Economic Outlook and Job Market
-Orange County employment shows positive growth in comparison to 2011 as 2012 is expected to finish with an additional 20,000 jobs for the year with a projection of 150,000 new jobs from the 2013-2018 period. Strong job growth equals housing demand at all levels.
-Job market growth is predicted to peak in 2015 so builders are hurrying projects to match these coincide opening dates.
2013 Snapshot on OC Housing Market and the Recovery
-An overall demand for housing throughout the entire Orange County has reflected considerable strength at a variety of home prices, indicating a favorable seller’s market.
-To meet the growing housing demand, numerous master-planned communities are in the works with 30 projects expected to open in 2013 alone.
-Housing Permits are expected to increase over the next five years especially as job growth accelerates.
-Dataquick reported Orange County October resales were up from last year by 17% with condo sales up nearly 20% and single-family detached homes about 15% higher.
-Increase demand in rental properties are expected, with a shift in the housing demand geared more towards rental property. These rental properties are going to be prominently available in the Irvine area.
-Larger scale housing communities catering towards young, professional renters are scheduled to open in Tustin and Huntington Beach over the next several years.
Data via Meyers Real Estate Advisors located in Irvine, CA. Meyersprovides an extensive look at the housing market recovery, their ‘market watch’ reveals positive news for Orange County’s economy and job market.
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