Orange County CA homes sales and median selling prices were up last month during February 2013.

 Home Sold Prices Median at Orange County CA- during February 2013

Resale Homes – $529,500 – up 16.4 percent as compared with January 2013 

Resale condominiums – $325,000 – up 30 percent from last month

New Homes – $676,000 – up 21 percent from last month

All homes – $477,000 – up 22 percent from last month – also up as compared with one year ago

Homes sold at Orange County CA – during February 2013

Resale Houses – 1,424 homes sold – up 2.4 percent from January

Resale condominiums – 679 homes sold – up 6.8 percent from January

New Homes – 149 homes sold – up 75 percent from January

All homes – 2,252 homes sold – up 6.7 percent from January – also up from one year ago

It's not  surprising that the Orange County CA home selling market continues on a rebound and has lots of qualified and motivated buyers and not enough sellers.  

However, the small number of homes listed for still as compared with last year limits options for buyers.  This results in big-time buyer competition for homes and multiple offers, which drives prices and sellers expectations upward.  

Even though this Orange County housing market is very favorable for sellers, I expect that the selling price upward movement should stablize and level off as home selling supply goes up and gets closer to buyer demand.  

Source of information is DataQuick News and OCRegister.com.  

Irvine CA real estate has lack of sufficient inventory of homes for sale during this time to satisfy buyer demand.

Irvine has 190 homes listed for sale on the MLS – as of today March 14, 2013.

238 Irvine homes went into "backup" or "pending" status during the past 30 days.

Larger number of Irvine homes are being sold now on a monthly basis than the number the market has for sale.

87 of those listed are detached single family residential properties, and 103 of the Irvine homes listed are condo properties.

Buyers continue to move forward, and 419 Irvine homes have sold with closed escrows so far this year 2013.

This number of sold Irvine homes is modest during this time only because of extremely low number of homes listed for sale.

Irvine average market time is unbelievably fast, and it would take less than 30 days to theoretically sell all homes now listed on the market. This compares with 3.4 months average Irvine market time 3 years ago.

Irvine CA home owners who want or need to sell should get organized, have their properties cleaned and staged, and hire an experienced REALTOR to put the home on the market now and as soon as possible.

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Total Orange County distressed property listings, short sale and foreclosure listings, is down from peak during 2007 of about 5,000 – to less than 500 homes – lowest level in many years. 

The current Orange County market continues to be strong with buyers who are basically cleaning out the inventory of homes for sale almost as fast as they get to market.

Average market time to sell all Orange County homes is less than 1.5 months – time it would take to theoretically sell all Orange County homes now listed at current rate of sale.  This fast market with not enough listings favors the sellers.

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Newport Beach CA home owners sold lots of homes last year 2012 to all cash buyers.  Property sales were up and values improved.

1,075 Newport Beach homes sold last year during 2012 – an average of almost 90 homes sold per month.

Average sold price of homes at Newport Beach last year was $1,439,382.

651 of the sold homes at Newport Beach during 2012 were to all cash buyers – so almost 60 percent of Newport Beach homes sales during 2012 were to cash buyers who used no purchase money loans.

It's not surprising that Newport Beach home sales were up last year – and that its home owner/sellers are getting happy again.

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