With the historically low supply of active homes for sale in Orange County, this is the most active November housing market in recent years. With the current average expected market time at just 61 days, the Orange County, CA housing market is still firing on all cylinders.
- Orange County's active listing inventory went down by 337 homes for sale in the past two weeks, amounting to the most significant decrease so far this year, and now totals a mere 4,878. The current trend is down and will continue that way for the remainder of this year. This time last year, there were 5,955 homes available for sale on the market, 1,077 more than there is today.
- The fact is there are 36% fewer Orange County homes for sale below $500,000 today compared to this time last year and demand is down by 16%. Fewer homes and condominiums are available below the $500,000 price point. This popular price range is slowly vanishing.
- Current demand, the number of pending sales compared to the previous month, increased by 16 homes in the past two weeks, up 1%, now totaling 2,409. The average pending price is $879,146
- Current demand, the number of pending sales compared to the previous month, increased by 16 homes in the past two weeks, up 1%, and now sits at 2,409. The average pending price is $879,146
- For Orange County CA homes priced below the $750000 price point, the market is EXTREMLY HOT with an expected market time of a mere 40 days. This price range represents some 40% of the current active "For Sale" inventory and 61% of total demand.
- For Orange County homes that are priced between $750,000 and $1,000,000, the expected market time is 51 days, this is considered a hot seller’s market (meaning less than 60 days active on market). This price range represents 17% of the currently active "For Sale" inventory and 20% of demand.
- For Orange County houses priced between $1,000,000 to $1,250,000, the current expected market time is 85 days, an ever so slight seller’s market with very slow appreciation.
- For luxury Orange County homes for sale priced between $1,250,000 and $1,500,000, the current expected market time declined from 111 days to 100. For homes priced between $1,500,000 and $2,000,000, the current expected market time declined from 173 to 154 days. For luxury homes priced between $2,000,000 and $4000,000, the current expected market time declined from 218 days to 164 days. For high-end luxury homes priced above $4 million, the current expected market time went up from 326 to 424 days - there just isn't great demand in this very high-end price range at this time.
- The current expected active "For Sale" market time for all homes in Orange County went down in the past two weeks from 65 days to 61 days, a mild seller’s market (60 - 90 days). Moving forward, we can expect the market time to remain relatively flat, rising slightly by year’s end.
- Looking back, there were 2,543 closed residential resales in October, down by 1% from October 2016’s 2,575 closed sales. October marked a 7% drop from September 2017, this is normal for the Autumn Market. The sales to list price ratio was 98.2% for all of Orange County, CA. Foreclosures accounted for a mere 0.7% of all closed sales, and short sales accounted for just 1.2%. That means that 98.1% of all sales were good "old fashioned" sellers with equity.
This information is all current as of November 5, 2017; we will update you again soon.
Always to be the Most Informed person when it comes to Your Home? Get your free eProperty Report - Click Here
Have a great week!
The Wendy Rawley Team | Orange County Realtors