Orange County CA Housing Market Update

OC Property NewsOrange County CA housing market shows normal trends for start of December.

Orange County Great Park balloon

  • The active listing inventory decreased recently and is down to 4,323, the largest drop of the year.  Last year 2016 at the same time, there were 5,177 homes on the market, which is 854 more than this year.
  • There are 32% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 9%. Fewer and fewer homes and condominiums are now priced below $500,000, and this price range is disappearing.
  • Demand, the number of pending sales over the prior month, plunged by 232 units in the past couple of weeks, which is down 10%, and now totals 2,082.  The average pending home selling price is $841,391.
  • The average list price for all of Orange County increased to $1.8 million (a new high price record for listings). 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 those at the lower end.
  • For homes priced below $750,000, the market is hot with an expected market time of just 39 days. This range represents 39% of the active inventory and 63% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 54 days, a hot seller’s market (less than 60 days). This range represents 16% of the active inventory and 19% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 71 days, a slight seller’s market.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 112 days to 129.
  • For homes priced between $1.5 million and $2 million, the expected market time increased from 143 to 169 days.
  • For luxury homes priced between $2 million and $4 million, the expected market time increased from 181 days to 246 days.
  • For luxury homes priced above $4 million, the expected market time decreased from 466 to 437 days.
  • The luxury end, all homes above $1.25 million, accounts for 37% of the inventory and only 11% of demand.
  • The expected market time for all homes in Orange County increased slightly from 61 days to 62, a tepid seller’s market (60 to 90 days).
  • Distressed homes, both short sales and foreclosures combined, make up only 1.5% of all listings and 2.3% of demand.
  • There were 2,553 closed residential resales in October 2017, which was down by 1% from October 2016’s 2,575 closed sales.  October marked a 7% drop from September 2017, normal for the Autumn Market.

Connect with us for free information about Orange County property values and home selling strategy.  Contact by cell or text at 949-701-2515.

Christi & Harrison

By Harrison K. Long – Experienced professional real estate representative, REALTOR® and Real estate broker – CALBRE #01410855 – broker associated with HomeSmart Evergreen Realty.   Attorney member of CA State Bar Association #69137.   Source of information for this article is Steven Thomas and his ReportsOnHousing.com and CRMLS multiple listing service.

“Orange County CA Housing Market Update – December 4, 2017”

 

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Orange County CA Housing Market Update

Orange County CA Housing Market Update – November 6, 2017

Newport Beach Bay

Orange County CA Housing Market Update – November 6, 2017

The active listing inventory decreased by 337 homes in the past couple of weeks and now totals 4,878.  Last year, there were 5,955 homes on the market, 1,077 more than today.

There are 36% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 16%. Fewer homes and condominiums are now priced below $500,000, and this price range is slowly disappearing.

Demand, the number of pending sales over the prior month, increased by 16 homes in the past couple of weeks, up 1%, and now totals 2,409. The average pending price is $879,146.

The average list price for all of Orange County remained at $1.7 million. 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 40 days. This range represents 40% of the active inventory and 61% of demand.

For homes priced between $750,000 and $1 million, the expected market time is 51 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.

  • For homes priced between $1 million to $1.25 million, the expected market time is 85 days, an extremely slight seller’s market with very slow appreciation.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased from 111 days to 100.
  • For homes priced between $1.5 million and $2 million, the expected market time decreased from 173 to 154 days.
  • For luxury homes priced between $2 million and $4 million, the expected market time decreased from 218 days to 164 days.
  • For luxury homes priced above $4 million, the expected market time increased from 326 to 424 days.
  • The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 13% of demand.

The expected market time for all homes in Orange County decreased in the past couple of weeks from 65 days to 61 days, a tepid seller’s market (60 to 90 days).

2,543 homes were sold last month during October 2017, which was down by 1% from October 2016’s 2,575 closed sales – and we are in a normal fall market where number of home sales decline during October.

Connect with us for free information about Orange County property values and home selling strategy.  Contact by cell or text at 949-701-2515.

By Harrison K. Long – Professional real estate representative, REALTOR® and Real estate broker – CALBRE #01410855 – broker associated with HomeSmart Evergreen Realty.   Attorney member of CA State Bar Association #69137.   Source of information for this article is Steven Thomas and his ReportsOnHousing.com and CRMLS multiple listing service.

“Orange County CA Housing Market Update – November 6, 2017”

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Orange County CA Housing Market Update

Orange County CA housing market update

Orange County Housing Market Update – October 23, 2017

The active listing inventory of homes for sale decreased by 167 homes in the past couple of weeks – and is at  5,215.

The trend of fewer homes for sale is down for the remainder of the year. Last year, there were 6,337 homes on the market, 1,122 more than today – October 22, 2017.

There are 38% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 17%.  Fewer homes and condominiums are now priced below $500,000, and this price range is slowly disappearing.

Demand, the number of Orange County pending home sales over the prior month, decreased by 33 homes in the past couple of weeks, down 1%, and now totals 2,393. The average pending price is $872,219.

For Orange County homes priced below $750,000, the market remains is hot with an expected market time of just 43 days. This range represents 40% of the active inventory and 61% of demand.

For homes at Orange County priced between $750,000 and $1 million, the expected market time is 55 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.

For homes priced between $1 million to $1.25 million, the expected market time is 88 days, an extremely slight seller’s market with very slow appreciation.

For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 101 days to 111.

For Orange County luxury homes priced between $2 million and $4 million, the expected market time decreased from 280 days to 218 days. For luxury homes priced above $4 million, the expected market time increased from 316 to 326 days.  The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 13% of demand.

The expected market time for all homes in Orange County decreased in the past couple of weeks from 67 days to 65 days (60 to 90 days). From here, we can expect the market time to slowly rise as housing makes its way through the final month of the Autumn Market.

There were 2,746 closed residential resales in September 2017, nearly identical to the 2,736 closed sales in September 2016.

September 2017 marked a 12% drop from August 2017, part of a normal autumn housing transition.  The sales to list price ratio was 98% for all of Orange County.

By Harrison K. Long – real estate broker, CALBRE 01410855. Realtor and professional real estate representative at HomeSmart Evergreen Realty. Contact me at 949-701-2515.  Source of information is ReportsOnHousing.com and CRMLS multiple listing service.

If you want to pursue a real estate goal, now is the best time to act.   Please contact us for more information about Orange County home listing, selling and buying process – and how to best position yourself for success.

By Harrison K. Long – real estate broker, CALBRE 01410855. Realtor and professional real estate representative at HomeSmart Evergreen Realty. Contact me at 949-701-2515.

By Christi Long, real estate agent, CALBRE 01410855.  Professional real estate representing for buyers, sellers and investors since 2004.  Contact me at 949-212-5427.  REALTOR® agent at HomeSmart Evergreen Realty.  CalBRE 01438859.

“Orange County Housing Market Update – October 23, 2017”

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East Costa Mesa CA New Homes for Sale at Walnut Horseshoe Area

East Costa Mesa CA has 4 new single family homes being completed by the builder Bayport Homes, which are available for buyers at Esther Street and Walnut Place (the Walnut Horseshoe area).

411 Esther Street – residence 1A floor plan at the development and has 4 bedrooms (plus a California room) and 5 baths and 3,096 SF of living space.  This home has a three car garage and listed price is $2,295,000.

 

 

 

 

417 Esther Street – residence 1B floor plan – with 4 bedrooms and 5 baths and 3,474 SF of living space.  This home has a four-car garage and list price for this home is $2,389,000.

New SFR Homes at East Costa Mesa

 

 

 

 

 

 

 

 

410 Walnut Place – a residence 2B builders floor plan – with 4 bedrooms and 5 baths and 3,474 SF of living space.  This home has a 4 car-garage and list price for this home is 2,369,000.

 

 

 

 

 

 

416 Walnut Place – a residence 1B builders floor plan – 4 bedrooms and 5 baths.  This home has 3,096 SF of living space (plus California room) and list price for this home is $2,275.000.

These new homes being completed at Esther Street and Walnut Place, East Costa Mesa, are amazing and will be the envy of home buyers in one of the most sought-after areas for buyers at Orange County CA.

This post is based upon information available from CRMLS multiple listing service.  Some images are courtesy of Bayport Homes (the owner/builder) and Grant Bixby, listing agent at Villa Real Estate.

If you like East Costa Mesa and are thinking about pursuing a real estate goal, now is the best time to act.   Please contact us for more information about East Costa Mesa and the home listing, selling and buying process – and how to best position yourself for success.

By Harrison K. Long – real estate broker, CALBRE 01410855. Realtor and professional real estate representative at HomeSmart Evergreen Realty. Contact me at 949-701-2515.

By Christi Long, real estate agent, CALBRE 01410855.  Professional real estate representing for buyers, sellers and investors since 2004.  Contact me at 949-212-5427.  REALTOR® agent at HomeSmart Evergreen Realty.  CalBRE 01438859.

“East Costa Mesa New Homes being completed and available for buyers at the Walnut Horseshoe area”

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Home Buyers Should Always Consider Before Buying

Lido Isle homes

Home buyers should always consider before buying some basic elements of due diligence.

Buyers sometimes get caught up in the romance of experience and don’t pay enough attention to the most important things.

 

 

1.  Look and feel of the neighborhood (during the day and also during the night).

Seeing the house at different times during the day and night gives you as buyer an understanding of what’s really going on in the neighborhood.  When you stroll your street at night, you’re not just looking for danger.  This community can change and become more or less quiet when everyone is home from work and school.

2.  Safety elements for people in the neighborhoods.

See whether there is access for fire department and police officer vehicles to this home?

3.  The daily commute to and from work (in miles and minutes).

Check out where gridlock or other traffic problems can arise after a test of the roads and highways.

4.  The CC&Rs (codes, covenants and rules of living at the community association).

Find out whether the home is located in a community with a homeowners association, buyers need to get a copy and read about the conditions, covenants, and restrictions.  These will regulate what you can and cannot do with your property.

5.  Whether there are any rental restrictions for this home.

What if any are the city or HOA restrictions on possible short term rental or marketing of the home on an Airbnb type of platform.

6.  Size of the lot and interior of the home.

Find out detailed information from the agents and Realtors involved, know this and not be surprised after escrow closing to learn that the house and lot are smaller than expected.

7.  Need for special property specialty inspections

While a home inspection is a must, most inspectors are generalists who will check for mechanical systems, structural concerns, or possible contamination.  If the property has complex systems, such as septic systems, sewers, wells, or solar panels, that should be evaluated by a specialist.

8.  Features of the home that can’t be changed

Find out whether elements of the home can be reasonably changed (such as location, lot, power lines, and floor plan, valuable lot or not, power lines overhead, sewer system).  Much of a home’s perceived value comes from these factors.

9.  Home value in current market.

Home buyers should get this best and most recent comparative market value information for this home from their Realtors and learn about market trends and how that might impact this specific home – and what are positive elements that will help you sell the home in the future.

10.  Is there room to grow?

To make a home a wise investment, buyers need to be careful and then stay put for several years. That’s why buyers should be careful about what they need in the future.  Will somebody be working from the home?  Quiet space that can serve as a home office and might be important. If you’re thinking of starting a family, consider where the baby will sleep — and if your yard will fit a swing set or if there are nearby parks.

While you don’t want to buy more house than you can afford, you don’t want to outgrow the house too soon.

If you are thinking about pursuing a real estate goal, now may be the time to act.

Please contact us for more information about the home listing and selling process – and how to best position yourself for success.  Let’s get started!

Presented by Harrison K. Long, real estate broker, CALBRE 01410855. Realtor and professional real estate representative. Also an attorney member of the CA State Bar association #69137.  Contact me at 949-701-2515.

Christi Anthony Long

Presented by Christi Long, real estate agent, CALBRE 01410855. Realtor and professional real estate representing for buyers, sellers and investors since 2004.  Contact me at 949-212-5427.  REALTOR® agent at HomeSmart Evergreen Realty.  CalBRE 01438859.

Source of some information for this post is an article at Realtor.com, August, 2017. 

“Home Buyers Should Always Consider Before Buying”

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First Week of Fall 2017 Brings Special Opportunity for Home Owners and Sellers

Sunset at Crystal Cove State Park and Beach

The first week of fall 2017 is upon us and brings sparkling weather and special opportunity for home owners and sellers.

3,116 Orange County homes were sold last month during August 2016.  Irvine continues to be the top city for home selling and had 297 homes with completed deals last month.

Home buyers at Orange County are still eager and are ready to go.

For home sellers who were priced too high and didn’t sell prior to end of summer, now is a good time for them to reconsider new pricing at real market value.

Now is a great time for sellers, because weather conditions make the home buyer task of moving somewhat easier and more attractive, which motivates buyers even more prior to the holiday season.

Home owners can also use this time during September and October to look more closely at their homes and make some positive improvements, such as cleaning gutters, removing or replacing things that change water flow around the exterior of the house, check weather stripping and seals around doors and windows, and have the roof inspected and repaired as needed after end of summer sunshine.

These basic home improvement tasks can end up saving you money on energy bills – and also help prepare your home for listing and sale to attract the best-qualified buyers.

If you are thinking about pursuing a real estate goal, now may be the time to act.

Please contact us for more information about the home listing and selling process – and how to best position yourself for success.

Thanks, and let’s get started!

Presented by Harrison K. Long, real estate broker, CALBRE 01410855. Realtor and professional real estate representative. Also an attorney member of the CA State Bar association #69137.  Contact me at 949-701-2515.

Christi Anthony Long

Presented by Christi Long, real estate agent, CALBRE 01410855. Realtor and professional real estate representing for buyers, sellers and investors since 2004.  Contact me at 949-212-5427.  REALTOR® agent at HomeSmart Evergreen Realty.  CalBRE 01438859.

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East Costa Mesa CA is Famous for Single Level Homes

East Costa Mesa single level homes

East Costa Mesa CA is famous for its single level ranch style homes and opportunity for buyers and investors.

26 East Costa Mesa single level homes are now listed for sale on CRMLS multiple listing service – click here. 

 

East Costa Mesa single level home

13 single level homes at East Costa Mesa are now under purchase contracts or pending at CRMLS.

4 single level homes at East Costa Mesa were sold with closed escrows during the past 30 days – see information here.

 

 

70 single level homes at East Costa Mesa have sold so far this year – see information here.

East Costa Mesa single level home on Walnut

Source of information for this post is CRMLS multiple listing service and is for East Costa Mesa single level homes listed and sold by all brokers and agents.

Contact us about East Costa Mesa and ORANGE COUNTY CA homes and information for the home selling and buying process. 

Real estate information is presented by Harrison K. Long – Professional real estate representative and REALTOR®.  Real estate broker – CALBRE #01410855.  Broker associate, HomeSmart Evergreen Realty, Irvine, CA.  Also an attorney member of CA State Bar Association #69137.

Providing buyers, sellers and investors with the best up to date information and customer service real estate experience at Orange County CA.

“East Costa Mesa is famous for single level homes”

#EastCostaMesaRealEstate #SingleLevelHomes #CostaMesaHomes

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Home Loan Rates Still Amazingly Good at Orange County CA

Home loan mortgage rates still excellent at Orange County CA – July 7, 2017

 

Source of these home loan rates information is: 

Jim Power
United American Mortgage Corporation
19782 Macarthur Blvd, Suite 250
Irvine CA, 92612
Phone: 949-295-6014
jpower@uamco.com
NMLS # 260926
BRE # 01027174
BRE # 00976701

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Surprisingly Low Home Loan Rates are Still Available at Orange County

Amazingly low home loan rates are still available for buyers and those who want to refinance at Orange County CA.  

Source of these home loan rates information is: 

Jim Power
United American Mortgage Corporation
19782 Macarthur Blvd, Suite 250
Irvine CA, 92612
Phone: 949-295-6014
jpower@uamco.com
NMLS # 260926
BRE # 01027174
BRE # 00976701

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27 Homes Listed for Sale That Are Priced Under $500k at Irvine Real Estate

Watermarke Irvine homes

Irvine CA has 27 homes now listed for sale that are priced under $500k – click here for information.

Home buyers should take advantage of these Irvine home opportunities now during summer months.

Irvine has about 265,000 residents now and is the economy powerhouse at Orange County with jobs and employment – and continues to be the top home selling city in the county.

Connect with us about Irvine home listing and selling process and learn what your home is worth in today’s market.

Source of information for this article is CRMLS multiple listing service and is for homes represented by all brokers and agents.

We will provide the best customer service experience for you as sellers, buyers, and investors.

Presented By Harrison K. Long – REALTOR® and professional real estate representative. Real estate broker – CALBRE #01410855.  Honored as “Orange County REALTOR® of the Year 2016” by the Orange County REALTORs®.

Have questions?  Contact us by cell or text at 949-701-2515 for Irvine home selling and buying information.

“Irvine CA Has 27 Homes now listed for sale at less than $500k.”

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