Orange County Housing Market Summary:

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Orange County Housing Market Summary:

  • 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.

About Author

Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

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