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26
Mar

Orange County Housing Market Summary - 3-26-18

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.
  • 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.
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CA #00581357 Cell/Text: 949-887-5305

Bob Phillips
27401 Los Altos
Mission Viejo, CA 92691

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