The National Association of Realtors state that the average home sold by an agent in 2017 went for approximately $249,000. In certain parts of the country, that kind of money can purchase a beautiful home. Unfortunately, in other more affluent areas of the U.S., that price is often doubled.
According to the Los Angeles Times, $550,000 can purchase some amazing-looking homes across Orange County in California:
San Clemente condo
Located at 206 Monte Vista No. 15, San Clemente, 92672, this fixer-upper condo is only a short walk to the beach. Included are two bedrooms, two bathrooms, a brick porch, back patio, carpeted living spaces, and 1,250 square feet.
Seal Beach home
This recently remodeled 1960s features bamboo floors, which is approximately three times harder than oak flooring. Located at 13321 Fairfield Lane Unit 182G, Seal Beach, 90740, this two bedroom, 1.75 bathroom home is listed for $538,000.
Huntington Beach single-family home
For $549,000, buyers can acquire a two-bedroom, two-bathroom, nice home in the gated community of Mariner’s Cove, only half a mile from the water. This property comes with a galley-style kitchen, plantation shutters, and a trellis-topped patio. Located at 21131 Sailors Bay Lane, Huntington Beach, 92646.
Despite these lavish properties available for purchase, as of early 2019, California housing sales have hit a 10-year low. According to the California Association of Realtors, statewide housing demand remained subdued for the ninth consecutive month in January 2019. December’s sales number was down 3.9% and down 12.6% in January, the lowest level since April 2008.
“California continued to move toward a more balanced market as we see buyers having greater negotiating power and sellers making concessions to get their homes sold as inventory grows,” said Jared Martin, president of the California Association of Realtors. “While interest rates have dropped down to the lowest point in 10 months, potential buyers are putting their homeownership plans on hold as they wait out further price adjustments.”
Orange County Register adds that a bubble watch is in full effect due to the slow market. Here are some 2018 Orange County home buying statistics that are a direct concern for market analysts and homebuyers alike:
- Orange County’s median selling price for all residences was an astonishing $725,000.
- Seventy-five of 83 Orange County ZIP codes had a higher median selling price in 2018 compared to 2017.
- Even for bargain hunter buyers, the median sales price was $505,000.
Still, market officials remain optimistic and expect the market to soften. But buyers need to beware and those who are considering searching for Orange County homes, it might make more financial sense to wait a little while longer.
Photo by Tom Rumble on Unsplash