- Active homes for sale listing inventory increased and now totals 3,774. Last year, there were 4,320 homes on the marketm (546 more than today).
- There are 25% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 28%. Fewer homes and condominiums are now priced below $500,000, and this low price range is disappearing.
- Demand, the number of pending sales over the prior month, skyrocketed in the past two weeks by adding an additional 317 pending sells, up 22%. The average pending price is $902,385.
- The average list price for all of Orange County remained at $1.8 million, which is high due to the mix of homes in the luxury ranges that sit on the market and do not move as fast as the moderate and lower lower end.
- For homes priced below $750,000, the market is HOT with an expected market time of just 40 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 55 days, a hot seller’s market (fewer 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 68 days, a slight seller’s market (between 60 and 90 days).
- For luxury homes priced between $1.25 million and $1.5 million, the expected market is at 112 days.
- For homes priced between $1.5 million and $2 million, the expected market time is at 145 days.
- For luxury homes priced between $2 million and $4 million, the expected market time is at 221 days.
- The luxury end (all homes above $1.25 million) accounts for 37% of the inventory and only 13% of demand.
- The expected market time for all homes in Orange County dropped from 77 days to 64 in the past two weeks, a slight seller’s market (60 to 90 days). From here, expect the market time to drop dramatically through mid-February.
- There were 2,269 closed residential resales in December. This is down by 9% from December 2016’s 2,484 closed sales. December marked a 6.5% drop from November 2017.
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 – January 28, 2017”