Sales Jump, Prices Slump

The latest data for September shows that prices overall are lower than last year. 

Numbers recently released by DataQuick shows that the median sales price in California dropped by 6.7 percent in September over the previous September, and yet the volume of sales is up 6 percent when comparing the number of units sold over the same time frame. 

Numbers for Orange County are pretty similar although the number of units sold was almost the same as last year and the median price was only down 4.5 percent.

Now, as always, you must take this type of information with a little grain of salt.  Why? Because in any one month especially in a place like Orange County, one or two super high-end sales (or the lack of any) can completely skew the numbers one way or another. Plus, some zip codes consistently do better than others so overall this type of data may not always reflect your local market. 

Regardless of the variances, the numbers do provide a quick snapshot and seem to confirm what we are experiencing right now.

Overall, the real estate market is a little softer than it was last year. There are a number of reasons for this but why isn’t as important as knowing that now is definitely a great time to buy. Banks are finally getting on board and selling off their inventory and as we head into the winter months when the number of buyers dwindles, the potential for deals will surely increase.

This “buyer’s market” along with historically low interest rates makes this one of the best markets for buyers in over a decade. That’s not to say there aren’t challenges with the bank-owned and short sale listings but for those who want the best deals, a little perseverance can really pay off.