Orange County Real Estate Market Report October 28, 2024: Inventory Tightens as Buyers Remain Active
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.
Thank you for your continued support and interest in our housing reports. At Orange County Real Estate, Inc. we carefully analyze all the data to provide you with accurate and unbiased insights. If you have specific data points or historical comparisons you’d like to see, feel free to reach out to me directly at eric@ocrealestateinc.com. We’re here to ensure you have the best information to make informed real estate decisions.
Home Valuation Tools
We’ve added a new home valuation tool to our website that uses data from Quantarium, CoreLogic, and Attom to provide a more accurate estimate than any other tool we’ve seen. You can check your home’s value at this link. While in-person inspections are still essential for precise valuations, especially for homes with customizations or upgrades, this automated tool is a significant step forward.
Working with a private mortgage investor gave me invaluable experience in appraising real estate and assessing properties for both risk and resale value. Since the investor used his own capital, he was meticulous about accuracy. I apply these skills every day, helping buyers and sellers feel confident in their real estate decisions.
Market Trends
Recent data shows that even though mortgage rates have jumped to near 7%, buyer demand remains strong across the country, and Orange County is no exception. Higher mortgage rates have been a hurdle for many buyers, but it hasn’t stopped activity from picking up. Pending home sales in the U.S. increased by 3.5% in the four weeks ending October 20, representing the most significant rise in three years. Locally, the Orange County market remains competitive despite rising costs.
Many buyers are expecting rates to drop in 2025, but for now, they remain cautious. The upcoming election is also causing hesitation in the market, with some holding off until after the political dust settles. Despite this uncertainty, we see that well-priced homes, especially those in sought-after locations, are still getting plenty of attention.
Orange County Housing Inventory
Inventory levels continue to tighten. This week, the total number of available homes in Orange County dropped to 3,677, down from 3,758 last week. This reduction aligns with national trends, as fewer new listings came on the market (just 475 new listings this week, down from 554 the previous week). On the selling side, 427 properties closed over the last seven days, a small decline from the 445 sales the previous week.
While fewer homes are available, buyer interest has not waned, creating a competitive market. We expect this inventory crunch to continue into the winter months, but it could ease slightly by spring, when more sellers traditionally enter the market.
Orange County Days on Market Statistics
Homes are sitting on the market slightly longer than they were earlier in the year. The average days on market (DOM) for all properties in Orange County has increased to 59 days, up from 56 days last week. The median DOM also rose to 39 days from 35, indicating that properties are taking a bit more time to sell.
This trend is particularly noticeable in higher price ranges. Homes over $2 million are now taking 58 days to sell, compared to 56 days last week. However, homes under $1 million continue to move faster, although even here the DOM has increased to 32 days from 27 days.
Orange County Key Housing Statistics
Despite the longer market times, prices remain strong, showing that buyers are still willing to pay a premium, especially for desirable properties.
When comparing the Orange County market to the national scene, we see significant differences in median home prices. In Orange County, the median list price for single-family residences this week is $1,845,000, significantly higher than the national median for existing single-family homes, which is around $409,000 as of September 2024. The national market has seen some recent price declines, as the median dropped from $419,800 last month.
Nationally, prices have increased by about 2.92% year-over-year, showing steady, though slower growth compared to Orange County's more rapid price changes. This reflects the continued desirability and higher cost of homes in markets like Orange County, which remains a highly sought-after area compared to many parts of the U.S.
What Does This Mean for Buyers and Sellers?
For sellers, this is still a great time to list your property, particularly if it’s in good condition and priced correctly. Low inventory means less competition, and as we’ve seen, buyers are still active despite the higher interest rates. However, be prepared for homes to stay on the market a bit longer than in past months.
For buyers, patience and preparation are key. The higher mortgage rates may mean more careful decisions, but demand is strong, and when well-priced homes hit the market, they’re still moving. We recommend working closely with your real estate agent from Orange County Real Estate, Inc. to ensure you’re ready to act when the right property becomes available.
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report October 21, 2024: Buyers Waiting For Rates To Fall
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.
Thank you for your continued support and interest in our housing reports. At Orange County Real Estate, Inc. we carefully analyze all the data to provide you with accurate and unbiased insights. If you have specific data points or historical comparisons you’d like to see, feel free to reach out to me directly at eric@ocrealestateinc.com. We’re here to ensure you have the best information to make informed real estate decisions.
Home Valuation Tools
We’ve added a new home valuation tool to our website that uses data from Quantarium, CoreLogic, and Attom to provide a more accurate estimate than any other tool we’ve seen. You can check your home’s value at this link. While in-person inspections are still essential for precise valuations, especially for homes with customizations or upgrades, this automated tool is a significant step forward.
Working with a private mortgage investor gave me invaluable experience in appraising real estate and assessing properties for both risk and resale value. Since the investor used his own capital, he was meticulous about accuracy. I apply these skills every day, helping buyers and sellers feel confident in their real estate decisions.
Market Trends
From a mortgage perspective, 40% of buyers are not yet connected to lenders. Buyers are sensitive to rate changes, jumping into the market when favorable conditions arise, like when the Fed signals rate cuts. There was an increase in mortgage applications and closings associated with the recent rate cuts, however, once rates ticked back up this month, that momentum slowed.
Many potential buyers are waiting for mortgage rates to drop to 5.5%, which could lead to a significant increase in market activity once rates fall. Additionally, nearly 80% of these buyers feel "somewhat" or "very" prepared to act once rates are more favorable, implying a future surge in loan activity in 2025.
Orange County Housing Inventory
Orange County’s inventory saw a slight decline this week, following several weeks of growth. This decrease aligns with national trends and could be attributed to the usual seasonal slowdown, rising interest rates, and uncertainty surrounding the upcoming election. We will keep an eye on this trend. Our prediction is that inventory will level off through the winter, but spring will likely bring increased buyer competition and new listings, ultimately leading to a reduction in total inventory.
Inventory Breakdown by Price (updated 10/24/24):
- Under $1,000,000: 1,172 properties (including senior communities)
- $1,000,000 to $2,000,000: 1,394 properties
- Over $2,000,000: 1,190 properties
- Over $5,000,000: 369 properties
These price ranges represent normal percentages of the total inventory. Despite initial concerns that we might see a surge of sellers in certain price brackets, the distribution of listings remains steady across all price points.
Orange County Days on Market Statistics
Homes in Orange County are staying on the market longer than they did a year ago, reflecting the market’s more deliberate pace. The average DOM for all properties remains at 56 days, consistent with last week’s numbers.
Luxury homes continue to move at a slower pace, which is completely normal. This property is still listed as active on the MLS for nearly three years: 18 Swimmers Point, Newport Coast
Orange County Key Housing Statistics
The median list price for single-family homes in Orange County this week is $1,799,000, down slightly from $1,850,000 last week. The median list price for condos and townhomes has remained consistent.
Sale prices are showing some signs of adjustment as well. The median closed price for single-family homes last week was $1,286,500, down from $1,300,000 the previous week. Condos and townhomes fared slightly better, with a median close price of $800,000, up from $780,000.
Another key stat to watch is the sale-to-list price ratio. This week, homes sold for 2.6% below the list price on average, a bigger discount than last week’s 1.5% under list. This could indicate that sellers are becoming more flexible on pricing as properties take longer to sell.
What Does This Mean for Buyers and Sellers?
For sellers, this remains a good time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.
For buyers, the competitive landscape means staying patient and working closely with your agent to act fast when a property that fits your criteria becomes available. Despite challenges, now may still be a good time to buy before interest rates rise further or as more homes come onto the market
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report October 14, 2024: Price Reductions And Days On Market Suggest A Strong Orange County
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.
Thank you for your continued support and interest in our housing reports. At Orange County Real Estate, Inc. we carefully analyze all the data to provide you with accurate and unbiased insights. If you have specific data points or historical comparisons you’d like to see, feel free to reach out to me directly at eric@ocrealestateinc.com. We’re here to ensure you have the best information to make informed real estate decisions.
Market Trends
This week, Orange County saw a slight increase in housing inventory, up to 3,790 listings from 3,747 the previous week. Nationally, however, inventory dropped, partially due to the devastating effects of two hurricanes that hit the southeast. Florida saw many listings withdrawn as residents begin to rebuild. Approximately 1.2 million homes were affected, causing significant disruptions.
Compared to October 2023, Orange County inventory is up 34%. On October 16, 2023, total housing inventory stood at 2,502, whereas today it’s 3,790. Days on market were relatively similar, but the median list price for single-family homes in 2023 was slightly higher at $1,875,000, compared to today’s $1,850,000. Closed prices have also seen minor fluctuations, with last year’s closed price of $1,256,000 compared to today’s $1,300,000.
The data shows a stabilizing trend for the Orange County housing market. Inventory has grown by 34% from last year, signaling more opportunities for buyers. However, despite the increased supply, days on market have remained steady, indicating that demand is still strong. Home prices have not seen significant changes, reflecting a balanced market rather than a sharp correction. These trends suggest a healthy, steady market as we move into the latter part of 2024, with no drastic changes in pricing or market activity expected in the short term.
Orange County Housing Inventory
While new listings and sales have picked up, available inventory remains low, keeping pressure on buyers and sellers alike. The market is showing resilience despite national challenges.
Orange County Days on Market Statistics
Homes priced under $1,000,000 continue to move fast, while high-end properties are staying on the market a bit longer. The median time to sell has decreased overall, reflecting steady demand.
Orange County Key Housing Statistics
Currently, about 28% of homes listed for sale in Orange County have seen price reductions. On a national level, the percentage of properties with price reductions is notably higher at 41%. Orange County’s relatively low days on market encourages sellers to hold firm on pricing if they are close to the market value. However, some sellers list their properties at inflated prices to test buyer interest.
In the luxury market, particularly for homes priced over $5,000,000, 90% of sales are closing below the list price. This shows that while certain properties are selling quickly, especially in lower price ranges, many sellers are open to negotiations and are making concessions to attract buyers.
What Does This Mean for Buyers and Sellers?
For sellers, this remains a good time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.
For buyers, the competitive landscape means staying patient and working closely with your agent to act fast when a property that fits your criteria becomes available. Despite challenges, now may still be a good time to buy before interest rates rise further or as more homes come onto the market
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report October 7, 2024: Seasonal Trends? Maybe Next Week.
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.
Thank you for your continued support and interest in our housing reports. At Orange County Real Estate, Inc. we carefully analyze all the data to provide you with accurate and unbiased insights. If you have specific data points or historical comparisons you’d like to see, feel free to reach out to me directly at eric@ocrealestateinc.com. We’re here to ensure you have the best information to make informed real estate decisions.
Market Trends
As we step into the fall market, there’s still a significant amount of activity in Orange County real estate. While inventory has dipped for the second week in a row after a strong 17-week increase, we continue to see positive signs across closings and new listings. Buyers and sellers alike are making moves, showing confidence in the market, despite mixed signals from the broader economy.
On a national level, housing inventory has increased slightly, now at 734,280 single-family homes, compared to 731,490 the previous week. This, along with national home prices inching upward, is unusual for the fall market, which typically sees a slowdown in both inventory and price growth. These trends reflect how different the housing market has become in a post-pandemic, high-interest-rate world. The lingering effects of low inventory combined with strong demand have created a market where traditional seasonal patterns don’t always hold true.
Orange County Housing Inventory
For the Orange County housing market, inventory has seen a slight decline, dropping to 3,747 properties this week from 3,770 last week. However, new listings remain robust, with 603 properties coming to market compared to 585 the previous week. Closings have surged, with 467 homes sold in the last seven days, a healthy increase from last week’s 375.
Orange County Days on Market Statistics
Days on market has held steady overall. The average DOM remains at 56 days, with the median DOM at 37 days. Properties priced under $1,000,000 are still selling faster, with a median of 30 days on the market. Homes priced between $1,000,000 and $2,000,000 are seeing around 32 days on the market, while luxury homes over $2,000,000 continue to stay listed for about 55 days.
Orange County Key Housing Statistics
This week, the median list price for single-family homes in Orange County rose slightly to $1,846,944, up from $1,829,000 last week. In contrast, condos and townhomes saw a small decrease in their median list price, dropping to $859,900 from $875,000.
On the sales side, the median closed price for single-family homes fell to $1,330,000, down from $1,350,000. For comparison, in October of 2023, the median closed price for single-family homes was $1,237,500, indicating a steady year-over-year increase in home values. Meanwhile, condos and townhomes experienced a more noticeable drop in their median closed price, from $839,990 to $772,500. Homes continue to sell below their asking price, with the average sale coming in at 1.7% under list price, compared to last week’s 0.1% under.
Mortgage Rates
The current mortgage rate landscape has been frustrating for many, especially for those who believed rates would drop after the Federal Reserve cut rates. Contrary to expectations, mortgage rates have stayed elevated. In fact, they’ve risen back to levels last seen in early August, making it a challenging time for buyers who are trying to navigate these higher costs.
Recent economic data, including a strong jobs report, has contributed to this rise. While there’s still hope rates could dip in the next 12 months (as noted by the Fannie Mae sentiment survey), it’s unlikely that we’ll see significant relief in the short term without more downbeat economic data. For now, it’s important for buyers to budget carefully and keep a close eye on rate trends as the economic situation continues to evolve.
What Does This Mean for Buyers and Sellers?
For sellers, this remains a good time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.
For buyers, the competitive landscape means staying patient and working closely with your agent to act fast when a property that fits your criteria becomes available. Despite challenges, now may still be a good time to buy before interest rates rise further or as more homes come onto the market
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report September 30, 2024: Inventory Decline Is Sign Of Fall
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
This week, national inventory increased, potentially influenced by Hurricane Helene, which caused significant weather disruptions across multiple states. Major weather events like hurricanes often prompt homeowners to list properties either to avoid costly repairs or because homes become damaged during such events. While Orange County was not directly impacted, environmental factors have historically shaped real estate activity in the region.
For instance, wildfires, like the Laguna Beach Fire of 1993, led to increased listings and sales in the months following the disaster as homeowners rebuilt or moved. Similarly, flooding during El Niño years slowed down transactions in flood-prone areas. Earthquakes also occasionally cause brief market slowdowns as buyers and sellers reassess risks.
While the rest of the country is seeing increased inventory, Orange County saw its first inventory downturn in 17 weeks, with homes available decreasing from 3,810 to 3,770. This marks a break from the steady summer increase, signaling a possible tightening in the local market as we enter the fall season.
Nationally, housing turnover remains historically low, with just 2.5% of U.S. homes changing hands in 2024, according to a recent Redfin report. This is the lowest rate in 30 years, driven largely by high mortgage rates and economic uncertainty. Locally, Orange County continues to follow national trends of limited housing turnover due to the "lock-in effect," where homeowners are reluctant to sell their homes with low-interest rates.
Orange County Housing Inventory
This week marks the first inventory downturn in 17 weeks, with the total number of homes available dropping from 3,810 last week to 3,770. This breaks a steady trend of increasing inventory, with the only other dip occurring during the July 4th holiday week. This shift could signal tightening market conditions as we head into the final quarter of the year.
In contrast, the United States as a whole saw an increase in available inventory, with single-family homes rising from 725,306 to 731,490. This increase might be partially attributed to weather events like Hurricane Helene, which could have influenced listing behavior in affected areas.
Orange County Days on Market Statistics
Despite the inventory downturn, days on market (DOM) metrics have remained stable:
- Average DOM: 56 days
- Median DOM: 38 days
Homes under $1 million continue to sell faster, averaging 26 days on the market, while properties priced over $2 million are taking about 55 days. These numbers are consistent with previous weeks, indicating steady buyer interest despite fluctuations in inventory.
Orange County Key Housing Statistics
Home prices in Orange County have softened slightly in recent weeks, but the market remains competitive. This softening reflects minor adjustments in list and closing prices, as seen in recent sales where homes are selling slightly under the asking price. However, this should not be mistaken for a downturn. The steady demand for housing in the area is still driving competition, particularly for well-maintained, move-in-ready homes.
Moreover, mortgage rates, though high, are motivating buyers to lock in deals before further potential increases. With sellers becoming more strategic about pricing, some may list homes just below market value to incite competitive offers, leading to eventual sales prices higher than expected. As inventory drops and demand stays constant or increases, Orange County could see price stabilization or even growth in the coming weeks.
What Does This Mean for Buyers and Sellers?
For sellers, this remains a fantastic time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.
For buyers, the competitive landscape means staying patient and working closely with your agent to act fast when a property that fits your criteria becomes available. Despite challenges, now may still be a good time to buy before interest rates rise further or as more homes come onto the market
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report September 23, 2024: Prices Holding Steady
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Inventory continues to rise both nationwide and here in Orange County. In the U.S., single-family home inventory has increased from 714,490 to 725,306. Orange County also saw a slight bump in available properties, with current listings reaching 3,810, up from 3,796 last week. This increase in available homes is typical as we move further into fall.
Despite rising inventory, home prices in the U.S. are also on the rise, with many properties going under contract at higher prices than the previous week. People are still anticipating a real estate value crash, but that hasn't materialized yet and we don't think it will happen. Normally, this time of year brings lower prices, but the past week has strayed from the norm. This is largely due to the post-pandemic market conditions, where mortgage rates have shifted downward, and first-time buyers who had been waiting on the sidelines for the past year are finally stepping into the market.
In Orange County, of the 402 homes sold last week, 49% sold for less than the list price. Homes priced under $1,000,000 fared better, with only 32% selling below the list price. This shows that while buyers are gaining more leverage, the market remains competitive, particularly in the lower price ranges. From what we are seeing on the ground, many sellers are listing high and are willing to adjust downward if the market indicates they priced too high to begin with. While a small percentage of homes (14%) are selling for over the asking price, the average trend over the past few months has been homes selling under list price.
Orange County Housing Inventory
This week, Orange County has 3,810 properties available, a small increase from last week’s 3,796. The number of homes under contract or pending also rose to 1,850, compared to 1,798 last week. New listings slightly dropped, with 631 homes hitting the market in the past seven days, compared to 637 the week before. These changes reflect a balanced market, with demand still strong despite the increase in available homes.
Orange County Days on Market Statistics
The average time a home stays on the market in Orange County remains steady at 55 days, with the median at 37 days. Homes priced under $1,000,000 continue to move the fastest, at 28 days on the market. Meanwhile, homes priced over $2,000,000 are taking longer to sell, at 52 days, a slight improvement from last week’s 54 days.
For homes between $1,000,000 and $2,000,000, the median days on the market is holding at 31 days, showing that mid-range homes are selling more quickly compared to high-end properties.
Orange County Key Housing Statistics
- The median list price for single-family homes in Orange County has increased to $1,850,000 from $1,845,000 last week. Still down from the summer high.
- The median list price for condos and townhomes saw a slight decrease, dropping from $889,450 to $879,000.
- The median closed price for single-family homes over the past week was $1,360,000, down from $1,392,500.
- Condos and townhomes saw a more significant decline in the median closed price, falling from $800,000 to $760,000.
- The sold price versus list price ratio adjust to 0.85% under the list price this week, compared to 1.8% under list price last week.
Orange County Real Estate Market Predictions
As we move through fall, the combination of limited inventory and steady demand suggests that Orange County home values will remain strong. Unlike national markets that are softening, Orange County’s desirability and constrained housing supply help maintain a competitive market. While national forecasts predict only a 1% increase in home values through 2025, Orange County Real Estate, Inc. anticipates that local prices will continue to rise modestly, with a stronger spring market expected in 2025 as mortgage rates potentially decrease.
How Recent Changes In Real Estate May Affect You?
Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report September 16, 2024: Fall Real Estate Market Predictions
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
This fall presents a favorable opportunity for well-prepared buyers, with national trends suggesting a more neutral housing market. According to Zillow, price growth is slowing, and inventory is rising, giving buyers more negotiating power as competition cools. The national real estate landscape is shifting toward a more balanced market, which may benefit buyers across many regions.
However, Orange County remains distinct in its dynamics. Despite a 26% increase in year-over-year inventory growth, demand continues to be steady, and supply remains limited. This ongoing high demand keeps prices stable, making the market more competitive than many other parts of the country.
Typically, during this time of year, we would expect to see a seasonal slowdown in buyer activity and a decline in inventory. But as we move out of the post-pandemic real estate market, projections show continued inventory growth and sustained demand. These factors suggest that Orange County's market will remain strong through the fall.
Orange County Housing Inventory
The U.S. inventory of single-family homes has risen to 714,490 as of September 2024, marking a significant growth compared to 518,091 in September 2023. This increase of over 37% reflects a cooling national housing market, where higher interest rates and more cautious buyer activity have contributed to an easing in competition. The rise in inventory gives buyers more options and negotiating power, especially in markets where home prices are stabilizing or even seeing slight declines.
In comparison, Orange County had 2,460 residential properties for sale during that same period, representing the tight inventory characteristic of high-demand regions like Orange County.
The year-over-year inventory growth in Orange County reflects a 26% increase as of September 2024, with current listings reaching 3,497 properties. This growth in inventory, while significant, still leaves the county well below pre-pandemic levels, where supply constraints continued to put upward pressure on prices.
This contrast between local and national inventory trends underscores the unique market conditions in Orange County, which remains competitive despite easing competition in many parts of the U.S.
Orange County Days on Market Statistics
Nationally, homes are staying on the market longer, allowing buyers more time to make decisions. Orange County reflects a similar trend, with slight increases in days on market.
Sellers may start to feel the pressure, particularly in the higher price ranges. While this gives buyers some breathing room, they still need to act quickly on well-priced properties.
Orange County Key Housing Statistics
In the past week, the median list price for single-family homes in Orange County saw a slight increase to $1,845,000, but this number is still down from the peak prices observed during the summer. One of the more telling metrics is the shift in the sold price vs. list price comparison, which now reflects a difference of $30,930 under the list price. This growing gap indicates that sellers are becoming more willing to offer concessions, particularly as the market stabilizes and buyers gain more negotiating power. These concessions may include covering buyer closing costs or paying a portion of buyer broker commissions, especially in light of recent changes in commission structures due to the NAR settlement.
Recent adjustments, including the NAR settlement in August 2024, allow sellers to offer concessions to cover buyer broker fees, but with limits. While this has become a common tactic, the new rules prevent listing agents from explicitly offering compensation details on the MLS. However, sellers can still provide these concessions during negotiations, which helps facilitate smoother transactions. This development is especially significant as it gives sellers more flexibility to attract buyers while managing the total transaction cost.
Orange County Real Estate Market Predictions
As we move through fall, the combination of limited inventory and steady demand suggests that Orange County home values will remain strong. Unlike national markets that are softening, Orange County’s desirability and constrained housing supply help maintain a competitive market. While national forecasts predict only a 1% increase in home values through 2025, Orange County Real Estate, Inc. anticipates that local prices will continue to rise modestly, with a stronger spring market expected in 2025 as mortgage rates potentially decrease.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report September 9, 2024: Fall Market Predictions
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
The Orange County real estate market continues to see a mix of steady demand and new listings as we transition into the fall season. Inventory has slightly increased, and homes are now taking a bit longer to sell, with days on market rising across nearly all price ranges. This is reflected in the upward shift in the average days on market, which has crept from 53 to 54 days this week.
Additionally, the median list price for single-family homes has dropped from a peak of $2,100,000 to $1,825,000. This price decrease has been consistent over the past six weeks as sellers adjust to market conditions and buyer demand stabilizes. The drop in listing prices signals a market adjustment, where sellers are more motivated to price competitively as homes take longer to sell.
The desire to own homes in this competitive area remains robust due to Orange County's appeal, including its strong job market, excellent schools, and diverse lifestyle options. Many buyers are motivated to enter the market now, anticipating that waiting for lower mortgage rates could be risky, as rising home prices may offset any rate cuts.
Orange County Housing Inventory
The Orange County housing market has seen a slight uptick in inventory, offering new opportunities for serious buyers. In the past 7 days, 659 new listings have entered the market, providing more options for those actively looking to purchase. This increase in available properties is essential in a market where supply has historically been tight, giving buyers a bit more flexibility when making decisions. However, demand remains strong, and homes continue to sell relatively quickly despite the increase in listings.
The added inventory might help alleviate some of the pressure on buyers, particularly those prepared to act fast. With Orange County still experiencing competitive conditions, the availability of new listings is a welcome change for buyers looking to make a move in the fall season.
Orange County Days on Market Statistics
The majority of the listings in Orange County have been on the market for less than 60 days, underscoring the ongoing demand in the region. Most homes, particularly in price ranges under $2 million, are selling relatively quickly, often within a few weeks. According to recent data, homes under $1 million are averaging around 27 days on the market, while homes in the $1-2 million range average 29 days. Even in higher price brackets, homes tend to sell within two months, reflecting strong buyer interest and limited inventory.
This quick turnover highlights that serious buyers must act swiftly, as homes are not lingering for long, even with the recent increase in new listings
Orange County Key Housing Statistics
The drop in list prices suggests that sellers are adjusting to current market conditions, while closed prices for single-family homes have shown a slight uptick. Interestingly, the gap between sold price and list price has widened to 1.6% under list, which might signal that buyers have a bit more negotiating power than they did earlier this year.
Orange County Real Estate Market Predictions
Given the current market trends and inventory levels in Orange County, it appears that home values are unlikely to decrease through the fall and winter of 2024. Despite some inventory gains, Orange County still has 50% less inventory than pre-pandemic levels, which will continue to keep upward pressure on prices. Historically, low supply coupled with high demand has supported price stability, and that trend is expected to persist.
Even with a slight increase in new listings recently, the demand from high-wealth individuals and the ongoing attractiveness of Orange County as a desirable location will likely keep the market competitive. Moreover, as mortgage rates are expected to decrease in 2025, the spring market could see additional appreciation in home values.
External factors, such as global political and economic events, may impact broader markets, but Orange County's high concentration of affluent buyers and limited housing supply should help maintain its strength. Therefore, it is reasonable to predict that home values will remain stable or even rise slightly through the fall and winter, with potential for further appreciation by spring 2025.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report August 26, 2024: Educated Buyers
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
This week, the Orange County real estate market continues to progress steadily, marked by a modest rise in inventory and sustained strong buyer interest. However, we’ve seen an increase in days on market across all price ranges, indicating that homes are taking slightly longer to sell. Additionally, both the median list price and median closed price for single-family homes have experienced a significant drop, reflecting a potential market adjustment as sellers recalibrate their pricing expectations to align with current buyer demand.
Nationwide, we’ve observed inventory dropping in states like Florida and Texas, which previously experienced a surge in new listings over the summer. In Florida, particularly in areas like Sarasota, the market is starting to stabilize after a wave of new properties flooded the market, creating a temporary oversupply. This adjustment has led to a more balanced market, where demand is catching up with the previously high inventory levels.
In Texas, especially in cities like Austin, the market is also finding equilibrium after a period of rapid growth. Austin now leads the nation in the number of homes for sale with price reductions, indicating that sellers are adjusting their expectations to match the current demand. Despite these reductions, the market remains active, with many buyers still eager to purchase, especially as interest rates remain favorable.
Orange County Housing Inventory
Orange County saw a small increase in inventory, with 3,726 properties available for sale compared to 3,651 last week. The rise in inventory was largely due to a decrease in closed sales, which dropped to 402 from 447 in the previous week. New listings, on the other hand, remained relatively stable, with 629 homes listed this past week, just slightly down from the 686 listed the week before. This consistent flow of new properties keeps the market competitive, especially for buyers looking to find the right home in a desirable area like Orange County.
Orange County Days on Market Statistics
The average days on market (DOM) increased slightly, moving from 52 to 53 days. This small change reflects a minor cooling in the market, but properties under $1,000,000 are still moving quickly, with an average DOM of 28 days. Homes priced between $1,000,000 and $2,000,000 saw an increase from 25 to 26 days, while those over $2,000,000 have a DOM of 53 days, up from 51 days last week.
Overall, while we see a slight increase in DOM across the board, properties are still selling relatively fast, indicating a healthy market. it’s important to note that 75% of the current inventory has only been on the market for 60 days or less. This suggests that the bulk of the properties available are still relatively fresh, maintaining their appeal to buyers who are actively searching for homes.
Homes that are priced well and present well are experiencing high turnover, as motivated buyers are quick to act on properties that meet their criteria. This indicates that while the market is seeing some adjustments, there is still strong competition for desirable homes, especially those that are attractively priced and in good condition.
And with boots on the ground, that’s exactly what we are seeing. Buyers today are highly educated about real estate values and comparable sales. While they may be eager to find their next home, they are not eager to overpay. For example, we have one listing that is beautifully designed inside but is priced well above market value—it continues to sit without any interest. On the other hand, we have another listing that was priced appropriately and received four offers on its first weekend. Three of those offers came in slightly below asking, while one offer came in slightly above asking and included the buyer covering the buyer broker commission. That offer ultimately netted our client the most money by far. This demonstrates the importance of strategic pricing in today’s market.
Orange County Key Housing Statistics
The Orange County real estate market is holding steady with some subtle shifts in pricing and sales trends. The median list price for single-family homes remains unchanged at $1,950,000, while condos and townhomes have seen a slight uptick in their median list price, now at $885,000, up from $873,830 last week. On the sales front, the median closed price for single-family residences has dipped to $1,300,000, down from $1,350,000 last week and $1,427,000 the week of August 12th. Similarly, condos and townhomes have experienced a minor decrease in their median closed price, now at $749,990 compared to $760,000 last week. These shifts suggest that while sellers are still achieving prices close to their expectations, there is a gradual alignment with buyer demands, indicating a balanced and stable market.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report August 19, 2024: Subtle Shifts
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
As summer winds down and kids head back to school, the pace of inventory growth has slowed slightly. However, the Orange County market remains strong, with active engagement from both buyers and sellers. Currently, only 25% of our housing inventory has been on the market for 60 days or more, indicating sustained demand. Sellers are meeting buyers' expectations, and transactions are progressing steadily.
Comparing the market to this time last year, we see that the stability in demand is a positive sign, especially in a market that has experienced its share of ups and downs. The strength in buyer interest today is reminiscent of the early 2020s, where a combination of low interest rates and limited inventory led to quick sales and competitive offers. Although interest rates have since normalized, the market's resilience is evident.
Orange County Housing Inventory
In the past week, inventory levels in Orange County have seen only slight changes. The total number of properties available in the county stands at 3,651, nearly identical to last week's 3,648. The number of new listings in the past seven days has risen modestly to 686, a sign that sellers are still confident in the market.
Nationwide, inventory for single-family homes has also seen a small increase, rising from 693,394 last week to 698,029 this week. This consistency in inventory suggests a balanced market, where supply is gradually catching up with demand.
Orange County Days on Market Statistics
The average days on market (DOM) for homes in Orange County has increased slightly to 52 days, up from 51 days last week. The median DOM remains steady at 32 days. Homes priced under $1,000,000 continue to move quickly, just 26 days on the market. Properties priced between $1,000,000 and $2,000,000 also maintain a quick turnover, with a median of 25 days. Homes over $2,000,000 are staying on the market a bit longer, with a median of 51 days, reflecting a more selective buyer pool in the luxury segment.
Orange County Key Housing Statistics
The Orange County real estate market is holding steady with some subtle shifts in pricing and sales trends. The median list price for single-family homes remains unchanged at $1,950,000, while condos and townhomes have seen a slight uptick in their median list price, now at $885,000, up from $873,830 last week.
On the sales front, the median closed price for single-family residences has dipped slightly to $1,350,000, down from $1,427,000. Similarly, condos and townhomes have experienced a minor decrease in their median closed price, now at $749,990 compared to $760,000 last week. Additionally, homes are currently selling at an average of 1.2% below their list price, which is a slight improvement from the previous week’s 1.5% under the list price.
These shifts suggest that while sellers are still achieving prices close to their expectations, there is a gradual alignment with buyer demands, indicating a balanced and stable market.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report August 12, 2024: Big Jump In Inventory
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
This summer, the Orange County real estate market is a blend of opportunity and stability. With home prices continuing to rise, the area remains a desirable location for many buyers. And with inventory continuing to rise many will have more opportunities and more properties to choose from. The median home price in Orange County reached $1,450,000 in July 2024, marking a 13.7% increase from last year ($1,275,000). This steady climb in home prices shows a strong market despite a nationwide slowdown in sales.
Comparing these figures to previous years, the current trend resembles the winter of 2022 when the market showed a brief slowdown due to higher interest rates followed by a price rebound. Today, the market is presenting a unique opportunity for buyers, with interest rates dropping to 6.5%, down from 7.12%.
Orange County Housing Inventory
The number of homes available in Orange County is on the rise, with inventory levels showing a big increase from 3,556 to 3,648 over the past week. This increment suggests a more balanced market, giving buyers more options. However, it's important to act quickly as well-priced homes continue to sell fast. In comparison, the number of single-family homes on the market nationwide has risen to 693,394 from 684,492.
We feel that sellers will outpace buyers, and inventory is likely to keep increasing week by week, defying the usual seasonal trends. Many residents are leaving Orange County primarily due to the high cost of housing and the overall cost of living. This includes current homeowners seeking more affordable living in retirement and families looking for better value for their money outside of Orange County.
A recent survey conducted by the University of California, Irvine, found that 51% of the county's residents are considering moving. This sentiment is most prevalent among younger individuals, women, non-white residents, and those without a college education. The main reasons cited include expensive housing, high taxes, and concerns about crime and traffic.
Orange County Days on Market Statistics
The average days on the market for homes in Orange County is 51 days, slightly up from 50 last week. Homes under $1,000,000 tend to sell the quickest, averaging 26 days. In contrast, properties priced over $2,000,000 remain stable at 47 days. This low DOM indicates a seller's market, where homes move quickly, driven by high demand.
When the days on market are low buyers and sellers are affected differently.
For Buyers: Quick Decisions Needed: A low DOM generally indicates a strong seller's market where homes are selling quickly due to high demand. Buyers need to make swift decisions and be prepared to offer at or above the asking price to secure a property.
For Sellers: Strong Market Position: A low DOM suggests that the property is priced well and is in demand, potentially leading to multiple offers. This can create a sense of urgency among buyers, often resulting in competitive bidding and favorable terms for the seller.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
The Orange County real estate market continues to show resilience, although some shifts are evident. The median list price for single-family residences remains steady at $1,950,000. Condos and townhomes have experienced a minor decrease, with the median list price now at $873,830.
For the past few weeks, homes have been selling below the asking price, a trend driven by current economic conditions. High interest rates and a nationwide slowdown in sales have made buyers more cautious, resulting in fewer bidding wars and increased price negotiations. As a result, sellers who delay adjusting their pricing strategies will have longer days on market.
Despite these challenges, the demand remains strong. However, the slower market pace and economic uncertainties mean that more homes are being sold at or below their list prices. Sellers may need to adapt by pricing their properties more competitively from the outset to align with buyer expectations and market realities.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report August 5, 2024: How Will Low Rates Affect the Orange County Market?
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
The biggest news in real estate this week is the decline in mortgage rates, which have fallen to 6.34% for a 30 year fixed rate loan, the lowest level since April 5th, 2023. The Federal Reserve has announced more rate cuts this year, fueling hopes among many buyers that rates might drop below 6%. This recent movement is expected to motivate more buyers to enter the market. Our preferred lender, Dave Cashion from Keystone Financial Services, offers a loan program with an option for a no-cost refinance if rates decrease further. For more information, contact Dave directly at the previous link.
Orange County Housing Inventory
Inventory typically plateaus around this time of year as families settle into their homes with the start of the school year. However, this year could be different. We are seeing more sellers entering the market compared to previous years, motivated by concerns about the upcoming elections and fears of a potential housing crash. Despite these concerns, Orange County shows no signs of an impending crash. Buyer demand continues to steadily absorb the available supply, and with the recent drop in mortgage rates, we expect even more buyers to enter the market. We feel that sellers will outpace buyers, and inventory is likely to keep increasing week by week, defying the usual seasonal trends.
Orange County Days on Market Statistics
The average days on market for homes in Orange County have remained stable, indicating a balanced pace of sales despite recent increases in inventory and reductions in interest rates. Only 25% of our active properties for sale have been on the market for over 60 days. This means properties are still moving quickly, which underscores the importance of being prepared to act decisively when the right home comes along.
When the days on market are low buyers and sellers are affected differently.
For Buyers:
Quick Decisions Needed: A low DOM generally indicates a strong seller's market where homes are selling quickly due to high demand. Buyers need to make swift decisions and be prepared to offer at or above the asking price to secure a property.
Limited Negotiation Power: In such a market, sellers have the upper hand, reducing buyers' ability to negotiate prices. Buyers should expect fewer opportunities for price reductions or concessions.
For Sellers:
Strong Market Position: A low DOM suggests that the property is priced well and is in demand, potentially leading to multiple offers. This can create a sense of urgency among buyers, often resulting in competitive bidding and favorable terms for the seller.
Effective Pricing and Marketing: It indicates that the property is effectively marketed and priced competitively, reinforcing the seller's confidence in their strategy.
Impact of High Days on Market
For Sellers:
Need for Re-evaluation: A high DOM can signal that a property is overpriced or not marketed effectively, prompting sellers to consider price adjustments or enhanced marketing strategies. Properties lingering on the market may develop a stigma, making buyers wonder if there are hidden issues.
Reduced Appeal: The property may become less attractive to new buyers entering the market, necessitating fresh approaches, such as home staging or repairs, to renew interest.
For Buyers:
Negotiation Leverage: Properties with a high DOM often indicate motivated sellers, providing buyers with the opportunity to negotiate better terms or lower prices. Buyers can use the extended DOM as a bargaining tool, especially if the property hasn't seen recent price reductions.
Caution Advised: A high DOM might suggest potential issues with the property, such as location or condition, which buyers should investigate thoroughly before making an offer. We always discuss the possibilities and potential problems, conduct thorough inspections, and make offers that reflect the property's true value.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
For the past two weeks, properties have been selling for under the asking price, a shift that may suggest sellers are becoming more flexible in their pricing strategies. This trend offers buyers an opportunity to negotiate better deals, especially with the support of a knowledgeable agent who understands the local market dynamics. We will continue to follow these statistics to see if the trend continues.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report July 29, 2024: What To Expect In The Fall
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
The Orange County real estate market continues to show resilience and stability, even as we see small increases in both inventory and days on market. In the spring of 2024 properties under $2 million had days on market in the upper teens. Now, they are averaging around 21 days, demonstrating robust buyer interest in this price range. This remains a quick turnaround compared to national averages, which have increased due to lower demand.
As we look forward to the fall market, there is anticipation of potential adjustments. As we come out of the pandemic market we are hoping to move towards a more balanced market similar to the one prior to 2020. That would require inventory levels to nearly double the current amount. From 2013 to 2019 the high levels of inventory were near 6,000 properties for sale. Prior to that we were closer to 9,000. It’s unlikely that we will reach 6,000 in the near future but we are moving in a upward direction. This will help us reach a balanced market.
While mortgage rates are currently at six-month lows, the upcoming elections and possible rate changes might influence buyer and seller behavior. Typically sellers are slow to adopt a lower list price strategy which will lead to a higher amount of properties with price reductions. Nationwide, about 40% of homes on the market have seen price reductions. Our price reductions remain under 30% of properties listed for sale.
For sellers, the market is still strong. The fall market will see attractive homes sell quickly, while higher-priced homes may take longer. Buyers are particularly drawn to homes that look nice due to the emotional aspect of purchasing a home. Sellers should consider making their property appeal to a wide range of buyers, including different age groups and ethnicities. Kim Kardashian has popularized the "modern farmhouse" interior design, which appeals to all age groups with its earth tones and open spaces.
Buyers need to look beyond the surface and dig into the details of the property. Spend extra time reading disclosures and inspection reports, and ask sellers as many questions as possible to ensure the answers align with the reports. At Orange County Real Estate, Inc., we always assist in this process, helping uncover the facts about the property as an important step in making an informed decision.
Orange County Housing Inventory
Inventory levels in Orange County are gradually increasing. This week, there are 3,497 properties listed, slightly up from last week's 3,480. This rise provides more options for buyers, yet the market remains competitive. With 685 new listings and 493 homes sold in the past week, activity remains strong.
Orange County Days on Market Statistics
The average days on market in Orange County is now 51 days, up slightly from 50 last week. Median days on market stand at 32, an increase from 31. Homes between $1 million and $2 million sell the fastest, with the median at 21 days. These figures indicate a healthy pace of sales across various price points.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
The real estate market in Orange County continues to display strong figures, with the median list price for single-family homes standing at $1,950,000 and condos/townhomes at $869,000. Over the past week, the median closed price for single-family homes was $1,400,000, while condos/townhomes closed at $751,495. Notably, homes sold for 1.08% under their list price, which translates to an average of $16,417 below the asking price. This data highlights a slight decrease in final sale prices compared to the list prices, indicating a market adjustment that could benefit buyers.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report July 22, 2024: Demand Coupled With Steady Growth
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends and National News
In contrast to national trends, where 38.6% of properties have had price reductions and homes are taking longer to sell, Orange County sees lower price reductions at only 29.6%. Additionally, half of the current inventory has been on the market for only 30 days, with nearly 80% of properties selling within 60 days. This quick turnover underscores the strong demand in Orange County, driven by a competitive buyer pool. While national news highlights a housing market in flux, with significant price reductions and extended selling times, Orange County's market remains strong, offering opportunities for both buyers and sellers.
Orange County Housing Inventory
Over the past eleven out of twelve weeks, we've observed a steady rise in inventory, reflecting a balanced market in Orange County. After a slight dip during the 4th of July holiday, the market has rebounded robustly. Currently, there are 3,480 properties for sale, marking a 15% increase since mid-June. This incremental growth in inventory is a positive indicator, offering buyers a wider array of choices and contributing to a healthy real estate environment.
Orange County Days on Market Statistics
The average days on market in Orange County have seen a slight uptick, moving from 47 days last week to 50 days this week. Similarly, the median days on market have increased from 27 to 31 days. This marginal increase suggests a minor slowdown, yet properties are still selling relatively quickly. Specifically, homes under $1,000,000 are on the market for a median of 25 days, those between $1,000,000 and $2,000,000 for 23 days, and homes over $2,000,000 for 47 days. This data indicates a continued strong demand, particularly for mid-range properties.
Additionally, half of the current inventory has been on the market for only 30 days, accounting for around 1,800 properties. Approximately 700 properties have been listed between 30 and 60 days. These figures highlight that new listings are being absorbed quickly, indicating strong buyer demand in the area.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
Key statistics this week highlight several noteworthy trends. The median list price for single-family homes has slightly decreased to $1,950,000 from $1,997,500 last week, while the median list price for condos and townhomes has increased to $859,900 from $849,950.
The median closed price for single-family homes over the past seven days has dipped to $1,357,500, whereas condos and townhomes saw an increase to $815,000. Interestingly, the sold price versus list price ratio has shifted to 0.9% over, indicating a competitive market where buyers are often willing to pay slightly above the asking price. These key stats underscore the dynamic nature of the Orange County real estate market, driven by high demand and competitive pricing.
Orange County Home Sellers and Buyers
Sellers typically have until late August to early September to take full advantage of the summer selling season. Listing a home in early to mid-summer allows enough time to market the property, negotiate offers, and complete the sale process before the fall.
1. High Buyer Demand: Summer often sees increased buyer activity as families seek to settle before the new school year. This heightened demand can lead to competitive bidding and potentially higher sale prices.
2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.
3. Seasonal Advantage: Summer provides longer daylight hours and better weather, making homes more appealing to prospective buyers. Additionally, many buyers prefer to move during this time to minimize disruption to their children's education.
Buyers can generally expect to purchase a home and move before the school year starts if they act quickly. The typical home buying process, from offer acceptance to closing, takes about 30-45 days. Therefore, buyers who secure a home by mid-July should be able to move in before the end of August, just in time for the new school year.
All Cash Purchases in Orange County
For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report July 15, 2024: Rebound From The Holiday Week
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, the Orange County real estate market felt the impact of the 4th of July holiday, similar to a momentary pause in a bustling city. Our inventory, which had been increasing for nine consecutive weeks, saw a slight dip. Total activity, including closings, new listings, and pending sales, also slowed down. Many believed this to be the beginning of a seasonal trend where real estate activity typically decreases.
But just like a wave pulling back before it surges forward, this week, the numbers bounced back emphatically. Coming out of the long pandemic market, anything is possible, and historical trends may not predict future market statistics.
Encouraging news about inflation and the bond market led to lower mortgage rates last week and at the start of this week, which is helping to bring buyers back into the market. Our agents on the ground are witnessing a significant uptick in activity for single-family homes priced around a million dollars. We predict the days on market will continue to decrease over the next few weeks, even as inventory grows. Lower mortgage rates will fuel some buyer competition.
National vs. Local Perspectives
National news highlights inventory dropping across the country and home prices dipping. In markets like Florida, Texas, Idaho, and Oklahoma, inventory has actually surpassed pre-pandemic levels. These areas are experiencing price reductions and a drop in immediate sales. Buyers in those markets are being more selective, waiting for the right property and for sellers to negotiate on list prices.
However, Orange County stands apart. This week, inventory in Orange County rose to 3,445 from 3,220 last week. This increase is due to the large number of new listings following the 4th of July week. After last week's rise in the days on market, this week shows a downward trend across all price ranges.
Orange County Housing Inventory
Inventory in Orange County rose to 3,445 this week from 3,220 last week, reflecting a significant influx of 811 new listings post-4th of July. This increase provides more options for buyers, potentially leading to a more competitive and dynamic market.
Orange County Days on Market Statistics
The days on market for properties in Orange County are showing a downward trend across all price ranges this week. This indicates that homes are selling faster, driven by increased buyer activity and lower mortgage rates.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
This week, the Orange County real estate market shows some notable shifts in key statistics. The median list price for single-family residences (SFR) has decreased to $1,997,500 from last week's $2,099,000, while the median list price for condos and townhomes remains stable at $849,950. Over the past seven days, the median closed price for SFRs dropped to $1,364,400 from $1,400,000, and for condos and townhomes, it fell to $759,500 from $810,000. This week also marks a significant change in the sold price versus list price dynamic; homes sold for 0.5% under the list price, a shift from the previous week's 1.7% over the list price. This change suggests a more balanced market where buyers have slightly more leverage in negotiations.
Orange County Home Sellers and Buyers
Sellers typically have until late August to early September to take full advantage of the summer selling season. Listing a home in early to mid-summer allows enough time to market the property, negotiate offers, and complete the sale process before the fall.
1. High Buyer Demand: Summer often sees increased buyer activity as families seek to settle before the new school year. This heightened demand can lead to competitive bidding and potentially higher sale prices.
2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.
3. Seasonal Advantage: Summer provides longer daylight hours and better weather, making homes more appealing to prospective buyers. Additionally, many buyers prefer to move during this time to minimize disruption to their children's education.
Buyers can generally expect to purchase a home and move before the school year starts if they act quickly. The typical home buying process, from offer acceptance to closing, takes about 30-45 days. Therefore, buyers who secure a home by mid-July should be able to move in before the end of August, just in time for the new school year.
Where Are Californians Moving to Now?
Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:
1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.
2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.
3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.
4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report July 8, 2024: July 4th Holiday Muted Data
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends and the Impact of the Holiday Week
The Fourth of July holiday week saw a slowdown in real estate activity in Orange County. This isn't unusual, but after nine weeks of inventory growth and increased sales, it's noteworthy that we experienced decreased inventory, fewer closings, and fewer new listings. We anticipate that inventory and overall activity will pick up this week, despite the usual seasonal slowdown. As we continue to rebound from the pandemic's impact on the real estate market and adjust to high interest rates, we remain prepared for any developments.
Pricing Trends
Median List Price: There was a slight increase in the median list price of single-family homes last week.
Days on Market: Days on market have increased a bit for lower-priced homes. This might be because of the holiday or affordability issues.
Mortgage Rates
Mortgage interest rates have dipped slightly today, which could bring more buyers back into the market.
Orange County Housing Inventory
Note fewer new listings and fewer sold properties for the prior week.
Orange County Days on Market Statistics
There is a shift in the days on market. If this continues through July we may have a new trend on our hands.
Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
The median list price of single family homes jumped up last week as well as the closed price vs list price.
High Interest Rates
High mortgage rates are pricing some buyers out of the market. This is a key factor in the slight increase in days on market for lower-priced homes. When rates are high, buyers become more selective, and homes can take longer to sell.
Seasonal Trends
Typically, inventory decreases around this time of year. However, we’ve seen nine weeks of rising inventory. The holiday week was a blip, but we expect the upward trend to continue.
Buyer Behavior
With rates slightly lower today, buyers might feel a renewed sense of urgency. If this trend continues, we could see a boost in activity in the coming weeks.
Inventory Expectations
We expect inventory to increase again next week. Keep an eye on this trend, as it will provide more options for buyers and could affect pricing.
Price Adjustments
With the slight rise in median list prices, sellers might feel more confident. However, affordability remains a concern. Watch for potential price adjustments, especially if mortgage rates continue to fluctuate.
Mortgage Rate Watch
Rates dropped a bit today, which is good news for buyers. If this continues, we could see more buyers entering the market, which might lead to quicker sales and possibly higher prices.
Orange County Home Sellers and Buyers
Sellers typically have until late August to early September to take full advantage of the summer selling season. Listing a home in early to mid-summer allows enough time to market the property, negotiate offers, and complete the sale process before the fall.
1. High Buyer Demand: Summer often sees increased buyer activity as families seek to settle before the new school year. This heightened demand can lead to competitive bidding and potentially higher sale prices.
2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.
3. Seasonal Advantage: Summer provides longer daylight hours and better weather, making homes more appealing to prospective buyers. Additionally, many buyers prefer to move during this time to minimize disruption to their children's education.
Buyers can generally expect to purchase a home and move before the school year starts if they act quickly. The typical home buying process, from offer acceptance to closing, takes about 30-45 days. Therefore, buyers who secure a home by mid-July should be able to move in before the end of August, just in time for the new school year.
Where Are Californians Moving to Now?
Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:
1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.
2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.
3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.
4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.
The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter
In the digital age, many industries have been transformed by technology, and real estate is no exception. Companies like Zillow and Redfin promised to revolutionize how we buy and sell homes, aiming to make the process easier, faster, and more efficient. However, the reality has not always met these expectations. Our recent blog post explores how tech companies sometimes fall short in the real estate sector and highlights why local agents are still crucial. From the challenges of data accuracy and oversight, exemplified by the Kansas City case where a million-dollar home was listed for $10,000 due to a scam, to the irreplaceable value of local knowledge and personal connections, this post delves into the limitations of tech-driven approaches and the enduring importance of human expertise. For a detailed discussion on these topics and more, read the full blog here.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report July 1, 2024: Where Is The Market Heading Now
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
In recent weeks, we have observed significant inventory gains. Nationwide, single-family home inventory is poised to surpass levels last seen in July 2020, now standing at 646,099 homes—an increase of 39% compared to 2023. Although this rise is notable relative to the recent lows, it still falls short of the levels considered healthy for a stable market.
In Orange County, the number of residential properties for sale has increased to 3,255. Historically, July has been the peak month for inventory, but higher interest rates this year might extend this peak further. Despite robust buyer demand and consistently low days on market, the smaller pool of buyers could lead to continued inventory growth. On the flip side, if interest rates decline slightly, more buyers will enter the market and total inventory will reduce.
Last week, we reported an increase in mortgage applications. Typically, this data translates into a rise in sales within 30-60 days. Our closed sales for the past week have increased by 31 transactions.
Orange County Housing Inventory
Orange County Days on Market Statistics
While the days on market have remained steady, indicating a strong buyer presence, the increased inventory could potentially slow down the market slightly as more options become available. Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
Orange County Home Sellers and Buyers
Sellers typically have until late August to early September to take full advantage of the summer selling season. Listing a home in early to mid-summer allows enough time to market the property, negotiate offers, and complete the sale process before the fall.
1. High Buyer Demand: Summer often sees increased buyer activity as families seek to settle before the new school year. This heightened demand can lead to competitive bidding and potentially higher sale prices.
2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.
3. Seasonal Advantage: Summer provides longer daylight hours and better weather, making homes more appealing to prospective buyers. Additionally, many buyers prefer to move during this time to minimize disruption to their children's education.
Buyers can generally expect to purchase a home and move before the school year starts if they act quickly. The typical home buying process, from offer acceptance to closing, takes about 30-45 days. Therefore, buyers who secure a home by mid-July should be able to move in before the end of August, just in time for the new school year.
Where Are Californians Moving to Now?
Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:
1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.
2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.
3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.
4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.
The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter
In the digital age, many industries have been transformed by technology, and real estate is no exception. Companies like Zillow and Redfin promised to revolutionize how we buy and sell homes, aiming to make the process easier, faster, and more efficient. However, the reality has not always met these expectations. Our recent blog post explores how tech companies sometimes fall short in the real estate sector and highlights why local agents are still crucial. From the challenges of data accuracy and oversight, exemplified by the Kansas City case where a million-dollar home was listed for $10,000 due to a scam, to the irreplaceable value of local knowledge and personal connections, this post delves into the limitations of tech-driven approaches and the enduring importance of human expertise. For a detailed discussion on these topics and more, read the full blog here.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report June 24, 2024: Mortgage Applications Increase
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
This week, Orange County has seen a significant increase in inventory, with 84 more properties available than last week, bringing the total to 3,167 properties. This is a notable shift from the previous week's inventory of 3,083. Despite the increased inventory, the days on market (DOM) have remained steady, with an average of 49 days and a median of 26 days.
The past week saw 472 properties sold, slightly down from the 491 properties sold the week before. Interestingly, 35% of these sales involved a price reduction, indicating that sellers are becoming more flexible in negotiations. The median closed price for single-family residences (SFR) increased to $1,426,000, while the median price for condos and townhomes decreased to $760,000, down from $770,000 the previous week.
Mortgage applications have seen a substantial increase. According to the Mortgage Bankers Association (MBA), applications rose by 15.6% for the week ending June 7, 2024. This is the most significant weekly increase since January 2023. Refinance applications jumped by 28%, while purchase applications increased by 9%. This surge is attributed to a decline in mortgage rates, which have averaged below 7% for the past two weeks, with the 30-year fixed-rate mortgage at 6.95%.
Orange County Housing Inventory
Orange County Days on Market Statistics
While the days on market have remained steady, indicating a strong buyer presence, the increased inventory could potentially slow down the market slightly as more options become available. Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
Orange County Home Sellers and Buyers
Many sellers who have been sitting on the sidelines are now considering entering the market, spurred by the prospect of a busy summer selling season. With mortgage rates slightly declining and buyer demand remaining strong, the conditions are ripe for selling. Sellers are seeing competitive bids, with multiple offers becoming more common in certain areas of Orange County.
However, some sellers are still hesitant, particularly those locked into lower mortgage rates. Despite this, "life happens" events—such as marriage, divorce, or needing more space—are driving more inventory onto the market. This influx is expected to continue, providing more options for buyers.
While some experts predict a potential drop in home prices nationally due to affordability issues and economic uncertainty, others believe prices will remain stable or even rise slightly, driven by high demand and low supply. In Orange County, the market remains competitive, and sellers are advised to make necessary upgrades to make their homes stand out and attract the best offers.
The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter
In the digital age, many industries have been transformed by technology, and real estate is no exception. Companies like Zillow and Redfin promised to revolutionize how we buy and sell homes, aiming to make the process easier, faster, and more efficient. However, the reality has not always met these expectations. Our recent blog post explores how tech companies sometimes fall short in the real estate sector and highlights why local agents are still crucial. From the challenges of data accuracy and oversight, exemplified by the Kansas City case where a million-dollar home was listed for $10,000 due to a scam, to the irreplaceable value of local knowledge and personal connections, this post delves into the limitations of tech-driven approaches and the enduring importance of human expertise. For a detailed discussion on these topics and more, read the full blog here.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report June 17, 2024: Local Agents Make A Difference
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week we highlighted the inventory increases both nationally and in Orange County. This week, we observed a small increase in inventory. The list price versus close price remains narrow, with properties selling for an average of $2,655 over the asking price. This trend suggests that we are gradually moving toward a buyer's market. Although the days on market for Orange County remain robust, sellers are becoming anxious due to national media reports on high-interest rates and inventory increases, which could potentially lead to a housing downturn.
Philadelphia Federal Reserve President Patrick Harker has noted an "air of uncertainty" surrounding inflation, suggesting the possibility of just one rate cut this year if inflation continues to decelerate as anticipated (Bureau of Labor Statistics). This economic backdrop underscores the importance for buyers to negotiate diligently with sellers and to conduct thorough due diligence when inspecting properties.
Orange County Housing Inventory
This week in Orange County, the inventory statistics have remained stable. For the first time this year, we breached the 3,000 mark, supported by two consecutive weeks of a significant number of new listings and a steady rate of new closings.
Orange County Days on Market Statistics
While the days on market have remained steady, indicating a strong buyer presence, the increased inventory could potentially slow down the market slightly as more options become available. Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
Our key housing statistics continue to be stable. The most notable change last week was the median close price of condos and townhomes, which dropped to $770,000 from $818,000. Additionally, the sold price versus list price narrowed to just $2,655 over asking. These trends indicate that sellers are becoming more flexible and willing to negotiate on the final price.
The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter
In the digital age, many industries have been transformed by technology, and real estate is no exception. Companies like Zillow and Redfin promised to revolutionize how we buy and sell homes, aiming to make the process easier, faster, and more efficient. However, the reality has not always met these expectations. Our recent blog post explores how tech companies sometimes fall short in the real estate sector and highlights why local agents are still crucial. From the challenges of data accuracy and oversight, exemplified by the Kansas City case where a million-dollar home was listed for $10,000 due to a scam, to the irreplaceable value of local knowledge and personal connections, this post delves into the limitations of tech-driven approaches and the enduring importance of human expertise. For a detailed discussion on these topics and more, read the full blog here.
New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report June 10, 2024: Did You Say Inventory?
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, we discussed the notable increases in inventory both nationally and in Orange County. We highlighted areas experiencing significant price reductions among listed properties, with Florida seeing a slight loss in value. Despite these trends, sales volumes have been on the rise, indicating robust buyer interest. Inventory remains the main focus, and we noted that the market dynamics are shifting as more properties become available. In Orange County, we saw steady days on market, suggesting balanced buyer demand.
Orange County Housing Inventory
This week, the focus remains on inventory levels, both nationally and in Orange County. Nationally, inventory has shown significant increases, with active single-family inventory up by 2% week-over-week and 37.8% year-over-year.
In Orange County, we had a substantial increase in new listings, with 925 new residential properties listed in the past seven days. This is a record for 2024 and likely the highest weekly total since the pandemic began.
The addition of 925 new listings is a significant increase and indicates a potential shift in the market. This influx could change the market dynamics over the next 30 days as more options become available to buyers.
Orange County Days on Market Statistics
While the days on market have remained steady, indicating a strong buyer presence, the increased inventory could potentially slow down the market slightly as more options become available. Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.
Orange County Key Housing Statistics
In Orange County, the median close price for single-family homes dropped to $1,377,000 last week but has rebounded to $1,472,500 this week.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
Selling a home in a market with less buyer competition can be challenging but manageable with the right strategy. In such conditions, it’s crucial to make your home as attractive as possible to the limited pool of buyers. This involves ensuring that your property is in top condition, which may include making necessary repairs, enhancing curb appeal, and staging the home to highlight its best features. Competitive pricing is also vital; setting a realistic and appealing price can help attract serious buyers quickly. Additionally, effective marketing is essential. Utilizing professional photography, virtual tours, and comprehensive online listings can make a significant difference. Partnering with an experienced real estate agent, like those at Orange County Real Estate, Inc., can provide you with expert advice and access to a broader network of potential buyers, ensuring that your home stands out even in a slower market.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report June 3, 2024: Balancing Act As Sales Volume Increases
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
The inventory in Orange County continues to grow, partly influenced by steady interest rates near 7%. This trend is observed nationwide, with some states experiencing slight declines in home values. For instance, Florida has seen a definitive decline, while Arizona and Texas hover on the brink. Nationally, the median sales price for single-family homes is $453,000, reflecting a modest 1% increase from the previous two years, indicating reduced annual gains.
In contrast, Orange County's median list price for single-family homes remains robust, hovering around $2,000,000. This is a significant increase from April and May of 2022, when the median list price was approximately $1,750,000, showcasing continued annualized gains.
Interest Rates:
Last week, mortgage rates experienced a brief spike on Tuesday and Wednesday, which has since been corrected. Despite rates hovering near 7%, some institutional lenders are offering "Relationship Pricing Discounts" or "Portfolio Pricing" for clients who bank with them. For example, one of our buyer clients recently secured a 6% fixed rate with deposits through Bank of Montreal/BMO. To learn more about BMO home loans, contact our representative, Traci Schram at this link.
Home Sales Volume:
In recent months, Orange County has witnessed an increase in sales volume as inventory levels rise, providing buyers with more options. This surge in market activity is also attributed to buyers acclimating to the new normal of 7% interest rates. This adjustment period, which began in 2023, has seen buyers gradually accept these higher rates, leading to a recovery in sales volumes. For instance, in May 2024, the total residential sales volume in Orange County reached 2,118 transactions, up from 1,718 homes sold in May 2023.
As of June 2024, Orange County continues to be one of the counties in California with the highest median sales prices for single-family homes. The median close price for existing single-family homes in Orange County reached over $1.4 million in March 2024, reflecting a 12% year-over-year increase. This figure places Orange County among the top regions in terms of property value, ahead of many other counties in the state.
Orange County Housing Inventory
Orange County Days on Market Statistics
Orange County's DOM statistics continue to indicate a seller's market. It's surprising to see markets like San Francisco and Los Angeles see faster turnover than Orange County.
Orange County Key Housing Statistics
The recent data presents an intriguing picture of the Orange County real estate market. While we still see some buyer competition for excellent homes, this activity is slowing. Homes are seeing fewer immediate sales and fewer multiple offers, which is why the sold price versus list price has become more stable and equal. Although there is still buyer competition, the number of buyers in the market has decreased. Mortgage applications, a good measurement of buyer participation, have reflected this trend. According to the Mortgage Bankers Association, new loan application activity decreased by 7.2% from the previous month, with purchase applications falling by 11.4% compared to the same period last year. This decline in applications indicates fewer buyers in the market, contributing to the stabilization of home prices and less intense bidding wars.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
Selling a home in a market with less buyer competition can be challenging but manageable with the right strategy. In such conditions, it’s crucial to make your home as attractive as possible to the limited pool of buyers. This involves ensuring that your property is in top condition, which may include making necessary repairs, enhancing curb appeal, and staging the home to highlight its best features. Competitive pricing is also vital; setting a realistic and appealing price can help attract serious buyers quickly. Additionally, effective marketing is essential. Utilizing professional photography, virtual tours, and comprehensive online listings can make a significant difference. Partnering with an experienced real estate agent, like those at Orange County Real Estate, Inc., can provide you with expert advice and access to a broader network of potential buyers, ensuring that your home stands out even in a slower market.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report May 27, 2024: Much of the same or Inventory Increases
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, we highlighted the increase in housing inventory both locally and nationally. This trend continues, driven by high inflation and high mortgage rates. Despite these gains, the market remains challenging for many buyers.
Homeowners in Orange County continue to experience property appreciation as demand outstrips supply. We advise buyers to consider listings over 90 days old for potential opportunities. Currently, only 14.5% of listings are over 90 days, compared to 30% pre-pandemic, indicating high competition and quick property turnover. Take a look at all the properties listed for sale in Orange County over 90 days at this link.
Make sure your property doesn't end up on the 90+ day list. Check out this quick blog for some practical ideas to consider when selling your home.
Orange County Housing Inventory
This week saw slight gains in inventory despite a reduction of 100 new listings compared to last week.
Orange County Days on Market Statistics
The low inventory in Orange County continues to fuel intense buyer competition, resulting in shorter days on the market for properties. High mortgage rates are deterring some buyers, but the limited supply creates the illusion of strong demand. If inventory levels rise without a decrease in mortgage rates, the market could shift in favor of buyers, potentially leading to lower property values. However, if an increase in inventory is paired with lower interest rates, it would likely attract more buyers, causing a buying frenzy and maintaining the market as a seller's market.
Orange County Key Housing Statistics
Properties in Orange County continue to sell slightly over asking price, averaging $9,690 above the listed price. Learn more about our strategies for writing successful offers on our blog.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
As the population of Orange County ages, we are seeing a higher demand for single-level homes. Visit this link to see single-level homes in Orange County.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report May 20, 2024: Pressure on Home Prices Continues
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, we highlighted that buyers and sellers were re-entering the market. However, affordability remains a challenge for Orange County families, as the median closing price of homes has reached $1,400,000. For a deeper analysis, you can read our recent blog post here.
Additionally, last week saw the median closing price for condos and townhomes jump to $894,000, which was due to incorrect data input on the MLS. We apologize for not catching this error before last week's report.
This week, we are focusing on inventory gains both in Orange County and across the country. Currently, the U.S. housing inventory of single-family homes stands at 578,390, which is 36% higher than this time last year. Notably, every state has more inventory than this time last year.
The median sales price of single-family homes in the U.S. is $450,000, matching the previous highs of 2022 and 2023. There are still no signs of significant value loss for residential real estate as a whole. Some areas, like Florida and Texas, may see small dips due to the quick supply increase.
Orange County Housing Inventory
In Orange County, there is now 21% more inventory for all residential real estate compared to the same time last year, although it remains significantly below pre-pandemic levels.
Property values in Orange County continue to outperform the rest of the country.
With approximately 1.1 million residential units, the county's limited housing supply compared to neighboring counties is a significant factor driving continued appreciation. For comparison, Los Angeles County has about 3.6 million residential units, and San Diego County has around 1.2 million units, highlighting the regional differences in housing stock and market dynamics.
Orange County Days on Market Statistics
Buyer competition remains high due to low inventory, keeping days on market low. However, we anticipate that competition may intensify if mortgage rates decrease slightly. Conversely, a significant increase in inventory and stable high rates might cool the market.
Orange County Key Housing Statistics
Properties in Orange County continue to sell slightly over asking, averaging $14,500 above the listed price. Despite lower overall buyer participation compared to pandemic levels, buyer competition is putting pressure on closing prices and offer strategies. Read our blog post about our strategy for writing successful offers and winning in this competitive market at this link.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
As the population of Orange County ages, we are seeing a higher demand for single-level homes. Visit this link to see single-level homes in Orange County.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report May 13, 2024: Buyer's or Seller's Market
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, we highlighted a slight increase in inventory in Orange County, with new listings reaching a weekly high of 711 over those 7 days. We discussed how first-time homebuyers are struggling to enter the market due to high mortgage payments on properties priced around $1,000,000 and we took a look at the numbers. Our recent blog post expands on the affordability challenges in Orange County compared to national averages, which you can read here.
Recent economic reports have slightly reduced mortgage rates, potentially enticing both sellers and buyers back into the market. Despite this, the median monthly housing payment in the U.S. reached a record $2,894 for the four weeks ending May 5, up 14% from the previous year, with home prices also rising by 4.5% to record levels. Today, a typical Orange County homebuyer faces monthly payments of $8,730, including taxes and insurance, marking a 39% increase from two years ago.
Buyer's Market or Seller's Market
The current market conditions in Orange County distinctly favor sellers, as evidenced by the consistently low days on market and robust buyer competition. These factors place sellers in a commanding position. With buyers eagerly competing for limited inventory, sellers are often able to achieve favorable sale terms, including higher selling prices and quicker closings. Read our blog post about crafting winning offers in a competitive market and what home sellers should look for at this link.
Orange County Housing Inventory
Inventory levels have continued to rise this week now sitting at 2,629 residential units for sale. Although the number of homes going under contract has stabilized at around 2,000 for the past two months, both new and closed listings have experienced a slight downturn.
Orange County Days on Market Statistics
Buyer competition remains high due to low inventory, keeping days on market low. However, we anticipate that competition may intensify if mortgage rates decrease slightly. Conversely, a significant increase in inventory and stable high rates might cool the market.
Orange County Key Housing Statistics
This week, we've observed a significant increase in the median closing price for condos and townhomes, now at $898,000, up from $720,000 at the start of the year. This price surge reflects the high demand for the most affordable housing options in Orange County, significantly affecting current homeowners and potential new buyers alike.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report May 6, 2024: The Cost Of A Million Dollar House
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, we highlighted a 32% increase in national home listings, with Orange County trailing slightly behind this trend. Notably, states like Florida and Texas have seen significant rises in housing inventory, potentially due to increases in insurance costs and real estate taxes prompting second homeowners to sell amidst fears of a market downturn.
However, buyer participation remains subdued, largely due to the affordability challenges in Orange County's robust market. For instance, a typical 10% down payment on a $1 million home with a 7% interest rate would lead to a monthly mortgage payment of $6,906, including taxes and insurance. This requires buyers to earn a minimum monthly income of $15,500, not accounting for any additional financial obligations. To navigate these high costs, many buyers are turning to family support for help with down payments and income qualification.
Opportunities may arise from homes listed for over 90 days. Currently, 340 properties fit this category, and they can be viewed at this link.
Orange County Housing Inventory
In Orange County, the inventory of homes for sale rose to 2,584 this week, up from 2,455 last week, accompanied by increases in homes sold and new listings—a promising sign for prospective buyers. The cost to move or downsize continues to be prohibitive unless considering an upgrade in lifestyle to properties like ocean view homes. Learn more about strategic downsizing on our blog at this link.
Orange County Days on Market Statistics
The days on market statistics have remained consistent over the past month, indicating a continued high demand coupled with limited inventory. Should interest rates experience even a slight decrease, we expect an influx of buyers into the market. This could lead to rapid sales of newly listed inventory, further propelling home values upward.
Orange County Key Housing Statistics
This week's key statistics show a rise in the closing prices for single-family homes, as well as for condos and townhomes. This trend of gradual increases has been consistent. As of May 2023, the median closing price for single-family homes was $1,245,000, and for condos and townhomes, it was $740,000. While these figures may vary weekly, they clearly demonstrate a sustained upward trend over the past year and, more broadly, since 2009.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report April 29, 2024: Orange County Homes Up In Value
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week we discussed the low buyer participation and perceived high demand, driven by limited inventory in Orange County. We reviewed ongoing appreciation trends in home values and the mortgage rate outlook, which suggests no significant decrease this year.
This week's data show no notable fluctuations. Although seller growth in Orange County trails behind the national average, there is a significant 32% increase in single-family homes for sale in the United States compared to last year, now totaling 556,492. In contrast, Orange County saw a slight dip in total inventory over the past week. Notably, states like Florida and Texas are experiencing significant inventory increases, particularly in second homes and vacation properties, as soaring insurance costs prompt homeowners to sell.
The U.S. market is witnessing an increase in homes with price reductions; 32% of homes listed now show a price cut, the highest in April over the past decade. In Orange County, where inventory remains low, fewer than 20% of homes have reduced prices.
Opportunities may arise from homes listed for over 90 days. Currently, 340 properties fit this category, and they can be viewed at this link.
Orange County Housing Inventory
This week, Orange County has seen a reduction in overall inventory, new listings, and sales, yet there's been a notable increase in properties going under contract. A significant factor contributing to our low inventory is that 60% of homeowners have interest rates locked under 4%, making the cost to move or downsize prohibitive unless considering an upgrade in lifestyle to properties like ocean view homes. Learn more about strategic downsizing on our blog at this link.
Orange County Days on Market Statistics
Despite fewer buyers, the demand still outstrips supply, as evidenced by the low days on market across all price ranges. Luxury homes that sell in under two months are quickly snapped up. When the days on market numbers increase to 45 and 60 days, we typically see a rise in the number of homes with price reductions, which generally occurs during the fall and winter months. This is why it's surprising to see so many homes with price reductions in the U.S. market at this time.
Orange County Key Housing Statistics
There are only slight changes in key statistics. It’s surprising to see homes selling so close to their listing prices, with our buyer clients often competing with multiple offers and overbidding. On average, homes sold for $10,000 above the asking price, a 0.7% increase. If inventory in Orange County rises, we may see homes selling below the asking price.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.
At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market.
For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500
Orange County Real Estate Market Report April 22, 2024: Assessing Buyer Demand
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.
Why Trust Orange County Real Estate, Inc.?
At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500
Market Trends
Last week, homes continued to sell above list price. This week, they sold for an average of .1% over, or approximately $1,500 above list price. With the recent surge in inventory, it is increasingly likely that this modest over-list selling will not persist, and we may see homes selling closer to, or even at, their listed prices in the coming months.
In our previous discussion, we addressed the home buyer demand dilemma, noting that demand is typically measured by days on market. Orange County consistently exhibits very low days on market across all price segments, suggesting high demand. However, we have observed that buyer participation is somewhat subdued compared to previous years, and the low days on market primarily result from the very limited inventory. As inventory increases, while mortgage rates remain stable and buyer participation stays constant, the days on market are expected to rise, aligning more closely with actual buyer participation/demand. Currently, buyers are fiercely competing to secure the limited inventory available, creating the impression of high demand driven primarily by low supply.
Home Values Outlook In Orange County
Do I think home values will decline in Orange County? I do not. The region consistently demonstrates sufficient buyer interest to maintain upward pressure on prices. While there may be occasional weeks when homes sell below asking price, typically this occurs when sellers set their prices too high. In a recent blog post, I analyzed statistics that showed sellers were increasing their net gains by listing their homes above market value. For more details, please read that blog here.
Mortgage Rate Outlook
Analysts indicate that although there's been a slight ease in inflation, it remains stubbornly high, which affects mortgage rates. The Federal Reserve's cautious stance on adjusting interest rates further implies that substantial drops in mortgage rates aren't likely in the immediate future. The next Fed meeting is not expected to result in a rate cut, with more significant changes possibly not occurring until mid-year.
Orange County Housing Inventory
This week, the Orange County real estate market has experienced a significant increase in available housing inventory. For the first time in recent memory, the number of residential units listed for sale has surpassed 2,500. This uptick is not isolated to our region alone; a similar trend is observed nationwide, signaling a potential shift in the market dynamics.
Orange County Days on Market Statistics
From last week: In real estate, a shorter duration of days on market typically signals stronger demand. This week, we've observed low days on market stats across all price ranges in Orange County, further underscoring this relationship.
Despite this apparent high demand, the situation raises a critical question: Are there more buyers than usual, or is the inventory simply lower? The intense competition and the low days on market may give the impression of high demand. However, the reality is that there are actually fewer buyers participating in the market now than in both pre-pandemic and during-pandemic levels.
Orange County Key Housing Statistics
This week, we've observed a downward shift in the median list price in Orange County from $1,990,000 to $1,950,000. We will continue to monitor this trend closely in the upcoming reports to determine if sellers are indeed starting to price their homes nearer to market value, which could influence both the speed of sales and the overall market dynamics.
The Value of Market Reports
When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this