With the most desirable weather all year round, an abundance of outdoor recreational activities, world-class entertainment, fine dining options and miles of gorgeous Pacific beaches, it’s no wonder that coastal Orange County living is the envy of the world. Cities including, Laguna Beach, Dana Point and Newport Beach are seeing the strongest market and highest prices since 2006.
I’m happy to report that the current state of the market is seeing ideal conditions for sellers including high prices, low interest rates, lower inventory and multiple offers on desirable properties that often help pull in more than asking price. There is no indication that the new high sales and average prices in Orange County beach communities are due to seasonal factors, rather values are climbing because of tight supply and high buyer demand for coastal Orange County, especially in Newport Coast and Corona del Mar where inventory remains especially tight.
Asking prices are expected to continue climbing over the summer season, so it’s an opportune time for motivated sellers who want to put their home on the market, particularly those who have been waiting years for a rebound. According to industry analysts using data supplied by the California Regional Multiple Listing Service (MLS), Newport Coast and Laguna Beach have experienced the sharpest quarter-over-quarter growth with average sales prices of $3.8 million and $2.8 million, respectively, ending in the first quarter of 2017.
Moving inland from the coast, the reports of even tighter inventory better reflect the mainstream real estate climate, particularly for homes priced under $750,000. As interest rates are anticipated to rise, buyers are currently hitting open houses and searching for opportunities all over Orange County.
For more information, visit coldwellbankerhomes.com.
By Jamie Duran
Jamie Duran is president of Coldwell Banker Residential Brokerage for Orange, Riverside and San Diego counties.