UPWARD PRESSURE ON PRICES AS FORECLOSURES DISAPPEAR IN ORANGE CA

Active real estate listings were almost unchanged in Orange, California, on a month to month basis, posting a decrease of only 1.2% from June to July 2012. However, the number of homes and condos for sale in Orange remained at an incredibly low level, and has dropped by more than 37% since January. Another thing that has fallen dramatically is the number of foreclosure listings in Orange, California. Although there weren't a great deal of foreclosure properties in Orange at the beginning of the year either, that small number has dwindled rapidly, decreasing by a total of 70% from January to July 2012. This has put a bit of upward pressure on housing prices in Orange, as these affordable listings have all but disappeared, and traditional home buyers and real estate investors continue to compete for desirable properties in the under $500,000 price range.

Active Real Estate Listings in Orange CA = 179

Highest and Lowest Priced Property in Orange CA

• Lowest priced property for sale in Orange, CA - $169,900.00
• Highest priced property for sale in Orange, CA - $2,988,000.00

Orange CA Active Real Estate Listings By Property Type:

• 150 Single Family Residence
• 27 Condo/Townhouse
• 2 Other (Land, Mobile Home, Mixed Use Property, etc...)

Orange CA Active Real Estate Listing By Sales Type:

• 130 Standard
• 6 REO*
• 35 Short Sale**
• 8 Other (Relocation Sale, Probate Sale, etc...)

Orange CA Active Real Estate Listings By Price Range:

• 103 Orange properties priced above $500,000.00
• 76 Orange properties priced at or below $500,000.00

ORANGE CA FORECLOSURES STILL POPULAR IN JULY 2012

Orange, California pending real estate sales dipped in July 2012, with a modest decrease of 8% month over month, but sit at 23.5% higher than the numbers posted in January. The drop was seen in all listing categories, with the exception of pending foreclosure listings, which increased by .5% from June to July. This would account for the lack of available foreclosures, as home buyers prefer this type of low cost, no hassle sale, to lengthy short sale transactions.

Orange CA Properties In Pending And Back Up Status = 320

Pending Orange CA Properties By Sales Type:

• 104 Standard
• 20 REO*
• 183 Short Sale**
• 13 Other (Relocation Sale, Probate Sale, etc...)

SHORT SALES UP WHILE OTHER REAL ESTATE SALES DROP IN ORANGE CA

Closed real estate sales fell by 4.4% from June to July 2012, in Orange, California. However, the number of real estate sales posted in July were still 52.8% greater than the number recorded at the end of January of this year in Orange. Surprisingly, the dip in sales occurred in the standard and foreclosure real estate listing categories, while closed short sales jumped by 45% month over month, and have shot up over 84% since January.

Orange CA Properties Sold in July 2012 = 107

Orange CA Properties Sold By Sales Type:

• 62 Standard Sales
• 8 REO Sales*
• 35 Short Sales**
• 2 Other (Relocation Sales, Probate Sales, etc...)

Highest and Lowest Real Estate Sales in Orange CA in July 2012

• Lowest Orange, CA real estate sale - $130,000.00
• Highest Orange, CA real estate sale - $1,516,050.00

What Home Buyers Got For Their Money in Orange CA in July 2012

For $130,000.00 you could have purchased a condo in Orange, California with the following features and amenities:

• 1 Bedroom
• 1 Bath
• 763 SF
• Stackable Indoor Laundry
• Built in 1976
• Lake View
• $310 HOA Dues
• Located in the Orange Lakes Condo Complex
• Short Sale
• All Cash Purchase
• Orange Unified School District
• East Orange Area, Near Orange Hills Restaurant
• 92869 Zip Code

For $1,516,050.00 you could have purchased a home in Orange, California with the following features and amenities:

• 4 Bedrooms
• 8 Baths
• 7,000 SF
• 20,931 SF Lot
• 4 Car Attached Garage
• Built in 1994
• HOA Dues $235
• Gym
• Media Room
• Library
• Infinity Pool and Spa
• Built-in BBQ
• Panoramic City Lights, Hills, and Catalina Island Views
• REO
• Conventional Financing
• Orange Unified School District
• Located in the Guard Gated Community of Rocking Horse Estates
• 92869 Zip Code

*REO: Real Estate Owned. Foreclosed properties currently owned by the lender.
** Short Sale: Properties that are still owned by the borrower, however the borrower is attempting to sell the property for less than what is owed to the lender, which requires lender approval.

Information contained in this market report was compiled from available MLS data as of August 1st, 2012.

RELATED ARTICLES:

• June 2012 Orange/Orange Park Acres CA Real Estate Market Report
• July 2012 Tustin CA Real Estate Market Report
• July 2012 Fullerton CA Real Estate Market Report
• July 2012 Villa Park CA Real Estate Market Report
• July 2012 Anaheim Hills CA Market Report