Orange County Housing Market Snapshot:
Wondering how the real estate market is really doing in Orange County. Steven Thomas from Reports on Housing, latest report for April breaks it down nicely. Below is a quick summary of what is going on with real estate in the county!!
- The active listing inventory increased by 124 homes, or 2%, in the past couple of weeks, and now totals 5,387. Last year, there were 6,000 homes on the market, 613 more than today.
- There are 37% fewer homes on the market below $500,000 compared to last year at this time and demand is down by 22%. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly disappearing.
- Demand, the number of pending sales over the prior month, increased by only 1% in the past couple of weeks, adding 31 pending sales and now totals 3,012, above 3,000 for the first time since last November. Today’s demand is 6% lower than last year when it totaled 3,196. The average pending price is $876,996.
- The average list price for all of Orange County remained at $1.6 million. 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 HOT with an expected market time of just 34 days. This range represents 37% of the active inventory and 60% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 51 days, a seller’s market (less than 60 days). This range represents 19% of the active inventory and 20% of demand.
- For luxury homes priced between $1 million to $1.25 million, the expected market time is at 67 days. For homes priced between $1.25 million and $1.5 million, the expected market time is at 89 days. For homes priced between $1.5 million to $2 million, the expected market time increased from 116 to 134 days. For luxury homes priced above $2 million, the expected market time increased from 189 to 198 days.
- The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 13% of demand.
- The expected market time for all homes in Orange County increased from 53 days to 54 in the past couple of weeks, a solid seller’s market (less than 60 days). From here, we can expect the market time to slowly rise throughout the Spring and Summer Markets, moving from a deep seller’s market to a slight seller’s market.
- Distressed homes, both short sales and foreclosures combined, make up only 1.5% of all listings and 2.4% of demand. There are only 34 foreclosures and 47 short sales available to purchase today in all of Orange County, that’s 81 total distressed homes on the active market, 8 fewer than two weeks ago. Last year there were 135 total distressed sales, 67% more.
- There were 2,663 closed sales in April, a 5% decrease over March 2017 and a 3% decreased over April 2016. The sales to list price ratio was 98.6% for all of Orange County. Foreclosures accounted for just 0.8% of all closed sales and short sales accounted for 1.4%. That means that nearly 98% of all sales were good ol’ fashioned equity sellers
As you can see there are many different variables for the OC real estate market. Depending on your needs and location that will determine how these factors effect your selling or buying strategy. Don't hesitate to contact me to review what is happening in your neighborhood.