Market Trends - Sales Volume Increases
Orange County's real estate inventory is on the rise, influenced by steady interest rates near 7%. This trend is reflected nationwide, with some states like Florida and Texas seeing the biggest gains. Nationally, the median sales price for single-family homes is $453,000, a modest 1% increase over the last two years.
Due to the inventory increases, some states are seeing a high percentage of price reductions on existing listings and list prices dropping below regional averages.
In contrast, Orange County's median list price for single-family homes remains strong at around $2,000,000. This is a significant jump from April and May 2022, when it was approximately $1,750,000, showing continued growth.
Interest Rates
Last week, mortgage rates saw a brief spike but have since leveled out. Despite rates near 7%, some lenders offer "Relationship Pricing Discounts" for their clients. For instance, a recent client secured a 6% fixed rate with deposits through Bank of Montreal/BMO.
Home Sales Volume
Recently, Orange County has seen a rise in sales volume as more homes become available, giving buyers more choices. Buyers are getting used to the new normal of 7% interest rates, which started in 2023. This has led to a recovery in sales volumes, with May 2024 seeing 2,118 transactions, up from 1,718 in May 2023.
As of June 2024, Orange County boasts some of the highest median sales prices for single-family homes in California. The median close price for single family homes in March 2024 was over $1.4 million, a 12% year-over-year increase.
Orange County Housing Inventory
| Inventory Data | Today | Last Week |
|---|---|---|
| United States Single Family Homes | 605,052 | 595,267 |
| Orange County - All Properties | 2,897 | 2,811 |
| OC Under Contract & Pending | 2,021 | 2,025 |
| OC New Listings Last 7 Days | 663 | 613 |
| OC Sold Last 7 Days | 446 | 486 |
Days on Market Statistics
Orange County's Days on Market (DOM) stats show a seller's market. Surprisingly, San Francisco and Los Angeles see faster turnover than Orange County.
| OC Days On Market | Today | Last Week |
|---|---|---|
| Average Days On Market | 50 | 51 |
| Median Days On Market | 26 | 26 |
| Under $1,000,000 | 21 | 19 |
| $1,000,000 - $2,000,000 | 18 | 19 |
| Over $2,000,000 | 44 | 45 |
Key Housing Statistics
The latest data paints an intriguing picture of Orange County's real estate market. While there is still buyer competition, activity is slowing. Homes see fewer immediate sales and fewer multiple offers, resulting in the sold price versus list price more stable. Mortgage applications, a measure of buyer activity, have dropped, indicating fewer buyers in the market and stabilizing home prices.
| Key Stats - Orange County | Today | Last Week |
|---|---|---|
| OC Median List Price SFR | $1,997,500 | $1,999,995 |
| OC Median List Price Condo/Townhomes | $850,000 | $849,000 |
| Median Closed Price SFR Last 7 Days | $1,377,000 | $1,450,000 |
| Median Close Price Condo/Townhomes | $797,500 | $760,000 |
| Sold Price VS List Price | 0.16% Over | 0.6% Over |
The Value of Market Reports
Pricing your home to sell requires detailed market reports. These reports offer essential insights into current conditions, helping you set a competitive price. Find more data and insights by visiting this page where you can find market reports for every city in Orange County.
Selling Strategies
Selling in a market with less buyer competition can be challenging. Ensure your home is in top condition, make necessary repairs, enhance curb appeal, and stage your home well. Competitive pricing is key, and effective marketing is crucial. Partner with experienced agents like those at Orange County Real Estate, Inc. for expert advice and a broader network of buyers.
At Orange County Real Estate, Inc., we ensure none of these market dynamics are overlooked. We're committed to your success in navigating Orange County's real estate market.
For more insights on buying or selling in Orange County, or to connect with the best agents, visit our website or contact us at 949-430-7500.
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