Welcome to the comprehensive Orange County Real Estate Market Report for February 12th, 2024, presented by Orange County Real Estate, Inc. Our report is tailored to provide you with crucial statistical insights, directly sourced from the MLS, helping you make well-informed decisions in the dynamic Orange County real estate market.
Key Highlights:
- Market Dynamics: Despite Orange County's attractiveness, the market has seen a notable decrease in transaction volumes, especially when compared to 2021. This trend is largely due to limited inventory.
- 2021 vs. 2023 Transaction Analysis: In 2021, there were 35,188 transactions, reflecting diverse housing needs. However, 2023 witnessed a significant reduction in transactions (19,698), influenced by higher interest rates and a shift in homeowner behavior. Downsizing, Upsizing and changing scenery.
- Current Housing Inventory: The total properties available for sale have dropped to 1,936, a 25% decrease from the previous year. The market has seen changes in contract activities and new listings, indicating evolving market conditions.
- Days on Market Statistics: The low days on market suggest a strong demand for homes, particularly those priced under $1 million.
- Price Trends: The median list price for single-family homes has risen to $1,999,000, a 25% year-over-year increase. There's also a shift in the median closed prices for both single-family homes and condos/townhomes.
- Property Highlight of the Week: A single-family home in Anaheim, listed at $900,000 with an exceptional price per square foot, exemplifies affordability in the current market.
- House for sale in Corona with a full suite of Thermador appliances.
- Market Reports Utility: The report emphasizes the importance of real estate market reports for staying competitive, especially for sellers, and highlights the benefits of partnering with Orange County Real Estate, Inc.
Additional Resources:
- View detailed inventory data for Orange County and national statistics.
- Access specific market reports by city.
- Explore listings, including our featured Anaheim property, at the provided links.
For more information, or to discuss the current market trends and how they affect your real estate decisions, please call or text us at 949-430-7500. Stay informed and ahead in the Orange County real estate market with our expert insights and analysis. Read the full report here.
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