What happened to affordable, entry level housing? The simple answer is appreciation
Category : Laguna Beach Real Estate
- Inventory increased to 212, which is the highest for March in the last three year. 11 are below a $1m and 65 are above $4m. However, the number is still historically low
- The demand (shown by new escrow openings) remained strong
- Still a strong sellers’ market for compelling homes in good locations.
Orange County Summary:
- Orange County has posted 45 consecutive months of year-over-year price increases, although double-digit price jumps ended nearly two years ago
- Orange County had an average of 5,455 homes posted in the multiple listing service in late March, the lowest for that period since 2013. Similar trends occurred in January and February.
- Low inventory has plagued the Orange County housing market since 2012, and it’s getting worse in the lower ranges
- In March of 2011, homes priced below $500,000 represented half of all listings. Last month, they represented 22 percent of listings and 33 percent of new escrows.