By Eric Engelbert
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Snapshot:
The Orange County real estate market continues to exhibit resilience, maintaining a consistent upward trend.
An incremental increase in inventory has been observed in the United States over recent weeks. But, the current week's inventory in Orange County has decreased by 2.6% from last week. In the past 7 days, the market welcomed 524 new property listings.
Additionally, it is important to highlight the 115 properties that were relisted. These properties had previously entered escrow and accepted an offer, but due to circumstances such as a faltering buyer financing arrangement, the escrow was terminated, prompting a relisting of the properties.
The days on market statistics are basically unchanged, further illustrating the market's stability and steady trajectory.
A significant highlight in this week's data pertains to the Sold Price vs. List Price metric. Over the past 7 days, for all property types and price ranges, the sold price was marginally lower by 0.35% compared to the list price.
Conversely, the scenario shifts for condominiums and townhomes in Orange County, where properties have commanded a premium. These properties, are typically listed under $1,000,000, have been selling at an impressive 5% above their initial asking prices. Notably, this price range has consistently witnessed robust buyer demand throughout the year, as they are the most affordable in the county.
The remaining market statistics have demonstrated relative stability over the course of the year, maintaining a balanced and consistent performance.
