definitely on the rise as is the rest of the Golden State. 60.4 percent of all homes listed for sale received multiple offers and 32.9 percent sold over asking price! The average days on market was just 13! It may sound terrifyingly astonishing, but with the low inventory we're seeing, this has become the norm. Don't count on it slowing down anytime soon.  The good news is, despite these tough market conditions, the share of first-time home buyers reached the highest level since 2012 at 31.7 percent of all buyers. With more Millennials entering the buyer pool and retiring their life as a tenant, we expect this to continue.

Liz Peters Headshot
Phone: 949-683-5374
Dated: February 27th 2018
Views: 257
About Liz: An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in bo...

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