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.