Monday, March 26, 2018

Orange County Real Estate Update - Wait and Buy Less


We published a look back at February real estate transactions on  March 14th.  Below is an update of the market as of today.   With the spring buying season in beginning, we hope to see more homes come on the market but as you will note below we are still below number of homes needed to cover demand! 

Orange County Housing Market Summary:

The active listing inventory increased by 189 homes in the past two weeks, up 4%, and now totals 4,609. Expect the inventory to increase from now through mid-Summer. Last year, there were 4,716 homes on the market, 107 more than today.

This year, 18% fewer homes have come on the market below $500,000 today compared to last year and 39% fewer than two years ago. 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 in the past two-weeks by 121 pending sells, up 5%. The average pending price is $913,011. 

Cost of Waiting 


The average list price for all of Orange County remained at $1.8 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 HOT with an expected market time of just 33 days. This range represents 34% of the active inventory and 57% of demand.

For homes priced between $750,000 and $1 million, the expected market time is 44 days, a hot seller’s market (fewer than 60 days). This range represents 17% of the active inventory and 22% of demand.

For homes priced between $1 million to $1.25 million, the expected market time is 71 days, a slight seller’s market (between 60 and 90 days).

For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 78 days to 88. For homes priced between $1.5 million and $2 million, the expected market time decreased from 149 to 142 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 193 days to 202 days. For luxury homes priced above $4 million, the expected market time decreased from 338 to 296 days.

The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 14% of demand.

The expected market time for all homes in Orange County decreased from 55 days to 54 in the past two weeks, a hot seller’s market (fewer than 60 days). From here, we can expect the market time to remain below 60-days through May.

Distressed homes, both short sales and foreclosures combined, make up only 0.8% of all listings and 1.3% of demand. There are only 17 foreclosures and 22 short sales available to purchase today in all of Orange County, that’s 39 total distressed homes on the active market, dropping by 5 in the past two weeks. Last year there were 79 total distressed sales, 102% more than today.

There were 1,820 closed residential resales in February, down by 4% from February 2017’s 1,888 closed sales. February marked a 1% increase from January 2018. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.9% of all closed sales and short sales accounted for 0.7%. That means that 98.4% of all sales were good ol’ fashioned sellers with equity.

The above numbers along with the increase in interest rates indicates that if you are seriously thinking of selling this year and purchasing a new home?  Now is the time to take action.   Don't hesitate to give us a call to review the market in your neighborhood.  

Sunday, March 18, 2018

SOLD 27085 Hidden Trail Rd, Laguna Hills - 50,000 reasons why now is a great time to sell!

Congratulations to our clients on the recent sale of their home and to our buyer's on their new home in the community of Nellie Gail in Laguna Hills, California. 


27085 Hidden Trail Rd, Laguna Hills Sold by Realtor Chuck Harper


This specious home situated on a 1/2 acre lot with over 4000 sq.ft with 4 bedroom, 3.5 baths sold for the asking price of $1,400,000 in 1 day with multiple offers and $50,000 over asking?   A special thanks to our team at Keller Williams Mission Viejo including, the Z-Team and the Boyd Team, who all came together to ensure both our home owner and home buyer experienced stellar service!

Search Available Nellie Gail Homes


The community of Nellie Gail, encompasses over 1,350 acres of Laguna Hills, Nellie Gail Ranch and offers the perfect balance of country living with modern amenities in the heart of South Orange County.  Spacious picturesque horse estates, the serene community of Nellie Gail Ranch is a breath of fresh air in contrast to the region’s higher-density neighborhoods. Nellie Gail offers something for everyone with its collection of superb tract homes and exquisite custom estates – many enjoying views of the Saddleback Mountains, soothing hillsides, tranquil valleys and glistening city lights.

Nellie Gail Ranch is perhaps most known for being a world-class equestrian environment. With abundant acres of open space, many of the community’s homes have private horse facilities and direct access to nearly 20 miles of riding trails. Other privileged comforts include the option for membership at Nellie Gail Sports Club. Regarded as one of Southern California’s finest facilities, the Nellie Gail Sports club offers 12 lighted tennis courts, an Olympic size swimming pool, two volleyball courts, a club house with completely stocked pro shop, a lounge, locker rooms, and a world class equestrian center. The equestrian center boasts a staff of world renowned trainers three large riding rings, miles of beautiful bridle paths, turnout areas, hot walkers and box stalls for boarding enhance program development.

What's the Value of Your Nellie Gail Home


Nellie Gail Ranch provides residents  classic country living coupled with all the modern day luxuries Southern California has to offer. Ideally located only 12 miles from local beaches and the Dana Point Marina with convenient access to both the 5 Freeway and 73 Toll Road.

If are considering a move, please don't hesitate to contact us to review the current market in your neighborhood.  Your home might be the perfect fit for our home buyers.

Wednesday, March 14, 2018

March Orange County Real Estate Report


Is the luck of the Irish with Orange County home sellers or buyers?  Good question as we review the numbers of how the market is performing. 








Below is a look at how the market is currently trending in Orange County by price point.  In reviewing this we would have to say Irish luck is on the side of the seller.  However, with anticipated price appreciation and interest rates buying now is really a lucky move for home buyers.  It is also important note though it is Sellers market, homes that are overpriced will sit on the market as buyer's today not willing understand the numbers and are not willing to overpay.
   
- The active listing inventory increased by 242 homes in the past two weeks, up 5%, and now totals 4,420. Expect the inventory to increase from now through mid-Summer. Last year, there were 4,571 homes on the market, 151 more than today.

· There are 24% fewer homes on the market below $500,000 today compared to last year at this time and demand is the same as last year. 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 in the past two-weeks by 24 pending sells, down 1%. The average pending price is $900,305.

· The average list price for all of Orange County remained at $1.8 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 HOT with an expected market time of just 33 days. This range represents 35% of the active inventory and 58% of demand.




· For homes priced between $750,000 and $1 million, the expected market time is 43 days, a hot seller’s market (fewer than 60 days). This range represents 17% of the active inventory and 22% of demand.

· For homes priced between $1 million to $1.25 million, the expected market time is 82 days, a slight seller’s market (between 60 and 90 days).

· For luxury homes priced between $1.25 million and $1.5 million, the expected market time dropped from 79 days to 78. For homes priced between $1.5 million and $2 million, the expected market time increased from 115 to 149 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 167 days to 193 days. For luxury homes priced above $4 million, the expected market time decreased from 515 to 338 days.



· The luxury end, all homes above $1.25 million, accounts for 38% of the inventory and only 14% of demand.

· The expected market time for all homes in Orange County increased from 51 days to 55 in the past two weeks, a hot seller’s market (fewer than 60 days). From here, we can expect the market time to remain below 60-days through May.

· Distressed homes, both short sales and foreclosures combined, make up only 1% of all listings and 1.4% of demand. There are only 14 foreclosures and 30 short sales available to purchase today in all of Orange County, that’s 44 total distressed homes on the active market, rising by four in the past two weeks. Last year there were 77 total distressed sales, 77% more than today.

· There were 1,820 closed residential resales in February, down by 4% from February 2017’s 1,888 closed sales. February marked a 1% increase from January 2018. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.9% of all closed sales and short sales accounted for 0.7%. That means that 98.4% of all sales were good ol’ fashioned sellers with equity.
For a complete copy of the report click here!
If you are thinking of a move whether buying or selling, it is important to sit down with your agent and review the market in your neighborhood.  We do things differently then most agents.  We provide a comprehensiveness market consultation to first understand what your goals are and secondly what is happening in the market to develop a plan of action that you can count on.   Our clients find review is very valuable in working together.  Check out what a few of our customers have said. Don't hesitate to give us a call to review your real estate needs or if you just have a question about the current real estate market.