As we reported in the last Orange County Real Estate Trends posted last week, August promised to be an improvement over July’s real estate activity, and in many respects it was. According to RBI, LLC., the dollar value of homes sold in August 2013 increased over $2 million for both July 2013 and from August 2012. The later representing a 28% increase from a year ago.This reflects the fact that there was a corresponding increase of 28% in the number of homes sold as well, with a slight increase of 1.61% in the average price sold compared to August 2012.
In comparing the real estate trends from July to August of this year, August showed, despite a decline in both the median and average price sold, increases in dollar volume, total homes sold, fewer day on the market and a higher sold price to original listing price.
Obviously as summer ends and school begins, people are anxious to decide on the right home for their needs and are prepared to make a decision on the home of their choice. Additionally as more homes close, the inventory declines, which also helps motivate buyers.
As this unusual summer weather transitions into fall, one hopes that the market continues the trend indicating a recovery for the real estate markets, and although the leaves will start to fall that doesn’t seem to be the case for neither interest rates nor home prices.
So if you are currently looking to buy or sell a home, remember for all of your real estate needs call the Ostlund Team, and allow us to share our synergy of teamwork to help you achieve your real estate goals. The OstlundTeam will work “OverTime” for you! Call Penny at 540.903.9372 or Charlie at 540.903.7796