Facebook LinkedIn Twitter
Logo

Read my blog

14
Aug

Orange County Housing Market Summary - 8/14/2018

Orange County Housing Market Summary:

 

  • The active listing inventory increased by 134 homes in the past two weeks, up 2%, and now totals 6,893. Expect the inventory to peak within the next few weeks. Last year, there were 5,877 homes on the market, 1,016 fewer than today.
  • This year, 16% fewer homes have come on the market below $500,000 compared to last year, and there have been 25% fewer closed sales so far this year. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
  • Demand, the number of pending sales over the prior month, increased in the past two-weeks by 1 pending sale and now totals 2,394. Demand peaked in mid-May at 2,726 pending sales. Last year, there were 2,890 pending sales, 21% more than today.
  • The average list price for all of Orange County remained at $1.6 million over the past two-weeks. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
  • For homes priced below $750,000, the market is still a seller’s market (less than 90 days). This range represents 39% of the active inventory and 56% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 84 days. This range represents 21% of the active inventory and 21% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 94 days, a balanced market (between 90 to 120 days).
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased from 107 to 93 days. For homes priced between $1.5 million and $2 million, the expected market time decreased from 187 to 183 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 300 to 294 days. For luxury homes priced above $4 million, the expected market time decreased from 718 to 523 days.
  • The luxury end, all homes above $1.25 million, accounts for 31% of the inventory and only 14% of demand.
  • The expected market time for all homes in Orange County increased from 85 to 86 days in the past two weeks and is just about a balanced market (from 90 to 120 days).
  • Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 1.5% of demand. There are only 24 foreclosures and 35 short sales available to purchase today in all of Orange County, 59 total distressed homes on the active market, identical to two weeks ago. Last year there were 88 total distressed homes on the market, 49% more than today.
  • There were 2,766 closed residential resales in July, nearly identical to July 2017’s 2,768 closed sales. July marked a 3% decrease from June 2018. The sales to list price ratio was 97.8% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.5%. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.
Your Dedicated Agent

Bob Phillips

CA #00581357 Cell/Text: 949-887-5305

Bob Phillips
27401 Los Altos
Mission Viejo, CA92691

I´m Here To Help

If you are ready to start your buying or selling process
give me a call at 949-887-5305 - I´m happy to answer all your questions.

Contact Me Today