Active listing inventory of Orange County homes for sale increased by 5% recently and now totals 5,263 homes currently listed for sale.
Price range below $500,000 is slowly disappearing. There are 40% fewer homes on the market below $500,000 compared to last year at this time – and demand is down by 25%. Fewer and fewer homes and condominiums are now priced below $500,000.
Orange County home buying market demand – the number of pending home sales over the prior month – is stable. Current market is now close to 3,000 pending sales – a sign that the hottest time of the year has arrived.
The average Orange County home price of pending sales is $895,476. The average list price for all of Orange County homes remained at $1.6 million, and this high number is because of mix of homes in luxury ranges that are priced incorrectly and sit on the market too long.
- For homes priced below $750,000, the market is HOT with an expected market time of just 33 days. (This range represents 37% of the active inventory and 59% of demand).
- For homes priced between $750,000 and $1 million, the expected market time is 49 days, a seller’s market (less than 60 days, and this range represents 19% of the active inventory and 21% of demand.
- For luxury homes priced between $1 million to $1.5 million, the expected market time is at 84 days.
- For homes priced between $1.5 million to $2 million, the expected market time is 116 days.
- For luxury homes priced above $2 million, the expected market time is at 189 days.
- The luxury end, all homes above $1 million, accounts for 44% of the inventory and only 20% of demand.
- The expected market time for all homes in Orange County is at 53 days and is a solid seller’s market (where it is less than 60 days).
Orange County home selling market time is expected to slowly rise throughout the Spring and Summer Markets, moving from a deep seller’s market to a slight seller’s market.
There were 2,792 closed Orange County homes sales in March 2017, a 49% increase over February 2017 and a 9% increase over March 2016 – and 97% 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®. Also an attorney member of CA State Bar Association #69137.
Source of some information is ReportsOnHousing.com and is for homes sold by all brokers and Realtor agents. We provide the best up-to-date Orange County real estate market information for friends and clients. Contact us for more information by cell or text at 949-701-2515.
“Orange County CA Housing Market Update – April 24, 2017”