Beach city sales cooling down

marketchangesWith the weather starting to cool down, the beach city real estate seems to be following suit. On the other side, inland areas like Portola Hills and Lake Forest are gaining in popularity and homes sales. Lake Forest has always had a lower cost to buy than areas like Coto de Caza, but the prices were still out of reach for a lot of young couples. With the recent housing changes, the overall cost to get into a single family home has been lowered. This has allowed first time home buyers  a chance to get into the market. This is also causing an upswing in the lower price markets (inland) vs the higher priced markets (beach) which are still out of reach for a lot of Orange County. And, because of the increase in home sales, the prices are starting to go back up to their original levels, so make sure to get in soon if you want to take advantage of the market.

According to a recent article from Jon Lanser at the OC Register, “The “hottest” O.C. market in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Portola Hills at 1.0 months to theoretically sells all for-sale homes at the current buying pace. Lake Forest and Rancho Santa Margarita are also in the Top 5, mirroring DataQuick data on completed sales showing strength near the foothills. The “Coldest” market is Corona Del Mar at 11.5 months to theoretically sells all for-sale homes at the current buying pace.”

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