Every day we are asked, "Will this 'Bubble' Burst any time soon? Should I wait until the housing prices fall before purchasing a home?" While it may seem like we are in another bubble, the numbers say otherwise. We have studied the trends in Orange County and took a look at some of the numbers. Here is what we found:
- Orange County added 31,400 new jobs in 2016.
- There were 12,157 new home building permits pulled in Orange County in 2016. This is the highest number of new construction permits pulled since 2000.
- Of these 12,157 permits, approx. 8,000 of them were for multi-family units, and 4,000+ were for single family residents.
- There were 2.6 new jobs for every new home built (OC average is 1.4 jobs per household)
- The Vacancy Rate in OC right now is only 4%
All of this new Orange County home data points to an extremely strong and stable housing market. The Demand is outpacing the Supply and with this comes rising home and rental prices. The increase in new home construction shows confidence that there is strong buyer demand and a thriving economy.
Low housing inventory, high buyer demand, low interest rates, and an increase in Orange County jobs indicates a steady, strong economy and housing market now and in the forseeable future. If you are on the fence to buy or sell your home, now is the perfect time.