Orange County Housing Market Summary:
Category : Laguna Beach Real Estate
- The active inventory added an additional 225 homes in the past two weeks and now totals 7,329 homes, a level not seen since October 2014. There are 394 more homes compared to last year at this time.
- There are 17% fewer homes on the market below $500,000 compared to last year at this time and demand is down by 13% as well. As home values continue to rise, this range is slowly disappearing.
- Demand, the number of pending sales over the prior month, decreased from 2,887 to 2,783 in the past two weeks, a 4% drop. Demand was at 2,810 last year, 1% more than today. The average pending price is $779,417.
- The average list price for all of Orange County dropped from $1.5 million two weeks ago to $1.4 million today.
- For homes priced below $750,000, the market is HOT with an expected market time of just 51 days. This range represents 44% of the active inventory and 68% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 91 days, a balanced market that does not favor buyers or sellers. This range represents 19% of the active inventory and 16% of demand.
- For luxury homes priced between $1 million to $2 million, the expected market time is at 146 days, decreasing by 2 days in the past couple of weeks. For luxury homes priced above $2 million, the expected market time increased from 322 days to 345 days. The luxury end, all homes above $1 million, accounts for 38% of the inventory and only 16% of demand.
- The expected market time for all homes in Orange County increased from 74 to 79 days in the past month, a slight seller’s market that is pushing its way to a balanced market, 90 to 120 days, that does not favor buyers or sellers.
- Distressed homes, both short sales and foreclosures combined, make up only 1.7% of all listings and 4.1% of demand. There are 46 foreclosures and 82 short sales available to purchase today, that’s 128 total distressed homes on the active market, a drop of 11 in the past two weeks and the lowest level since early 2007.
- There were 3,116 closed sales in June, a 3% increase over May and 1% fewer than last year’s 3,141 closings. The sales to list price ratio was 97.7%. Foreclosures accounted for 1.4% of all closed sales and short sales accounted for 1.2%. That means that 97.4% of all sales were good ol’ fashioned equity sellers.