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 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”