Housing demand in Orange County continues to be strong. What is fueling the need for shelter? The need for shelter?
https://youtu.be/okPg0erViiw
We noticed on google trends that many people were asking if they should sell their house. The real estate market is changing along with increased interest rates, stock market downturn, crypto blood bath, and other worldly things that are pressuring the status quo.
The answer is complicated. The first question is what is your plan? What is your motivation? Where are you going? Can you buy a home or property in that location or is renting the right thing for you to do?
The concern for sellers is missing the opportunity to get the most money for your property. In the Orange County real estate market we have seen buyer competition and homes selling for over the list price. So, Yes, you can still cash in on your real estate in Orange County. Properties have not depreciated. The amount of price reductions has increased but that is due to overzealous sellers trying to test the waters with a high initial list price.
If you are concerned, we can look at the data together. From there we can create a plan that will be best for you. Take a look at targeted market reports here: https://www.ocrealestateinc.com/
And watch this quick video, I break down the recent data and future trends.
https://youtu.be/jbiZOhK437Y
https://youtu.be/auC7u0RyjF8
May 2, 2022
In the U.S. the median sales price rose to $425,000
Orange County median home price hit $1,020,000.
California County Home Pricing Trends Versus 1 Year Ago
We are still seeing multiple offers on homes. Despite the higher interest rates, It's still a seller's market due to the high demand and low inventory.
The median sales price has increased again. This is not surprising, we always have a surge in activity at the start of the Spring Market. Buyers are still aggressively searching for homes to purchase and there are still plenty of aggressive offers.
We will be keeping an eye on these trends to see if the real estate market shows signs of slowing due to inflation and high mortgage rates.
Orange County April 12, 2022
The Back on the Market stat is up. We are seeing 15% of listings that go under contract fall out of escrow. The majority of the cases are due to the buyer not qualifying for their loan due to increasing mortgage rates.
Congratulations to Scottie Scheffler. Wow!! 4 wins in 6 weeks including The Masters!
Yes, it's Masters Week and TW is teeing it up.
In the first quarter of 2022 Orange County had 5,986 residential sales which is very close to the first quarter average over the last 10 years. Last year was the outlier with 7,543 sales in the first quarter. The average sales in the first quarter are typically 6,000.
With all the changes going on in the world the Orange County real estate market is ripe for change. But change in the real estate market is slow.
2/14/22
United States real estate market trends:
Orange County real estate market, past 7 days:
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2/2/22
With current economic risks looming as increasing interest rates and a volatile stock market, the real estate market trends continue to be bullish.
271,913 total homes for sale in the country.
2,121 homes (1-4 units), townhomes and condos for sale in Orange County. This is extremely low inventory. To put this into perspective, in February of 2020 we had 4,906 homes, townhomes and condos for sale.
In Orange County over the past seven days we have had 126 homes listed as coming soon and 460 homes listed for sale.
One interesting trend is the days on market has decreased for all price points. This tells us that the demand is high for all price points including the luxury market. It's normal for luxury homes to be on the market longer than homes priced under $1,500,000.
Current rates provided by Dave Cashion:
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November 3, 2021
Essentially zero homes exited the forbearance program and were then listed for sale. We are keeping an eye on this but still believe that homeowners are in good financial positions. We expect these homes to trickle onto the market not affecting the supply or market conditions.
Interest rates are still going to be the biggest factor for market changes. These are the current rates provided by Dave Cashion from Keystone Financial.
October 18th, 2021
The government mandated forbearance program has ended. Just over 1,200,000 mortgages were in the program and are now forced to start paying their mortgage or sell their home. The fear is they will flood the market with homes for sale and the increased supply will cause home values to go down. We don't think that will happen.
The forbearance program was a great deal. Homeowners saved cash while watching the value of their homes appreciate to record highs. This has put the American homeowner in an excellent financial position and the numbers are showing...No Inventory Spikes. We will keep an eye on this over the next year.
Orange County was down to 3,380 homes for sale in September. To put that in perspective, in 2020 we had 5,861 homes for sale. We see this downward trend to continue until early spring of 2021. The lack of inventory will keep the demand high as well as home values.
We like to help buyers find the right house during the holidays. Usually we have less competition with other buyers. We believe this year we'll still see a majority of buyers taking a "rest" during the winter months. Let's get out there and find a property.
The media has reported that the real estate market has slowed. What does that mean? The "days on market" has increased to 35 days nationally and 26 days in Orange County. This is still an extreme seller's market. A balanced market would be close to 80 days on the market. The fall season historically has a reduction in inventory but we are not seeing the historic decrease in demand.
The demand for homes is still very high which is causing the home prices to stay strong. Most likely homes in Orange County will still be in a bidding war situation but homes priced over $1,000,000 are likely to receive fewer offers than just a couple of months prior. While homes priced under $700,000 will likely receive a ton of attention and a ton of offers.
Home values are 11% higher than last year.
The forbearance process is coming to an end. Some of the homes in the forbearance programs will come on the market but we believe that very few will come for sale. We will continue to look for trends with inventory that may prove us wrong.
In the past seven days Orange County has had 613 new listings. 735 closed transactions. 941 homes have been switched to pending or active under contract.
Southern California homebuyers took their feet off the gas pedal last month, causing the region's white-hot housing market to level off after six months of record-setting price gains.
The median price of a SoCal home, or the price at the mid-point of all sales, was $680,000 in August, down $1,000 from July, DQ News/CoreLogic reported Sept 21st.
There also were 541 fewer homes sold last month vs. July, a decrease of 2.2%. Market Slow Down The supply of homes for sale also has ticked up steadily over the past few months, giving buyers more selection and less incentive to bid higher for desired homes. DQ News/Core-Logic figures show that the six-county median was up $83,000 — or 13.9% — from August 2020, DQ News/Core-Logic figures show. That's an average gain of almost $1,600 every week for the past year.
Sales edged up, too, rising 8.1% from August 2020 levels. That's a comparatively small gain after a year of increases ranging from 17% to 96%.
At 24,565 sales, last month's total also was the smallest for an August since 2006. More sellers are reducing their asking prices, Zillow reported. Homes selling below asking prices increased 10.7% in Los Angeles and Orange counties and 10.3% in Riverside and San Bernardino counties. "There is probably some buyer fatigue in the market evident by lower sales-to list (price) ratios and fewer offers for homes on the market," said Selma Hepp, CoreLogic's deputy chief economist.
The traditional summer slowdown and more inventory also contributed to the August cooldown. The number of SoCal homes for sale has been ticking upward steadily since February, rising 18% to 42,756 homes for sale last month, Zillow figures show. "Another month of rising for-sale inventory gives shoppers more options to choose from and less competition," said Nicole Bachaud, economic data analyst at Zillow. That, in turn, "should help reduce bidding wars and further moderate rampant price hikes."
The Data, The median home price (US) is $389,000. Up from $351,000 in 2020. It's the end of the summer now and prices are generally stable from here until November. Prices stayed elevated last fall and winter and the data suggests much of the same this year. We are still seeing immediate sales affecting the inventory numbers. We had 24,000 immediate sales again this week, which shows that while maybe there are fewer people in each bidding war, there are plenty of buyers waiting for any opening at all. We can see immediate sales this week especially strong in places like Phoenix and Miami which may be the first of the snowbirds buying now in preparation for the winter months. Still a very big chunk of the new listings are getting snapped up immediately.
The new listing volume is staying strong but we are not seeing a surge. The reason we are not seeing the surge we were expected is that two million homeowners are still in the forbearance program. And mortgage delinquencies have been declining.
Orange County August 2021 median home price reaches $900,000
August of 2020 the median home price was $794,000. August 2021 had 4,151 total listings which is down 1,800 from last year.
For the week of June 14th - June 20th (Happy Father's Day) the country had 110,000 new listings. Out of those 28,000 were immediately under contract. This is the time of year when inventory increases.
In Orange County over the past week we saw 699 new listings and total of 1,354 listings that were new, price adjusted or back on the market. We are at 49% of the active listings compared to June of 2019. The biggest change is the immediate sales. We (Orange County) have 1,060 properties under contract or pending.
May of 2021 active and pending listings are 4,146. May of 2019 active and pending listings are 7,148. Yes, that is a big difference in total inventory.
One thought, for those of you who are waiting for a crash. It appears that we will have a restrictive inventory for the next few years. The only thing that will improve the inventory is interest rates climbing and that's not a guarantee.
In the United States, Inventory is up for the week! This is also the first week in over a year that prices did NOT climb. In previous years the market peak is near the end of June so we are seeing some similarities in regards to pricing.
There are no signs of distressed mortgages coming to the market. We've heard of a "big wave" of distressed inventory coming to the market but we are not seeing it. Distressed inventory accounts for 1% of the inventory in the United States. 1% is a very normal figure. The question still remains if the government is going to force the banks to work with their forbearance mortgages.
Listing inventory in Orange County still remains at record lows. Our inventory has decreased in the past week down to 2,247 homes for listed for sale. Distressed homes for sale in Orange County account for less than 1% of the total listings.
Despite the "inventory shortage" Orange County had 3,374 residential real estate sales in April of 2021. This data is directly from the MLS and InfoSparks. In April of 2019, pre-pandemic, Orange County had 2,526 residential real estate sales. That doesn't look like an inventory shortage. That looks like a super hot market.
In Huntington Beach, the real estate market has been consistent for the past few months. The numbers that stand out, Price Decreased - 20% of the listings. This is still in the record low area. Since that statistic has been tracked the average listings with price decreases is closer to 35%.
We also have immediate sales which alter the days on market. Immediate sales occur when a buyers' offer is accepted in the first couple of days on the market.
The pandemic has improved a few local businesses. Mountain Mike's Pizza is an Orange County-owned company. They had a 13% increase in sales in 2020 and continue to grow into one of the top restaurant chains in the county.
It was exciting to see an inventory increase in the County last week. It has given some hope to our first-time buyer clients.
An article in the Orange County Register "First-time homebuyers are getting outbid by big companies" by Jeff Lazerson, on April 22nd tried to crush our hope. The article explained how buyers are competing against companies, large and small, who invest in Orange County property. These companies can be mom-and-pop shops, investor groups, publicly traded companies, pension funds and even large foreign behemoths. Orange County Investment Properties
The article discusses statistics in Southern California and the entire country. Orange County stands out because 3.5% of the residential 1-4 unit properties are owned by corporate entities. That is the highest in the region. Orange County also has the highest median home value by nearly $200,000. That is one factor that makes Orange County an attractive investment.
The other interesting article, Landsea Homes has bought land in San Juan Capistrano to build 132 homes. Landsea Group is a China real estate company.
This is a snapshot of Laguna Niguel on April 25th, 2021:
Call or text 949-430-7500 if you have any questions.
The first time in 52 weeks the inventory increased! In the United States, the inventory went up by 1.6%. Not much but a huge milestone after 52 straight weeks of inventory dropping.
In Orange County, the active inventory increased by 6% or 144 homes. The largest increase since May 2020. The largest amount of new listings came in the price range of $750,000 to $1,000,000. 86 new listings or a 25% increase. $500,000-$750,000 had a 13% increase in new listings which equates to 41 homes. I know this doesn't look like much but this factored in with the price decreases equals good news for buyers. The price reductions are a sign of slower demand.
You can see the data for Huntington Beach.
14 days on market! Homes are selling fast.
24% of homes have had a price decrease/reduction. That is good news. Demand has started to slow down as inventory had the first positive upswing in a year.
You can see it's still a strong sellers market. In Orange County the inventory usually peaks in July or August. We may be on track for that to happen.
Call or text 949-430-7500 if you have any questions.
I can create a snapshot market report for your zip code.
As the economy goes the real estate market goes. I've heard a lot of talk of a bubble but Anil Puri, Director California State University, Fullerton, Woods Center for Economic Analysis and Forecasting has indicated that the economic outlook for Orange County has climbed to the highest level since 2018. Citing vaccinations on an upswing, elections over with, coronavirus cases lowering and the economy opening up, optimism has clearly returned.
A third of the county's businesses are operating at or above the pre-pandemic level. And the county's largest source of jobs, Disneyland, plans to open at the end of April. The Anaheim real estate market will be effected by the reopening of Disneyland.
Call or text 949-430-7500 if you have any questions.
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The first week of April had 665 new properties listed.
We had 1,970 go under contract or closed.
The data looks the same...More houses closed, pending and under contract than new listings.
The one indicator that we will focus on is the price reductions. Price reductions are still at an all-time low, 16%. This number has been steady for a couple of months. Analysts expect the price reductions to increase in April which is an indication that demand has decreased. Hopefully, this will be paired with an increase in supply.
This will be an important time for sellers trying to buy at the same time. Many have been waiting on the sidelines due to the lack of supply. If the analysts are correct, your time is coming. We feel like this is good news for our buyer clients and our clients who are ready to move up or downsize.
Logistics are an important factor when trading houses. No one likes to move and moving twice is a sign of poor logistics. We will negotiate the timing to allow for a single move with ample time. One strategy we have used during the pandemic real estate market is the rent back. Sell your house. Rent it back from the new owner. Identify your new house. Close on your new house. In one weekend, move out of your old house and move into your new house. It sounds easy and can be.
Demand is still outpacing supply.
Our government has proposed a housing policy, a $15,000 first-time buyer tax credit. This policy will increase demand.
Normally, we see inventory decrease through January and then level off in February. This year will mark the first time in 13 years that inventory continued to decrease through February. Normally, we see an increase in inventory starting in March. What's going to happen in March of 2021?
What does this graph/data tell us? This is One week in January!
At this moment we have less than 3000 homes/condos listed for sale in Orange County. That's less than two weeks of inventory.
Buyer frustrations are boiling over. I understand. It's difficult and emotionally draining. These are things you can do to get your offer noticed:
We recently had an offer accepted that wasn't the highest price. We discovered how to net the seller the most money without offering the highest price. In this case, the house had $16,000 worth of termite repairs. Nine offers were submitted that required the seller to repair the termite damage. From the seller's perspective that can be overwhelming, maybe they are forced to move. They just want to get out as quickly and quietly as possible.
Our offer was "as-is". We were going to pay for the termite repairs and any small repairs that may be discovered during our home inspection. We kept the contingency on the offer in case there was major damage. In the case of major damage, we would then negotiate to have that repaired or the price reduced.
You have to be patient.
Shall we pause from the lovely holiday photos to look at some INSANE real estate data?
Only 419,000 single family homes on the market in the entire country right now.
It wasn't that long ago when we'd start the year with more than 1 million.
With a combination of ultra restricted supply and super high demand, home prices climbed 10% this year.
That equals a sellers market. Poorly constructed doghouses are starting to sell. I hope buyers are in a situation where they don't have to panic and make a tough decision. The new listings will rise in January. In the meantime, if you're a buyer, keep looking.
Actually, yes, statistically speaking the real estate market has started to slow down. 3% decrease in active inventory, 7% increase in total demand and 10% decrease in luxury demand.
What does this mean? Continued competition for buyers and a hot seller's market. If you're a buyer the holiday season may present some opportunities while others are sleeping. Keep looking.
11-05-2020...by the largest amount in at least two years, with Inland Empire prices increasing at the fastest pace in the region, the CoreLogic Home Price Index for September shows.
Prices in Riverside and San Bernardino counties jumped 7.7% in September, the largest year-over-year percentage gain since May 2018, according to the index, released Tuesday, Nov. 3.
Economists say buyer demand shifted to non-urban areas like the Inland Empire since the virus forced more residents to work or study from home.
The median home price in San Diego County blew past the previous record to hit an all-time high of $634,000 in July.
That represented a 9.3% price increase over a year earlier, according to CoreLogic data provided by DQNews — the highest annual jump in nearly two years.
Los Angeles County, with the second-biggest gain, showed house prices rising 6.3% from September 2019 levels, the largest percentage increase since September 2018.
Orange County’s gain of 5.09% was the biggest since August 2018. The CoreLogic HPI confirms earlier housing market reports showing soaring home prices since mid-summer amid high demand and record-low mortgage interest rates.
A lack of homes for sale also created high competition among home buyers, with bidding wars pushing purchase prices even higher.
The traditional spring home buying season also shifted to the summer following the shutdown caused by the corona virus last April and May, when sales plummeted.
Nationally, the index value of a resale house increased 6.7% in September. CoreLogic officials called the housing market “a bright spot” in an otherwise struggling economy still burdened by high unemployment rates and a third spike in COVID cases.
“COVID has contributed to the acute shortage of inventory as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic,” CoreLogic Chief Economist Frank Nothaft said in a statement.
Improved containment of the virus could cause home price gains to slow as more homes are put up for sale, Nothaft said.
“Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes,” he said. “And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.”
10/30/2020 Currently 2,320,000 homeowners are 90 days or more late on their mortgage...a 43,000 improvement from the prior month.
The mortgages that are less than 90 days late also showed improvement.
Foreclosure inventory has also improved. The CARES Act is directly affecting these statistics.
On a national level, the median home price has risen during the pandemic. Surprising? It looks like the luxury market had a large impact on the statistics. Homes priced under $250,000 have increased in value by 4%.
The stats for August are in:
The pandemic’s economic pain has battered renters far more than it has homeowners as some fresh data from the U.S. Census Bureau reminds us.
In Riverside and San Bernardino counties, 336,000 adults live in households that are behind on rent due in the week ended Aug. 31, according to the bureau.
That’s 30% of all Inland Empire tenants and almost twice the rate in Los Angeles and Orange counties where 537,000 who live in rentals were late payers — 17% of all tenants.
The Inland Empire payment challenges also look high compared with 15% of skipped rent checks statewide and across the U.S. in late August.
Lower-income workers, who tend to be tenants, have been hit harder by pandemic business restrictions, which have hammered many service industries such as dining, entertainment and tourism.
With various stimulus efforts gone or reduced, rent payments have become tougher to meet.
This also puts landlords in tough positions with various moratoriums on evictions further strapping their abilities to get paid.
Just ponder what a poll from the Public Policy Institute of California tells us about renters’ economic plight.
When asked to evaluate their financial feelings — 66% of renters statewide said “fair” or “poor” vs. just 40% for homeowners.
And not only are past-due rent payments piling up, the prospects of making the next rent check aren’t great in the Inland Empire.
Census found 261,000 renters had “no confidence” they can pay (or will defer paying) the landlord this month — 22% of tenants.
In L.A.-O.C., 412,000 renters are unlikely to pay — or 12% of tenants. Nationally, this expected non-payment rate is 11%; statewide it’s 10%.
Pandemic-linked financial woes in SoCal are plentiful and not just a renter issue.
Note that July’s 16.8% unemployment rate in L.A.-O.C. was the highest among the 51 largest metro areas nationwide the Inland Empire at 13.4% was 9th worst.
But compare skipped rent payments to far fewer missed mortgage bills for homeowners.
Census found 423,000 living in homes they own in L.A.-O.C. were behind on their mortgage — 14% of homes with financing.
And 11% of these owners had no confidence or would defer their next mortgage payment.
In the Inland Empire, 164,067 are in households that were late on the mortgage — 11% of owners with financing.
Just 6% have no confidence or will defer the next house payment.
Owners are later payers outside the region, too.
Statewide, 10% are behind on the mortgage and 8% have doubts about the next payment.
Nationally, 10% are behind and 6% think they miss or defer the upcoming mortgage due.
“Variances are being heavily driven by the different industry and population composition among the state’s diverse metro areas,” said Taner Osman, research manager at Beacon Economics."
“Think about the industry sectors that dominate a region like Los Angeles – entertainment, leisure and hospitality, healthcare, retail – these are some of the hardest hit by the pandemic’s health-mandated closures and offer little possibility to work remotely; as such, they simply can’t show the same resilience seen, for example, in professional, scientific, and technical services.”
I'm normally an optimist but I keep waiting for the market to crash...On a national level, home prices are up 7.5% since this time last year. The buying/selling season has been extended this year due to Covid. People are trying to optimize their lives for the new normal. They are looking for home office space and just more space. As we spend more time in our homes the need for privacy to conduct virtual meetings and to attend virtual classrooms has increased.
Orange County continues to see home prices on the rise. Demand continues to grow fueled by low-interest rates and the available homes for sale are among the lowest levels in years. We currently have 4,449 homes for sale compared to 7,488 at this time last year.
Taking advantage of the low-interest rates makes sense. Overall the answer to this question is different for everyone. I would ask a few simple questions.
If we do have another "crash" you will need to be prepared to buckle down and ride it out for the best outcome.
The Coronavirus pandemic has certainly left a mark on the planet. One positive outcome is the planet seems to be in a state of healing. Less travel has decreased air pollution levels and reduced the seismic vibrations on earth.
May offered 2,940 new listings bringing the total to 6,520. The increase in new listings is up from April by nearly 1000. This is important because we had a lack of inventory and a resurgence in buyer demand. The days on market in May moved to 74 days down from 121 days in April. It is now a sellers market.
A factor fueling the real estate market has to be the low interest rates. We closed a transaction in May with a jumbo loan. Our client locked the rate at 2.99% for a 30 year fixed. We were all shocked.
Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the month of February 2020. Source; OC Register, 4/19/2020.
Orange County Real Estate Activity for the week of April 14th-20th:
Thru March 2020:
First of all, we hope everyone is staying safe and healthy. These are trying times. We are focusing on the health and well being of our loved ones which includes mental health. At time of so much uncertainty, it can be difficult to cope with stress.
Housing demand and supply have been on a complete opposite curve as the Coronavirus curve. An extreme downward trend. We all want both curves to be inverted.
Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the month of January 2020. Source; OC Register, 3/8/2020.
Home sales jumped, the latest indication of a warming housing market.
In L.A. County, the median price rose 4.2% to $620,000, sales climbed 5.6%.
In Orange County, the median rose 0.7% to $725,000, while sales climbed 6%.
In Riverside County, the median rose 3.9% to $395,000, sales climbed 11.4%.
In San Bernardino County, the median rose 5.2%, while sales climbed 8.1%.
In San Diego County, the median rose 2.6%, while sales climbed 10%.
In Ventura County, the median fell 3% to $580,000, while sales climbed 17%.
Home price gains are still muted compared with the beginning of 2018, which saw gains in the high single digits.
Bidding wars that drove buyers away were sitting on the sidelines as buyers aren’t willing to go extravagantly high on pricing anymore.
Chris Thornberg, founding partner with Beacon Economics, said the market should pick up further next year. “The economy is likely to keep growing, and California is likely to keep failing to build enough homes”.
In the third quarter, 31% of California households could reasonably afford to purchase the median-priced single-family house, according to the C.A.R.
That figure was 27% a year ago.
For those priced out, costs are high. Many renters who can’t afford to purchase a home are stuck paying unaffordable rent, putting them at risk of being forced from their communities & in the worst cases, onto the street.
Beyond a crushing human toll, there’s an economic cost as well.
An analysis released this week from the McKinsey Global Institute estimated the high cost of housing in L.A. County crowds out other spending and forces people into long commutes, reducing GDP by about 4% to 5%, or more than $30 billion annually.
OCRegister.com SoCal home sales rose 10.4% for the year ended in September 2019, the largest year-over year jump in nearly 3 years.For the month, 19,253 residences, newly built and existing homes, sold in the six-county region vs. 17,440 a year earlier, according to CoreLogic data The 10.4% rise was the largest jump since November 2016. Sales rose in all six counties for the first time in 29 months The rush to buy pushed up some prices. The 6 county median was $533,000 vs. $520,000 a 2.5% increase — but increases were in just 3 counties. Homebuying slowed in the past 2 years as higher loan rates, rising prices plus economic & political uncertainty scared off some house hunters. Sales had fallen, year- year, in 20 of the previous 26 months.
But in 2019 dramatic drop in mortgage rates to below 4% — a tumble that was as much as a record breaking 1.33% drop motivated buyers to act.
Here’s how the selling broke down in key Southern California niches.
Existing single-family homes: 13,365 sold — up 11.8% in a year. Median price: $560,000 — up 3.2% in a year.
Existing condos: 4,236 sold — up 13.6% in a year. Median price: $450,000 — flat in a year.
New homes: 1,652 sold, down 3.2% in a year.
Median price: $552,000 — down 3.6% in a year. Builders’ share of all sales was 8.6% vs. 10.1% a year ago.
And buyers have fewer choices with 42,577 listings, down 9% in a year.
County-by-County Homebuying (Sept 2018-2019)
Los Angeles: Sales rose 7.3%; its median of $618,000 was up 3.9% in a year.
Orange: Sales rose 13.1%; its median of $723,000 was down 2.3% in a year.
Home Prices
Sales Volume
Interest Rates
STAT of THE DAY
Did you Know?
Facts
Real Estate Trends
Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the 22 business days ending August 8th, 2019. Source; OC Register, 9/8/2019.
Home Prices
Resale Homes +0.7%, Resale Condos -2.7% and New Home Sales -12.8% All totaled, OC home values are up -3.2% versus last year Median OC home price is $715,000 up versus one year ago (-$25k from peak) $1,000,000 plus homes represent 43.1% of all OC listings
Sales Volume
Resale Homes +1.1%, Resale Condos +1.9% and New Home Sales -32.9% All totaled, OC sales volume is up -2.3% versus last year Home sales volume is 3,134 up versus one year ago Inventory is at 7,307 down from one month ago OC Average days on market; 87 days
Interest Rates
30-year fixed Mortgage rate is 3.49%, down versus last week 15-year fixed rate is 3.00%, down versus one week ago Average Home Payment is $3,481.03 down versus one year ago ARM’s represent 13.9% of all mortgages
STAT of THE DAY This year’s sharply falling mortgage rates boosted the number of SoCal households that theoretically could qualify to buy an entry level home to 257,000! That’s a lot of new potential buyers.
Did you Know? There are 14,000,000+ residences in California US home ownership is at 64.4% (up versus last year) California home ownership is 55.2% (up versus last year) OC/LA home ownership is 47.3% (down from last year) California led the nation in 2017 with lowest vacancy rate at 8.3% There were 402,705 SFR homes sales in CA in 2018 There were 35,020 homes sold in Orange County in 2018 There were 37,881 homes sold in Orange County in 2017 It takes a $169,850 a year income to buy an OC median priced home? 614 homes sell every hour in the United States!
Facts Southern California median home price is $540,000 (sales up 3.7%) OC median home price is $715,000 (sales down 2.3%) LA median home price is $635,000 (sales flat 0%) Ventura median home price is $595,000 (sales up 6.2%) San Diego median home price is $580,000 (sales up 10.1%) Riverside median home price is $395,000 (sales up 8.6%) San Bernardino median home price is $340,000 (sales up 3.3%)
Trends Foreign investor purchases down 41% in CA versus last year 110k new homes in the US this year (down 65% from 1986) CA bankruptcies rise for the first time in 8 years (+2% VLY) Listings are at a 5-year high The last time there were these many homes on the market was 2014 Orange County has 19% more inventory than this time last year Escrows are down 2% and days on the market are up 18% Only 1.19% of all OC properties currently listed as distressed
Forecast CAR forecasts a -6.9% decline in sales for 2019 Core-Logic forecasts US home prices will increase 4.8% in 2019 CAR Forecasts California home prices will rise 3.1% in 2019 Cal State Fullerton forecasts a 4-5% prices in increase in SoCal in 2019 Chapman University forecasts a 2.9% price increase for OC in 2019
Facts
Sales Volume
Interest Rates
STAT of THE DAY
This year’s sharply falling mortgage rates boosted the number of SoCal households that theoretically could qualify to buy an entry level home to 257,000! That’s a lot of new potential buyers…
Did you Know?
Trends
Forecast
July ended with a large number of active listings for Orange County and a slight increase in closed sales.
Total active listings: 9,260
New Listings in July: 3,664
Total closed sales: 2,865
Not much has changed from last month when looking at the numbers. The days on market has slightly increased. The data from the Infosparks and the CRMLS shows an average of 44 days on market.
Orange County homes for sale under $750,000
Orange County homes for sale $750,000-$1,000,000
Orange County homes for sale from $1,000,000-$2,000,000
Orange County homes for sale over $2,000,000
Total Active listings: 9,467 we had an increase in inventory from May
Closed Sales: 2,693 which is slightly down from May closings
Supply continues to be on the upswing while closings are slightly down. With the increase in active listings, it becomes more important to price your home correctly. The strategy of "testing the market" on the MLS is costing time and money. It costs more time on the market which statistically reduces the final sale price.
It will be very important to look at all the available data to price your home. Comparable sales, condition of the property, price per square foot can all factor in the price.
We will do the homework and then put together the right marketing strategy for your home.
Total Active listings: 8,778
Closed Sales: 2,935
Supply is on an upswing since December of 2018 which is the norm every year after the holidays. July of 2014 was our highest peak of inventory and we could surpass that in the next few weeks if demand stays soft.
We are showing a shrinking inventory of housing under $500,000 (currently 1,478). Housing units priced under $500,000 will have a tendency to sell quickly but the housing units at this price point are fading away.
Conversely we have 3,831 units for sale over $1,000,000 in Orange County.
Come on down to Nautical Mile in Newport Beach. This offering has it all...sophistication, luxury, and style, all packaged to make it one of Newport's best condo communit...
Just completed, this bay front home occupies the most sought-after location on Newport Harbor. Set behind the manned gates of Linda Isle, this 5,500 square foot residence...
True one off Custom 5bd, 6bth Main Home with 2bd/2bth ADU located in the Equestrian Area of the Back Bay of Newport Beach, newly built in 2010. Includes RV Parking w/Hook...
Just completed, this exceptional contemporary residence was constructed to perfectly capture the sights, sounds, and incomparable lifestyle afforded by this idyllic sea...
AVAILABLE FOR SALE OR FOR LEASE AT $27,000/MONTH. An exceptionally rare opportunity to own over 180 feet of golf course frontage with stunning westerly exposure in the pr...
5 PROPERTIES TOGETHER***OCEAN FRONT ON THE SAND**SOOO SOOO SOOO MANY 12+++ ADDITIONS WERE ADDED TO THESE PROPERTIES IN EVERY ASPECT TO MAGNIFY THE UPGRADES TOO MANY TO LI...
DEVELOPMENT OPPORTUNITY. PRICED TO SELL. This is an oversized lot with dimensions 36.5x103'. You can see conceptual renderings and the floor plans in the above images. Th...
An exquisite Balboa Island residence poised to deliver the very best of Newport Beach living. Set within the coveted "Little Island," this pristine waterfront oasis offer...
This remodeled luxury triplex is fully rented with annual gross income of $224,907 and offers the best of beach living in Newport. The front two downstairs single-level u...
This remodeled luxury triplex is fully rented with annual gross income of $224,907 and offers the best of beach living in Newport. The front two downstairs single-level u...
Love where you live describes life on Lido Isle. This home has been virtually staged and home sits on a 35' lot with a great location. One bedroom and bath on main level,...
A once in a lifetime opportunity has now become available and awaits discovery by an individual who is searching for the perfect setting for an exceptional dream home. Lo...
One of a kinds, unique Property main floor can used for Business , second floor with 3Br/ 2Bths and open top deck for Sundeck or BBQ area. The property needs some upgra...
2011 Magnificent Custom built European Estate in Newport Heights. 4426 sq ft, 5 bedrooms, 5.5 baths (4 upstairs and one on main level), all bedrooms are suite. Master Su...
Lido Isle custom home located on the corner of two strada walkways and adjacent to a beautiful grass park with mature trees. This home has it all including a downstairs ...
Breathtaking California surf & sand lifestyle in this special oceanfront compound on the boardwalk. This vintage home has been recently remodeled, It's containing 2 uni...
This captivating single level cottage is located on a corner lot in the guard-gated bayfront community of Bayshores. A Dutch door entry leads to a sprawling living room r...
Remodeled manufactured home in Bayside Village in the heart of Newport Beach with a LOW UNDER MARKET LAND LEASE. Just a short stroll to Back Bay and marina is this beaut...
Amazing opportunity in the highly sought after community of Harbor View Homes, The Port Streets!!! This single story home is situated on an oversized lot and adjacent to ...
With the best view on Newport Island, 408 38th street is an entertainers dream come true. This exquisite bayfront Cape Cod style home is ideally located with direct views...
Reimagined, redesigned, and newly renovated. Savor glistening Ocean and Harbor views throughout by day before being captivated with a dazzling array of nighttime city-lig...
Commanding sweeping coastline & ocean views, this new-construction (2022) masterpiece by well-regarded Sepulveda Builders leaves nothing to be desired. Perfectly position...
Welcome to the most exclusive and coveted island community in Southern California. Escape the mundane at your personal oasis, 11 Harbor Island, featuring 50’ of water fro...
Welcome to 1817 W Bay Ave. Unit A: The completely renovated ground level 2 story unit condominium located on Balboa Peninsula with Bay front views and professionally desi...
*Back on the market because buyer couldn't perform. Newport Heights traditional 3 bedroom +office, 2.5 bath home on a unique oversize lot 100 ft. from the Broad St. maki...
Rarely on the market, this iconic Equestrian property spans just shy of an ACRE offering TWO side-by-side improved parcels that border Newport‘s Back Bay Nature Reserve. ...
Brand New Custom Cape Cod Bayfront that is nearly done with private floating dock for a 32-foot boat. This stunning modern design by Brandon Architects and built by Water...
Own one-eighth of this professionally managed, turnkey home. Just steps from the sand, this Balboa Peninsula home offers spectacular views of the Pacific and Catalina. En...
10 Profitable rental units! This is a rare investment opportunity, located ocean front on the Balboa Peninsula between the pier and the wedge. You will not find another o...
Located on a tree-lined street in Cliff Haven – one of Newport’s most established and revered neighborhoods – this professionally designed residence exudes an uncommon st...
Waterfront living on Promontory Bay. This light and bright soft contemporary custom home features a professionally designed open floor plan with formal entry, multiple s...
Situated on Cliff Drive in an upscale and highly desirable neighborhood of Newport Heights, this coastal traditional home showcases contemporary on trend design. With an ...
Prime Dover Shores view location. This expansive estate is positioned in a premium location with sweeping unobstructed views of the Back Bay, Fashion Island and the Pacif...
Back on the market after major upgrades throughout the home! What A View!!! Perched over picturesque Newport Beach Bay with amazing Catalina Island, ocean, bay, and city ...
NEW IMPROVED PRICE, Unique opportunity to own this new construction custom contemporary beauty with separate guest quarters in a prestigious area of Newport Beach. Tucked...
An immersive sensory experience at every turn. Behold 309 Via Lido Soud, a mesmerizing waterfront retreat peerless in quality, privacy, and scale. Situated on 3.5 lots wi...
A car collector's dream home in Newport Beach, also zoned for equestrian for up to 6 horses. 2 Garages for up to 30+ cars 40' RV Garage Office space for up to 8 pe...
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Exquisite American colonial house with a grand presence, located in Newport Beach. Perfectly situated at a high level point, in a distinctive neighborhood that encompass...
Welcome to 1100 RUTLAND RD #5 in Beach Crest Villas, your perfect NEWPORT BEACH oasis. Located in a premier location moments to Lido, Fashion Island, Back Bay, Newport Pe...
Poised at the end of an elevated cul-de-sac in Newport Beach’s highly coveted Cliffhaven enclave, this newly upgraded custom residence offers panoramic Newport Harbor, tu...
Welcome to 50 Sea Island, a beautifully upgraded two-story condominium with front-row views of the prestigious Big Canyon golf course’s 4th and 5th fairways, as well as t...
ONCE IN A LIFETIME OPPORTUNITY TO OWN ONE OF THE LARGEST OCEAN FRONT PROPERTIES IN NEWPORT BEACH , 5 PROPERTIES TOGEATHER***CONSISTING OF 3 BEDROOM /3 BATH NEW CONSTRUCTI...
Very Affordable Beach cottage mobile home , short bike ride to Beaches and walking distance to Hoag Hospital and shoppes. Property is on Leased Land with low monthly land...
Elegance and grace frame the classic masterpiece of this Cherry Lake Legacy Estate. First time in 33 years. This estate is one of six largest lots in this Newport Beach a...
Very affordable updated beach cottage mobile home is LESS THAN A MILE to world class beaches and walking distance to Hoag Hospital. Two bedroom/1.5 bath with open kitche...
New co-ownership opportunity: Own one-eighth of this professionally managed, turnkey home. With stone-paved patios, a canal-side deck and a private boat mooring, this Bal...
Attention all Home Builders and Buyers! shovel ready opportunity. Skip the hassle and lengthy process of designing and permitting your single story dream home with pool a...
A beautiful upgraded detached single family residence in the guard gated community of Newport Canyon. This property features hardwood flooring, granite counter tops, crow...
Newly Remodeled, completely upgraded Eastern Seaboard Waterfront Property, located on the Balboa Peninsula along the Picturesque Canals. Park your car and start enjoying ...
Ocean View, Restaurant Row, Walk to beach and harbor. A rare free-standing retail/restaurant building on a prime corner double lot with parking in the Cannery Village rea...
Just reduced and now the best value in Newport Beach! A contractors delight! This Hollywood style residence boasts expansive grounds and living space with sweeping view...
Located in the heart of Newport Heights, this 5 bedroom, 4.5 bath home offers just over 4,000 square feet of living space. Hardwood floors and abundant natural light welc...
Enjoy the ocean breeze and famous Newport Beach Sunset view at your own home in Newport Beach. The house is one of the very few houses located at high bluff with open v...
Over 41' of Bay Frontage and 3 Blocks to the beach on 1 1/2 lots. Very old duplex with 4 garages. Room to dock several boats up to 41' long. Units being rented month to m...
THIS IS THE HOME YOU’VE BEEN WAITING FOR! Experience sophisticated upscale coastal living at the premier destination of Balboa Peninsula in Newport Beach. Situated on one...
Ideally situated along a private cul-de-sac street in one of Newport Beach's most sought after, guard-gated communities of One Ford Road. This immaculately maintained an...
Enjoy all the unique ambiance Newport Beach has to offer, living right on the boardwalk with unobstructed views of the ocean! Imagine coming home to your upper-level resi...
Beautifully updated 3 bedroom manufactured home in Bayside Village in the heart of Newport Beach. This property has cathedral ceilings throughout the open spacious floo...
This stunning custom home, designed by the notable architect Rolly Pulaski and built by Bruce Netzer, sits on a cul-de-sac & one of the best streets of the exclusive Harb...
Completly Remodled. Showings by appointment only
Highly sought-after Newport Crest home is now available for your viewing, only a half mile walk to the beach! This 2-bedroom 2-bath floor plan #1 is the most popular in t...
Imagine waking up and the only decision to be made for the day is “ the bay or the beach”? Sitting in one of Newport Beach's most desirable locations is this sunny Califo...
Welcome to this chic 2 bedroom 2.5 bath condominium located in coveted Newport Crest, only 2 blocks from the beach. This home offers an open floorplan that is flooded wit...
Situated within the luxurious 24-hour guard gated community of Sea Island, 25 Seabrook Cove is a highly coveted single level condo ideally positioned at the bottom of a c...
*** PRICE REDUCTION *** Built in 2005, renovated May 2022, 2-story custom home in Newport Heights, Newport Beach. It features 5,152 SF of living area, 5 ensuite bedrooms ...
Set within a private enclave community, this masterfully designed Meridian one-story residence reflects privacy and sophistication. Enjoy a high caliber of living in a wo...
Situated in a coveted location of Eastbluff, this incredible lot supplies an alluring four-bedroom home with voluminous space, soaring ceilings, and walls of windows. A d...
A rare opportunity to obtain a lifestyle others dream of. Set on a premiere waterfront lot this spectacular over sized 6,565 sq ft lot with pool offering 45 feet of front...
New Construction Ready for Development! Rare opportunity to build your dream home on this 10,752 sq ft lot. This future home boasts a modern open floor plan perfectly b...
FIRST TIME ON THE MARKET IN 45+ years. Great upside rent potential . This spacious duplex is one building in from the board walk/sand and has superb walkability to the ...
Balboa Peninsula beautiful custom home located on a prime corner lot boasting Newport Harbor bay views from all three levels. This pristine residence is a complete turnk...
Live the Grandeur of Belcourt Homes. 7 Chadbourne Ct., a Builder's Reserve, perched on over a HALF ACRE LOT with a Regulation Sized Tennis Court in the heart of Newport ...
Showcasing a completely remodeled interior, this clean and contemporary residence is highlighted by priceless golf course, mountain and city-light views from its elevated...
Designer elements such as beautiful floors, bright lighting, a tiled fireplace, and much more, make this upgraded two bedroom an amazing find. The balcony facing the pool...
Co-Ownership is the modern way to own a vacation home. You and up to seven other co-owners share legal ownership of the home. The property is professionally managed which...
Enhanced by a scenic setting on a tree-lined cul-de-sac street near the Back Bay in Newport Beach, this move-in-ready single-level home makes it easy to enjoy The Good Li...
LOCATION LOCATION LOCATION - BEST IN TRACT - INCREDIBLE OPPORTUNITY! Gated community with 24-Hour security and 24 hour patrol. Located in the exclusive gated Harbor Ridge...
BACK ON MARKET! Charming tree-lined streets, a white picket fence and lush landscaping surround this tranquil Newport Beach home, located in the highly coveted community ...
Over 41' of Bay Frontage and 3 Blocks to the beach on 1 1/2 lots. Very old duplex with 4 garages. Room to dock several boats up to 41' long. Units being rented month to m...
While sitting on the large deck on the Bluff overlooking a lush canyon on a clear day you can see all the way to Catalina. Shore birds soar overhead and cool ocean breeze...
Park your car and start your vacation! Just steps from surf and sand in the heart of the Balboa Peninsula this rarely available Seashore townhome presents an exceptional...
Situated on a rare double lot with stunning bay views, step inside a two-story crown jewel, proudly located at the far end of coveted Bayshore Drive. Featuring an open fi...
Experience the ultimate California lifestyle in this sought-after single level residence that delivers privacy and security as well as convenience. Nestled within the ex...
Welcome to 209 29th Street - just a short walk to the sand, discover the opportunity to own a single family home in the heart of the Balboa Peninsula complete with a shor...
Welcome home to the epitome of transitional mid-century modern living at 2030 Commodore Road. Nestled in the highly coveted neighborhood of Baycrest, this single level h...
Just reduced $70,000! Thoughtfully designed, constructed and styled, 20371 Bayview Ave showcases a perfect balance of both form and function. A cool and sophisticated co...
Brand new construction! Great opportunity to live in Newport Beach, surrounded by all the entertainment 17th Street has to offer as well as being steps away from the Back...
This stylish, designer-finished townhome was remodeled in 2019 and is move-in ready. Offering 3 bedrooms, 1 full bath, and 1 quarter bath, this home is perfectly located...
Impeccably designed and extensively upgraded Newport Beach residence exudes casual elegance! Step inside to discover the welcoming fusion of crisp, white walls, micro-con...
THIS HOME IS IN THE BEST WATERFRONT LOCATION IN THE CANNERY VILLAGE COMMUNITY. Walk to the oceanfront and a plethora of quality restaurants, the Lido House Hotel, and sh...
"I never promised you a rose garden..." but if you've been searching for a home with a MAIN FLOOR MASTER SUITE, you should seize this opportunity to purchase a rarely ava...
Beautifully appointed, turnkey Summer House 3 plan on a tranquil cul-de-sac in exclusive One Ford Road. Spanning more than 3,900 square feet, this four bedroom home feat...
If breathtaking views and a peaceful lifestyle are what you're searching for, look no further. This home is set among the bluffs of the back bay with expansive front-row ...
Fabulous find- two single family homes on a lot! Designed for big family gatherings and also to generate income with very rare and hard to find SHORT TERM RENTAL PERMIT...
A price IMPROVEMENT in Belcourt! This stunningly beautiful traditional home in this exclusive, guard-gated community offers an abundance of custom features which epitomiz...
Welcome to 424 Seville Avenue, the perfect blend of Mid-Century Modern and Coastal Cottage Charm! This unique oversized lot on Peninsula Point includes a full-scale windo...
Elegant 2 story beach cottage with viewing deck in Bayside Village in the heart of Newport Beach. Enjoy 360 degree views from the 2nd floor deck. Just a short stroll to...
Single Level! Huge Lot! Three Car Garage! Excellent Location! Now offering a wonderful three bedroom two and a half bath house on one of the most desirable streets in the...
Tranquility comes naturally at this Newport Beach gem located at the end of a private cul-de-sac in the highly desired area of “The Bluffs.” You’ll find new upgrades to a...
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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