· There are 38% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 17%. 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, decreased by 33 homes in the past couple of weeks, down 1%, and now totals 2,393. The average pending price is $872,219.
· The average list price for all of Orange County remained at $1.7 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 43 days. This range represents 40% of the active inventory and 61% of demand.
· For homes priced between $750,000 and $1 million, the expected market time is 55 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.
· For homes priced between $1 million to $1.25 million, the expected market time is 88 days, an extremely slight seller’s market with very slow appreciation.
· For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 101 days to 111. For homes priced between $1.5 million and $2 million, the expected market time decreased from 178 to 173 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 280 days to 218 days. For luxury homes priced above $4 million, the expected market time increased from 316 to 326 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 decreased in the past couple of weeks from 67 days to 65 days, a tepid seller’s market (60 to 90 days). From here, we can expect the market time to slowly rise as housing makes its way through the final month of the Autumn Market.
· Distressed homes, both short sales and foreclosures combined, make up only 1.3% of all listings and 2.5% of demand. There are only 27 foreclosures and 40 short sales available to purchase today in all of Orange County, that’s 67 total distressed homes on the active market, decreasing by 14 in the past two weeks. Last year there were 133 total distressed sales, 99% more than today.
· There were 2,746 closed residential resales in September, nearly identical to the 2,736 closed sales in September 2016. September marked a 12% drop from August 2017, part of a normal autumn housing transition. The sales to list price ratio was 98% for all of Orange County. Foreclosures accounted for just 0.6% of all closed sales and short sales accounted for 0.9%. That means that 98.5% of all sales were good ol’ fashioned sellers with equity.
Looking at the Orange Count Real Estate Market there is opportunity for both buyers and sellers. With the low interest rates and continued price appreciation, home buyers today are going to save in both interest and payment if they buy today.
The same principal applies if you are thinking of selling. Homes priced right, will sell quickly and bring you top pricing. Allowing you to purchase your next home before rates increase.
Don't hesitate to contact us to review your real estate needs!