May OC Real Estate Market For Homes 600k To 1 Million.

The real estate market in Orange County on homes from $600,000 to $1,000,000 was very strong for the month of May. As you can see by the graph below, for sale, pended and sold are all up month over month. Days on market is at 74, 5 days more then last month.  The average price per Sq. Ft is $303, there is only 1 month when that was higher dating back 15 months. Pended ( property that actually sold in that month) is also the highest it has been in the last 15 months. The average active price is $769,000 no change between this month and last. Sellers are getting about 94% of their original list price!

With historically low interest rates, financing beginning to open up in the jumbo market and prices starting to reflect true values as upper end foreclosures start to mount, makes this is a great time to enter the luxury market.

Now that the tax credit has ended it will be interesting to see what happens in the next few months. Does demand continue to stay strong? Or will supply out weigh demand driving prices down? Only time will tell.

Stay tuned for tomorrow when I will look at the over 1 million market.

	1 month			1 year			15 months
	Apr 10	May 10	% Change	May 09	May 10	% Change	Mar 09	May 10	% Change
For Sale	2141	2267	5.9%	2037	2267	11.3%	2382	2267	-4.8%
Sold	442	551	24.7%	435	551	26.7%	328	551	68%
Pended	657	678	3.2%	546	678	24.2%	401	678	69.1%