The Median price in OC hit $400,000 in March for the first time since 2008. One thing about median prices……they don’t necessarily mean home values have increased. In this case, we are seeing more higher end homes selling while the bottom and middle remains fairly stagnant. The market last looked like this in 2007.
Sales of $800,000 homes and up increased 12% while homes below $500,000 fell about 24%. This reflects the economy where wages have not increased while prices and interest rates have. This is making buying tough for these folks. The higher end buyers are not as affected.
Last year, investors ruled the market but they are not as common today.
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We have seen a very slow start to the Spring market and it does not seem to be changing yet.
If you are considering selling, this formula works for move up buyers/sellers. The time could be perfect for selling at a price less than you had hoped because you will recover that and more on the buy side.
