Orange County CA Housing Market update – March 17, 2017
Current Orange County housing market is hot with very low inventory and big-time buyer demand.
A driving force for buyers is to jump on today’s historically low interest rates before they rise again.
Securing a low rate now allows buyers to get more house for their money. As the economy continues to improve, mortgage rates go up. For buyers interested in cashing in on today’s low rate environment, the window of opportunity is closing.
Orange County homes for sale listing inventory increased by 111 homes in the past couple of weeks (a 2% rise) and now totals 4,571.
There are 11% fewer homes that have come on the market for sale so far this year compared to 2016.
The inventory of homes for sale is expected to start to go up as the market transitions into the spring – and will most likely peak in mid-August.
Market demand (the number of pending sales at Orange County over the prior month), decreased by 3% in the past couple of weeks, dropping by 75 and now totals 2,576. Today’s demand is 4% lower than last year when it totaled 2,671. The average pending price is $823,575.
- The average list price for all of Orange County is $1.7 million, and this high number is due to large number of homes for sale in the luxury ranges that sit on the market – and also recent influx of luxury listings.
- For homes priced below $750,000, the market is hot with an expected market time of just 31 days – and this range represents 37% of the active inventory and 64% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 55 days, a seller’s market (less than 60 days). This range represents 19% of the active inventory and 19% of demand.
- For luxury homes priced between $1 million to $1.5 million, the expected market time is at 87 days.
- For homes priced between $1.5 million to $2 million, the expected market time increased is 133 days.
- For luxury homes priced above $2 million, the expected market time increased and is now at 252 days.
- Luxury homes above $1 million account for 44% of the inventory of homes for sale and only 17% of market demand.
The expected market time for all homes in Orange County increased slightly in the past couple of weeks from 50 to 53 days, and it’s still a solid seller’s market.
Foreclosures at Orange County in February accounted for just 1.2% of all closed sales and short sales accounted for 1.9% – so 96.9% of all home sales were equity sellers.
By Harrison K. Long – Professional real estate representative and REALTOR®. Real estate broker – CALBRE #01410855. Broker associate, HomeSmart Evergreen Realty. Honored as “REALTOR® of the Year 2016” by the Orange County REALTORs®. Attorney member of CA State Bar Association #69137.
We provide the best up-to-date Orange County real estate market information for friends and clients. Source of some information is ReportsOnHousing.com and is for homes sold by all brokers and Realtor agents. Contact us for more information by cell or text at 949-701-2515.
“Orange County CA Housing Market Update – March 17, 2017”