Wednesday, November 22, 2017

Thankful this fall for the OC real estate market.. find out why!

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We have a lot to be thankful for this Thanksgiving in Orange County.   When the real estate market traditional slows across the country, we are seeing people out and about looking at homes.. Maybe because today is suppose to be about 90 degrees.

But it is not only weather.. below is a recap of how the real estate market is really doing this November... Take a peek and if you have any questions, please do not hesitate to give us a call!

The active listing inventory decreased by 164 homes in the past couple of weeks and now totals 4,714. With the start of the Holiday Market this week, the inventory will drop considerably for the remainder of the year. Last year, there were 5,655 homes on the market, 941 more than today.

· There are 32% 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 95 homes in the past couple of weeks, down 4%, and now totals 2,314. The average pending price is $861,404.

· 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 39 days. This range represents 39% of the active inventory and 62% of demand.

· For homes priced between $750,000 and $1 million, the expected market time is 57 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 18% of demand.

· For homes priced between $1 million to $1.25 million, the expected market time is 76 days, a seller’s market.

· For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 100 days to 112. For homes priced between $1.5 million and $2 million, the expected market time decreased from 154 to 143 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 164 days to 181 days. For luxury homes priced above $4 million, the expected market time increased from 424 to 466 days.

· The luxury end, all homes above $1.25 million, accounts for 36% of the inventory and only 13% of demand.

· The expected market time for all homes in Orange County remained at 61 days, a tepid seller’s market (60 to 90 days). From here, we can expect the market time to rise slightly through the end of the year.

· Distressed homes, both short sales and foreclosures combined, make up only 1.4% of all listings and 2.1% of demand. There are only 23 foreclosures and 45 short sales available to purchase today in all of Orange County, that’s 68 total distressed homes on the active market, increasing by 10 in the past two weeks. Last year there were 123 total distressed sales, 81% more than today.

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· There were 2,553 closed residential resales in October, down by 1% from October 2016’s 2,575 closed sales. October marked a 7% drop from September 2017, normal for the Autumn Market. The sales to list price ratio was 98.4% for all of Orange County. Foreclosures accounted for just 0.7% of all closed sales and short sales accounted for 1.2%. That means that 98.1% of all sales were good ol’ fashioned sellers with equity.

Happy Thanksgiving!

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