Orange County home values just aren’t feeling seasonably slow this year. During a period of time that is typically characterized by slower and smaller trends in the housing market, the Orange County median home value made a drastic jump in October. As a result, home owners in Southern California may be seeing some unseasonable activity on the market, even throughout the holidays which is generally a slower time for real estate.
According to CoreLogic DataQuick, an Irvine-based real estate analytics company, Orange County saw its median single-family home value grow by 10.2 percent in year-over-year data as well as a $10,000 gain from September’s median value. October’s median value was calculated at $595,000.
Orange County had the strongest showing for home price gains, however the other five counties that make up the Southern California region also exhibited strong price-growth trends. Regionwide, the Southern California median home value grew by 6.8 percent to $410,000 with all six of the region’s counties showing appreciation rates of 6.3 percent or better.
At any other time of year these trends would be considered positive, yet somewhat unremarkable. However, from September to October such large gains in local home prices are rather remarkable as this time of year typically sees prices drop after gaining continually throughout the busy summer season.
CoreLogic DataQuick reports that of the last 27 years, the median home value in Orange County has only risen nine times from September to October. This is usually the period in which home buyers become much less interested in buying a home as the impending holiday season begins to take centerstage in everyone’s lives.
Corona Del Mar Real Estate Update
Even in luxury markets such as Corona Del Mar, real estate conditions are looking rather healthy going into the slower winter season. According to Altos Research, a California-based real estate analytics company, the median single-family home value in Corona Del Mar has been gaining for much of the last 12 months, and is showing no signs of slowing down.
Altos reports a current median home value to be $3,550,677. Price trends in this affluent community have been on a slow and healthy gaining pattern since about April when the median value clocked in around $2.60 million. Since then the median home value has been climbing on a consistent and slow pace, which is a good sign toward stable, long-term growth in this market.
Corona Del Mar’s healthy real estate market is also rather balanced for buyers and sellers. Altos measures buyer and seller activity through a unique value known as the Market Action Index, which uses a neutral value of 30. The current MAI for Corona Del Mar is a very neutral 30.42, meaning that buyers and sellers are rather evenly matched which is great news for those looking to get in on this incredible market.
If you are interested in learning more about Corona Del Mar luxury homes for sale, please feel free to contact our team of property agents today.