Recent Trends in Local Real Estate - From Hanu Reddy Realty In Irvine

February 11, 2020 at 5:00 AM
by Hanu Reddy Realty

At Hanu Reddy Realty in Irvine, we understand that our clients can only make educated decisions about real estate buying and selling when they have access to the right information. This is why we examine key market trends and deliver the findings to our users.

This is only a small part of our commitment to ensuring that we fully educate clients on market conditions. Our goal lies in helping them to understand what challenges and opportunities await.

Often trends in the recent past can help us to determine future market performance. In our area, over the past two years, real estate availability and prices have fluctuated tremendously. A buyers’ market transformed into one more amenable to sellers.

State of the Market 2018

Even as the economy heated up in Orange County and across the country, the housing market in the areacooled down. The supply of housing continued to rise throughout 2018. Unfortunately, this surge in supply coincided with a decline in home sales.

This trend held throughout the six-county area.

One of the issues driving down real estate market performance was rising prices. Throughout Orange County, house prices rose almost four percent to a median of $720,000. Although this rise was outstripped by the region’s six percent price growth, it still accounted for a seven percent decline in sales in 2018.

Also, Orange County home prices outstripped the rest of the Southern California region.

Recent Trends and Future Forecasts

By the beginning of 2019, home prices in the Irvine area continued to rise. Low interest rates contributed to the rise, allowing home buyers more financial leeway to afford higher prices.

One important change since 2018 has been the erasing of the housing surplus. As we head into 2020, only 1.4 million units remain on the market in the area. With mortgage rates still low, a flood of home buyers into the market could create an atmosphere of strong competition for choice properties.

Median prices have dipped slightly since their 2019 high, but market forces could push them higher again.

How We Help Our Clients to Navigate Changes

At Hanu Reddy, our team brings decades of combined experience in Orange County real estate. With our dedication to high standards of integrity and client care, we work to get the best results for those trying to buy or sell. This includes careful explanations of the market's opportunities and challenges.

One of the advantages of our three-decade long term and productive relationship with the Orange County community is our extensive network. We rely on hard-earned connections in the community to help obtain the best possible deals for clients.

Most of all, our agents are trained to listen to you, the client. We strive to satisfy and provide the best possible results by matching high-level clients with choice properties.

Reach Out Today

We invite you to contact us with any questions about our services. Our experienced professional team can provide answers or schedule an appointment.

Hanu Reddy Realty in Irvine can put thirty years of service, experience, and knowledge to work helping you achieve your real estate dreams.

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