By Eric Engelbert
Welcome to the most recent Orange County Real Estate Market Report by Orange County Real Estate, Inc. Our commitment is to furnish you with essential statistical insights directly sourced from the MLS, enabling you to make well-informed decisions in the dynamic real estate landscape of Orange County, California. Whether you're a prospective buyer, seller, or contemplating a relocation within or beyond the state, we're dedicated to providing you with the vital information you need.
In the latest update, the inventory has stabilized, displaying a marginal increase in the US and a slight decrease in Orange County. Anticipating the holiday season, we project a forthcoming decline in inventory across all markets. Traditionally, this time of year prompts sellers facing challenges in selling their homes (not able to sell before the holiday season) to consider withdrawing their properties from the market. In the last 30 days, notably, 329 homes in Orange County have been withdrawn from the market or the seller canceled the listing.
It's intriguing to observe that out of the 2,540 current listings, only 468 exceed the 90-day mark, use this link to search all homes listed for longer than 90 days. These listings, with a median list price of $2,200,000 and an average list price of $5,412,478, predominantly consist of luxury properties, which typically have longer selling timelines.
The days on market for Orange County Real Estate seem to echo a familiar refrain. There hasn't been a substantial shift in the days on market since interest rates hit 6% in 2022.
In the Key Stats graphic, the median closing price of single-family homes in Orange County has shown a consecutive increase for the past two weeks, settling at $1,350,000. Among the 212 closings last week, only 49 were under $1,000,000, with the average closing price standing at $2,066,345. Notably, the closing prices range from $562,000 to $32,000,000.
For a glimpse into a notable transaction, explore the Dana Point mansion that closed at $32,000,000 at this link. Interestingly, the current owner acquired the property in 2020 for $6,038,550 and undertook a substantial remodel.
Stay tuned for further updates as we navigate the ever-evolving Orange County real estate landscape.
