Orange County CA Home Selling Market Update – April 24, 2017

OC Property NewsOrange County Home Selling Market Update is Hot at Price Range Up to $1 million.

What is your home worth?

What is your home worth in today’s market?

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.

Orange County Great Park balloon

  • 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.

CONTACT US

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

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”

About Harrison K. Long

Professional real estate representative, Realtor, Broker associate, Evergreen Realty HomeSmart, Irvine and Orange County, CA. Real estate broker, CALBRE #01410855. Providing value and helping property owners, real estate investors, trustees, executors and administrators, fiduciaries, bankers, investor group managers, with listing and sale of properties and best decisions about homes and real estate - Orange County Association of REALTORs, member and prior service on board of directors from 2012-2014; California Association of Realtors, member and now serving on its board of directors; National Association of Realtors - Also an attorney member of the California State Bar Association #69137 - Contact by telephone or text at 949-701-2515.
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