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 Update
Continuing the trend noted in last week's report, homes have been selling over the asking price for the third consecutive week. We've also identified potential opportunities for buyers looking for less competition: properties listed for over 90 days remain a valuable source.
Mortgage Rates
We started the year in anticipation of lower mortgage rates which has not occured. The Federal Reserve, observing softer inflation and economic indicators, hinted at interest rate cuts throughout 2024, with speculation of up to six rate cuts by year's end. Such predictions created a buzz in the mortgage and housing markets, though it was crucial to remember that these forecasts hinged on specific conditions: continued progress on taming inflation and further economic cooling.
Now, we are hoping for one significant rate cut for the year with target mortgage interest rates of 6.5%. We do anticipate hitting this rate by the summer. For this to happen we need:
This Week’s Highlights
With home prices on the rise, we're closely monitoring the market to see if this trend will adjust to a more sustainable level.
Many homeowners contemplating a sale are faced with the dilemma of "where to go next." If you're in this position, it's crucial to have a solid plan in place.
Downsizing in Orange County doesn't necessarily mean compromising on lifestyle. In fact, it could mean moving to a smaller property with an ocean view—essentially, downsizing the home but upsizing the lifestyle. We encourage you to explore our listings of single-level homes for sale with ocean views.
Additionally, it's worth investigating the possibility of transferring your tax base to your new home.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
507,036 |
500,412 |
Orange County - All Properties |
2,189 |
2,170 |
OC Under Contract & Pending |
1,958 |
1,925 |
OC New Listings Last 7 Days |
584 |
575 |
OC Sold Last 7 Days |
397 |
392 |
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
54 |
51 |
Median Days On Market |
24 |
21 |
Under $1,000,000 |
17 |
15 |
$1,000,000 - $2,000,000 |
18 |
18 |
Over $2,000,000 |
44 |
43 |
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$2,099,000 |
$1,999,894 |
OC Median List Price Condo/Townhomes |
$779,900 |
$779,000 |
Median Closed Price SFR Last 7 Days |
$1,311,250 |
$1,362,490 |
Median Close Price Condo/Townhomes Last 7 Days |
$830,000 |
$765,000 |
Sold Price VS List Price |
.3% Over - $4,640 |
.3% Over |
This week a new listing in Laguna Beach hit the market. This house was designed by Mark Singer and built-in 2019. Take a look at the 41 photos and all the ocean views at this link: 515 Dunnegan Dr.
At Orange County Real Estate, Inc., we pride ourselves on our proficiency in these areas, taking none of them lightly and ensuring our clients' success in the Orange County real estate market.
For more insights into navigating the complexities of buying or selling in Orange County or to find the best real estate agent in Orange County, visit our website or contact us directly. Orange County Real Estate, Inc - 949-430-7500
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 Choose Us?
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
Last Week's Market Dynamics
In last week's report we highlighted the statistic of properties selling for over list price for the first time since October of 2023. The persistent buyer demand paired with a relatively low inventory will cause this trend to continue through the Fall of 2024.
We also noted properties that have been listed for over 90 days. Approximately 20% of the current listings fall into this category. Many real estate websites neglect these properties due to their preference for promoting newer listings that generate more views and more user activity. This bias towards newer listings may present an opportunity. Search homes on the market for over 90 days at this link. Luxury properties typically take longer to sell and will be more prevalent on this list. We encourage buyers to examine these listings thoroughly.
Homes continue to sell for over list price for two weeks in a row. Despite properties being listed at peak prices, the competition among buyers remains, driving prices even higher in the Orange County area. This scenario underscores the vibrant dynamics of the Orange County real estate market and the critical role of securing the best real estate agent in Orange County to navigate these competitive waters effectively.
Affordability continues to be a major challenge for buyers in Orange County. Many potential buyers, anticipating a market downturn, remain hesitant, opting to rent instead. Unlike neighboring counties such as San Diego, Los Angeles, and Riverside, the rental market in Orange County has not experienced a reduction in rents, leading renters to spend between $30,000 to $100,000 annually while waiting to purchase a home.
The current inventory levels in Orange County, while slightly increasing, remain insufficient to meet buyer demand. We saw an increase in properties going under contract last week and a decrease in total sold properties. Ultimately increasing the total inventory to 2,170 properties for sale.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
500,412 |
498,752 |
Orange County - All Properties |
2,170 |
2,111 |
OC Under Contract & Pending |
1,925 |
1,864 |
OC New Listings Last 7 Days |
575 |
570 |
OC Sold Last 7 Days |
392 |
444 |
This inventory scarcity is further evidenced by the median days on market for properties priced under $1,000,000, which recently jumped to 15 days, highlighting the robust demand in Orange County for more affordable housing options.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
51 |
55 |
Median Days On Market |
21 |
25 |
Under $1,000,000 |
15 |
18 |
$1,000,000 - $2,000,000 |
18 |
18 |
Over $2,000,000 |
43 |
40 |
Key statistics remain largely unchanged, with homes selling over their asking price and both median list and sold prices experiencing an uptick from the previous week.
While media outlets report on markets with increasing inventory levels and a higher incidence of price reductions—leading to a decrease in values in areas like Tampa, New Orleans, Houston, and Austin—Orange County maintains its resilience.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,999,894 |
$2,000,000 |
OC Median List Price Condo/Townhomes |
$779,000 |
$775,000 |
Median Closed Price SFR Last 7 Days |
$1,362,490 |
$1,350,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$765,000 |
$783,419 |
Sold Price VS List Price |
.3% Over - $4,040 |
.08% Over |
Selling a home in such a market means being prepared to receive multiple offers, a scenario where a skilled real estate agent proves invaluable. The right agent excels at analyzing offers to identify those with the highest likelihood of closing and the strongest financial backing.
Buyers' agents face the challenging task of sifting through numerous listings, crafting standout offers, and maintaining open lines of communication with sellers' agents.
At Orange County Real Estate, Inc., we pride ourselves on our proficiency in these areas, taking none of them lightly and ensuring our clients' success in the Orange County real estate market.
For more insights into navigating the complexities of buying or selling in Orange County or to find the best real estate agent in Orange County, visit our website or contact us directly. Orange County Real Estate, Inc - 949-430-7500
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 Choose Us?
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
Last Week's Market Dynamics
In our previous update, we discussed the strong buyer demand, the advantages for sellers in a seller's market, and the value found in homes listed for over 90 days.
This week's trends largely mirror those observations. Buyer demand remains robust, and sellers are enjoying the benefits of multiple competing offers. For tips on succeeding in this competitive market and getting offers accepted, visit our blog on how we ensure offers get accepted. Additionally, we invite you to view homes listed for over 90 days.
For sellers, our objectives are clear: 1) Achieve a successful sale, 2) Maximize your financial return, and 3) Coordinate timing to facilitate a single move.
It's important to recognize that the highest offer isn't always the best offer. Buyer cancellations can occur for various reasons, including appraisal discrepancies, changing opinions post-inspection, disagreements over repairs or credits, or new discoveries about the property. To prevent these setbacks, we conduct a thorough vetting of potential buyers, ensuring they have all the necessary information to proceed confidently with their purchase.
We've observed an increase across the board, including closed sales and new listings. As spring approaches, we anticipate more sellers entering the market, although with interest rates remaining above 7%, the outlook remains uncertain. There's growing interest in downsizing to single-level homes, a topic we explore in our blog on downsizing which you can read at this link.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
498,752 |
498,300 |
Orange County - All Properties |
2,111 |
2,107 |
OC Under Contract & Pending |
1,864 |
1,837 |
OC New Listings Last 7 Days |
570 |
531 |
OC Sold Last 7 Days |
444 |
332 |
This metric remains low across all price ranges, with no significant shifts this week.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
55 |
56 |
Median Days On Market |
25 |
26 |
Under $1,000,000 |
18 |
19 |
$1,000,000 - $2,000,000 |
18 |
18 |
Over $2,000,000 |
40 |
41 |
For the first time, the median list price for single-family homes has reached $2,000,000. Properties are selling, on average, $1,194 above the asking price, marking the first instance of homes selling over asking price since October 24, 2023. While rising rates typically lead to increased inventory and decreased values nationwide, Orange County continues to experience appreciation due to relentless buyer demand.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$2,000,000 |
$1,998,500 |
OC Median List Price Condo/Townhomes |
$775,000 |
$776,500 |
Median Closed Price SFR Last 7 Days |
$1,350,000 |
$1,341,500 |
Median Close Price Condo/Townhomes Last 7 Days |
$783,419 |
$790,000 |
Sold Price VS List Price |
.08% Over - $1,194 |
.5% Under |
This analysis reflects the unique dynamics of the Orange County real estate market. Despite broader economic indicators, our local market's strength is underpinned by consistent demand and a desirable lifestyle, contributing to its resilience and growth.
For a more detailed exploration of these trends and how they might impact your real estate decisions, visit our website or contact us directly. Orange County Real Estate, Inc., remains your trusted partner in navigating the complexities of the real estate 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 Choose Us? 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
In our last report, we highlighted the robust demand from buyers in Orange County as the days on market decreased across all price ranges. Over the last week, the trend of low days on the market continues. On the ground, we are seeing buyers compete to get their offers accepted.
Sellers are reaping the benefits of this demand, receiving multiple offers across various price points. To stand out, some buyers are now waiving contingencies, shortening inspection periods, and expediting closings. These strategies, while advantageous for sellers, pose challenges for buyers.
Occasionally, we may advise on removing contingencies, though such recommendations are made on a case-by-case basis, considering various factors. It is crucial for buyers to fully comprehend the implications of removing contingencies with their initial offer. We are here to outline the advantages and disadvantages of this strategy, ensuring it aligns with your specific needs and circumstances.
Notably, not all homes are selling rapidly. Properties listed for over 90 days might present unique opportunities. Currently, there are 424 homes in this category, you can explore these listings at this link.
This week, our inventory experienced a slight increase, totaling 2,107 residential properties for sale. The number of properties accepting offers also saw an uptick from last week. Experts predict a modest uptick in housing sales in 2024, though not dramatically, as interest rates are likely to remain above 6 percent. This rate environment is expected to encourage some increase in inventory levels, either through existing homeowners deciding to sell or through new construction. However, the increase in inventory might not be significant enough to drastically change the market conditions.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
498,300 |
494,502 |
Orange County - All Properties |
2,107 |
2,082 |
OC Under Contract & Pending |
1,837 |
1,773 |
OC New Listings Last 7 Days |
531 |
594 |
OC Sold Last 7 Days |
332 |
334 |
The consistently low days on market is a clear indicator of the strong buyer demand in our area. The persistently low inventory gives sellers an advantage in the market, as the demand for homes exceeds the available supply. This imbalance makes it challenging for it to shift towards a buyer's market. However, if mortgage rates cool down as some predict, there could be an increase in market activity, which might slightly improve conditions for buyers.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
56 |
56 |
Median Days On Market |
26 |
24 |
Under $1,000,000 |
19 |
19 |
$1,000,000 - $2,000,000 |
18 |
18 |
Over $2,000,000 |
41 |
42 |
Looking at our key statistics, the close price versus the list price remains relatively stable. However, we anticipate a possible increase in this metric in the coming weeks.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,998,500 |
$1,999,000 |
OC Median List Price Condo/Townhomes |
$776,500 |
$799,000 |
Median Closed Price SFR Last 7 Days |
$1,341,500 |
$1,350,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$790,000 |
$772,500 |
Sold Price VS List Price |
.5% Under |
1.8% Under |
Highlighting a specific opportunity, we are focusing on a property in Aliso Viejo. This is particularly relevant for several of our clients interested in this area and price range. The property at 15 Wellington Place is noteworthy for its appealing neighborhood and features. You can view photos and details at this link.
Additionally, just beyond the borders of Orange County, we have a new listing in Corona. This home boasts a stunning kitchen, equipped with high-end Thermador appliances. To explore this exquisite property, click here.
Should you have any questions or require further assistance, please feel free to call us. Call or text 949-430-7500
Welcome to the latest Orange County Real Estate Market Report, brought to you by Orange County Real Estate, Inc. We are committed to providing you with essential statistical insights, sourced directly from the MLS, to assist you in making informed decisions in Orange County's dynamic real estate landscape. Whether you are a prospective buyer, seller, or considering a move within or out of California, we are dedicated to offering the crucial information you need.
In our previous update, we noted a decline in total home sales in 2023. Kicking off 2024, January witnessed a modest uptick in home sales, exceeding last year's figures by 44 transactions. Indicators suggest a potential increase in activity as the year progresses, with mortgage rates playing a pivotal role. Lower rates may encourage homeowners to sell, while higher rates could lead to reduced mobility.
High Buyer Demand
Despite higher borrowing costs, buyers remain eager to invest in Orange County's real estate. Many properties are receiving multiple offers and going under contract within the first ten days. However, some homes have been on the market for over 90 days. You can explore these listings at this link. They may offer an opportunity.
The market saw a slight increase in listings this week with 594 new listings up from 400 the previous week.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
494,502 |
495,197 |
Orange County - All Properties |
2,082 |
1,936 |
OC Under Contract & Pending |
1,773 |
1,724 |
OC New Listings Last 7 Days |
594 |
400 |
OC Sold Last 7 Days |
334 |
311 |
A remarkable drop in the average days on market for properties priced above $2,000,000 was observed, decreasing from 58 to 42 days.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
56 |
61 |
Median Days On Market |
24 |
27 |
Under $1,000,000 |
19 |
19 |
$1,000,000 - $2,000,000 |
18 |
21 |
Over $2,000,000 |
42 |
58 |
Last week, the median closing price experienced an unusual dip to $1,242,500, but it has rebounded to $1,350,000 this week.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,999,000 |
$1,999,000 |
OC Median List Price Condo/Townhomes |
$799,000 |
$799,450 |
Median Closed Price SFR Last 7 Days |
$1,350,000 |
$1,242,500 |
Median Close Price Condo/Townhomes Last 7 Days |
$772,500 |
$775,000 |
Sold Price VS List Price |
1.8% Under |
.25% Under |
Contrasting with Orange County, regions like Texas, Florida, and Louisiana are witnessing rapid inventory growth. Despite the increase, these areas haven't seen significant drops in home values or widespread price reductions in listings. We'll monitor these trends to gauge any potential impact on Orange County's market, which often diverges from national patterns.
Spotlight on Local Listings
This week's most affordable single-family home in Orange County is located in Buena Park. Built in 1924, this 900-square-foot house is listed at $669,000 and can be viewed at this link. For context, the same amount in Orlando, Florida, could buy a brand-new 5-bedroom, 3,000-square-foot home.
In the midst of the action, we're witnessing intense competition across all types of homes and price ranges. The decreasing days on market clearly reflect this trend. Our buyers frequently encounter multiple-offer situations, and we dedicate significant effort to ensuring their offers stand out. For insights into navigating such a competitive market and getting offers accepted, we invite you to read our detailed blog post on the topic, at this link.
Welcome to the latest Orange County Real Estate Market Report, brought to you by Orange County Real Estate, Inc. We are committed to providing you with essential statistical insights, sourced directly from the MLS, to assist you in making informed decisions in Orange County's dynamic real estate landscape. Whether you are a prospective buyer, seller, or considering a move within or out of California, we are dedicated to offering the crucial information you need.
Last week, we discussed the appeal of Orange County as a preferred residential location. Despite this attraction, we've observed a significant drop in transactions. This decline can be primarily attributed to the limited total inventory in the market. To gain a better understanding, let's delve into the 2021 data when the total transactions were nearly 2x of 2023.
In 2021, the total number of transactions stood at 35,188. It's important to recognize that each home seller typically becomes a home buyer, as the fundamental need for shelter remains constant. Contrary to popular belief, not all individuals who sold their homes in 2021 moved out of the area. Many simply transitioned to residences better suited to their changing needs. We observed a trend of people downsizing, a smaller number upsizing, and others merely seeking a change in their living environment.
With interest rates now hovering around 7%, and many homeowners locked into mortgages with 3-4% rates, there has been a noticeable decrease in homeowners looking to downsize, upsize, or relocate within Orange County. This is reflected in the total residential transactions for 2023, which numbered 19,698, indicating a distinct change in the market dynamics from 2021.
Regarding the inventory in Orange County, we've seen a reduction of over 100 properties, bringing the total available properties for sale to 1,936. This is a 25% decrease compared to the same period in 2023. The past week saw approximately 100 more properties go under contract, totaling 1,724, but we experienced a drop of 152 in new listings compared to the previous week.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
495,197 |
497,421 |
Orange County - All Properties |
1,936 |
2,042 |
OC Under Contract & Pending |
1,724 |
1,630 |
OC New Listings Last 7 Days |
400 |
552 |
OC Sold Last 7 Days |
311 |
316 |
The days on market continue to remain low, indicating strong buyer demand, particularly for homes priced under $1 million. You can view all the single-family homes in Orange County priced under $1 million, and all the condos and townhomes under $1 million.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
61 |
60 |
Median Days On Market |
27 |
25 |
Under $1,000,000 |
19 |
17 |
$1,000,000 - $2,000,000 |
21 |
19 |
Over $2,000,000 |
58 |
61 |
Let's look at our key statistics: The closing price of single-family homes has decreased by $57,000. Last year, the median list price for single-family homes was $1,500,000, this week, it has risen to $1,999,000, marking a 25% year-over-year increase.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,999,000 |
$1,995,000 |
OC Median List Price Condo/Townhomes |
$799,450 |
$789,000 |
Median Closed Price SFR Last 7 Days |
$1,242,500 |
$1,299,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$775,000 |
$722,000 |
Sold Price VS List Price |
.25% Under |
1.5% Under |
Our property highlight this week is a single-family home in Anaheim, listed at $900,000. It stands out as one of the most affordable in terms of price per square foot in Orange County, at $325.85. You can view the listing here.
Coming soon to Corona: A beautifully designed home equipped with a full suite of Thermador appliances, including a built-in coffee maker. Stay tuned for more details and get ready to discover your dream kitchen!
Market Reports
In the fast-paced world of real estate, staying ahead of the competition is crucial for home sellers. One invaluable tool in achieving this edge is leveraging real estate market reports. Take a look at market reports by city and explore why these reports are essential, where to find reliable data, and how partnering with Orange County Real Estate, Inc. can make all the difference in successfully selling your property.
Call or text 949-430-7500
Welcome to the latest Orange County Real Estate Market Report, brought to you by Orange County Real Estate, Inc. We are committed to providing you with essential statistical insights, sourced directly from the MLS, to assist you in making informed decisions in Orange County's dynamic real estate landscape. Whether you are a prospective buyer, seller, or considering a move within or out of California, we are dedicated to offering the crucial information you need.
In our previous report, we discussed the notable increase in mortgage applications at the beginning of the year, along with Blackstone's renewed interest in purchasing single-family homes.
This week commenced with an uptick in mortgage rates, exceeding 7% for the first time since December 4, 2023. This rise is largely due to the encouraging jobs and employment data released last week. Despite this slight increase, we believe that buyer demand in Orange County will remain strong, the days on market have seen a significant decrease this week. The full impact of the heightened mortgage rates on buyer behavior will likely become clearer next week, once the mortgage application data is available.
As of this week, Orange County's property inventory stands at 2,042 units for sale. This is up slightly from last week. Nationally, there has been a slight decrease in inventory, typical for this season. However, the U.S. inventory is 8.8% higher compared to the same period in 2023, whereas Orange County's inventory is 25% lower. This disparity underscores the high demand in Orange County. Contrary to some media narratives, residents are not leaving in large numbers; in fact, the allure of living here is attracting more people. Our real estate statistics continue to present a contrast to those of the country.
From October to December 2023, our inventory decreased by 1,000 properties, as buyers finalized transactions and fewer new sellers entered the market. This week, we've seen over 500 new listings, 316 closings, and 561 properties going under contract. This represents a significant shortfall in properties. The key question is whether the spring market will bring enough new sellers to meet buyer demand.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
497,421 |
503,220 |
Orange County - All Properties |
2,042 |
1,987 |
OC Under Contract & Pending |
1,630 |
1,581 |
OC New Listings Last 7 Days |
552 |
515 |
OC Sold Last 7 Days |
316 |
295 |
On the ground, we are witnessing intense competition across all home types and price ranges. Market data indicates a decrease in days on market, with many buyers encountering multiple-offer scenarios. Our team is diligently working to get offers accepted in this competitive environment. For insights into navigating these challenges, we invite you to read our blog post on strategies for getting an offer accepted in a market as competitive as ours.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
60 |
64 |
Median Days On Market |
25 |
29 |
Under $1,000,000 |
17 |
18 |
$1,000,000 - $2,000,000 |
19 |
23 |
Over $2,000,000 |
61 |
65 |
Last week, we observed a substantial increase in the median list price. However, this week, that figure remained stable. The median closing price settled at $1,299,000. The ratio for sold price to list price continues to offer a glimmer of hope, though I anticipate a shift in this trend soon. In our experience representing buyers amid multiple offer situations, we've noticed a tendency for bids to exceed the asking price.
Home buyers need to be ready for the likelihood of having to offer above the list price during the negotiation phase. Our approach sometimes includes advising clients to consider bids that exceed the asking price, especially when supported by relevant data. We pride ourselves on our data-driven approach, as well as our commitment to ensuring that our clients secure the best possible deals. In some instances, this means paying more than the listed price. When evaluating an offer, we consider various factors beyond statistics, including market trends, the property's condition, and the buyer's personal connection to the home. We guide our clients through all these aspects to help them make a decision they can be confident in for years to come.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,995,000 |
$1,995,000 |
OC Median List Price Condo/Townhomes |
$789,000 |
$779,900 |
Median Closed Price SFR Last 7 Days |
$1,299,000 |
$1,320,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$722,000 |
$715,000 |
Sold Price VS List Price |
1.5% Under |
1.6% Under |
Notable Orange County Listing
The property at 2235 Pacific Drive in Corona Del Mar remains one of the highest-priced homes on a per-square-foot basis currently available. This remarkable residence, which can be described as "larger than life in a compact package," is listed at an impressive $5,711.78 per square foot, despite having only 1,707 sq ft of space. To fully appreciate what this unique home offers, we invite you to view the pictures available through the provided link and consider whether its 1,707 sq ft could meet your needs.
Market Reports
In the fast-paced world of real estate, staying ahead of the competition is crucial for home sellers. One invaluable tool in achieving this edge is leveraging real estate market reports. Take a look at market reports by city and explore why these reports are essential, where to find reliable data, and how partnering with Orange County Real Estate, Inc. can make all the difference in successfully selling your property.
Call or text 949-430-7500
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.
Last week, we highlighted the significant influx of homebuyers relocating from Los Angeles during the pandemic, a trend supported by our website traffic analytics. This week, we've welcomed a new wave of clients from Los Angeles, with two already engaging in offer-writing activities in South Orange County.
This week's key developments include a notable 10% surge in mortgage applications, further underscoring the growing buyer interest in the Orange County housing market.
In noteworthy news, Blackstone has re-entered the single-family home investment sector. After stepping back in 2019, Blackstone is now set to acquire Tricon Residential for $3.5 billion, encompassing 35,448 single-family homes. Alongside their ownership of Home Partners of America, which includes 26,516 homes, Blackstone will hold a substantial portfolio of 61,964 homes nationwide.
This move coincides with ongoing congressional discussions about limiting such large-scale investments in residential properties to enhance the availability of owner-occupied homes.
Blackstone's focus remains on markets with homes priced under $200,000. Their primary areas of investment include Atlanta, Dallas, Charlotte, Tampa, Phoenix, and Houston, which are known for their attractive demographics and rental growth potential.
In San Bernardino and Riverside counties, they own 396 properties. We did not find any properties owned by Blackstone or Tricon in Orange County.
Total inventory levels have remained constant, a scenario unfolding alongside an uptick in both closed properties and those accepting offers. This balanced dynamic indicates a steady market where new listings are being absorbed at a rate comparable to new inventory coming on the market. For buyers and sellers in the Orange County real estate sector, this signifies a robust, active market environment, where properties are both entering and leaving the market at a similar pace. Read our blog post for tips on getting offers accepted in a competitive real estate market.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
503,220 |
506,327 |
Orange County - All Properties |
1,987 |
1,991 |
OC Under Contract & Pending |
1,581 |
1,400 |
OC New Listings Last 7 Days |
515 |
453 |
OC Sold Last 7 Days |
295 |
252 |
The Orange County housing market is currently experiencing a notable surge in demand, as evidenced by the latest days on market (DOM) statistics. This is a normal trend for this time of year but with such low inventory, the surge is notable. Across all price ranges, we are observing a decrease in the number of days homes spend on the market before being sold. This trend is particularly striking in the median days on market for Orange County, which has seen a significant reduction of 11 days.
This decrease in DOM across various price segments strongly supports the claim of high housing demand in the area. Homes are selling faster, indicating that buyers are quickly moving to secure properties, driven by factors such as desirable location, attractive property features, and competitive pricing. This brisk pace of sales is a clear indicator of a robust real estate market in Orange County, where properties are highly sought after and the market is tilted in favor of sellers.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
64 |
66 |
Median Days On Market |
29 |
40 |
Under $1,000,000 |
18 |
19 |
$1,000,000 - $2,000,000 |
23 |
26 |
Over $2,000,000 |
65 |
74 |
The median list price for single-family homes in Orange County has seen an over $100,000 increase, with the median closing price now at $1,320,000. We anticipate a near 10% appreciation rate this year due to high demand and limited inventory.
Another crucial statistic is the average selling price of homes at $23,845 below the asking price last week. This indicates sellers are more open to negotiation. For instance, one of our recent sales in San Juan Capistrano saw the buyers successfully negotiate a $15,000 reduction from the revised list price, which was already $40,000 lower than the initial listing.
In the luxury segment of Orange County's real estate market, recent activity has a notable influence on the median and average home prices. This past week witnessed the introduction of several high-end listings, including a remarkable $50 million property located at 177 Shorecliff Rd, Corona Del Mar. This listing stands out not only for its luxurious features but also for its stunning views of the Pacific Ocean.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,995,000 |
$1,889,000 |
OC Median List Price Condo/Townhomes |
$779,900 |
$769,000 |
Median Closed Price SFR Last 7 Days |
$1,320,000 |
$1,260,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$715,000 |
$717,500 |
Sold Price VS List Price |
1.6% Under |
1.5% Under |
At Orange County Real Estate, Inc., we understand that every home and transaction is unique. Our approach to each sale and purchase is tailored to these unique attributes. We don’t adhere to a one-size-fits-all strategy in pricing our listings, each is evaluated on its own merits, as detailed in our recent blog post about pricing strategies.
We are committed to facilitating a successful transition for you, recognizing the uniqueness of your personal circumstances. Let’s have a conversation about how we can meet your specific Orange County real estate needs.
Welcome to the latest Orange County Real Estate Market Report, courtesy of Orange County Real Estate, Inc. Our mission is to provide you with essential statistical insights directly sourced from the MLS, empowering you to make informed decisions in Orange County's ever-evolving real estate landscape. Whether you're a prospective buyer, seller, or considering relocating within or beyond California, our commitment is to deliver the essential information you need.
Last week, we explored why Orange County is such an attractive living destination, citing safety, cleanliness, beautiful beaches, excellent schools, and spacious properties. During the pandemic, we noticed a significant uptick in website visitors from Los Angeles County. This aligns with the data indicating a substantial migration from Los Angeles to Orange County, with many opting for larger homes offering more space in response to COVID-19 and various factors unique to Los Angeles.
Our current data shows a slight increase in both inventory and properties under contract. After reviewing the listings, La Habra emerges as a standout area for value in single-family homes. A notable upcoming listing in La Habra is 841 W Heather, a beautifully remodeled home set to be priced at $700,000.
Additionally, Anaheim frequently offers single-family homes under $800,000, like the remodeled 3 bed, 2 bath property at 811 N Pauline St, situated on a 6,000 sq ft lot.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
506,327 |
504,290 |
Orange County - All Properties |
1,991 |
1,982 |
OC Under Contract & Pending |
1,400 |
1,279 |
OC New Listings Last 7 Days |
453 |
473 |
OC Sold Last 7 Days |
252 |
281 |
Remarkably, the average days on market for properties under $1,000,000 has significantly decreased to just 19 days, indicating intense demand and competition. This is a stark drop from 31 days just last week. For tips on getting your offers accepted in this competitive market, please visit our blog here.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
66 |
67 |
Median Days On Market |
40 |
54 |
Under $1,000,000 |
19 |
31 |
$1,000,000 - $2,000,000 |
26 |
33 |
Over $2,000,000 |
74 |
73 |
Key statistics show that the median list price for single-family homes has risen to $1,889,000, up from $1,850,000 last week. Highlight listings include a $68 million property at 1220 W Bay Ave, Newport Beach and a $27 million listing at 30 Pelican Crest, Newport Coast. Use the links to view images of those luxury listings.
Interestingly, out of 230 new single-family home listings last week, only 52 were priced under $1,000,000. Furthermore, homes sold for 1.5% less than the list price on average.
The highest-priced listing currently is 19 Del Mar in Newport Coast. You can view stunning images of this home at the link. Read about living in Newport Coast in our blog here. The highest-priced condo sale was in Dana Point at 30 Monarch Beach Resort; details and photos are available in our Dana Point condo and townhome market report here.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,889,000 |
$1,850,000 |
OC Median List Price Condo/Townhomes |
$769,000 |
$782,995 |
Median Closed Price SFR Last 7 Days |
$1,260,000 |
$1,285,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$717,500 |
$780,000 |
Sold Price VS List Price |
1.5% Under |
.86% Under |
It's interesting to note why some people are choosing not to downsize their homes, despite the potential financial benefits. According to Retirely, many homeowners, despite struggling with housing costs due to soaring home values and property taxes, find downsizing in 2024 to be a complex decision. One reason is the current mortgage rates. If a homeowner has a low mortgage rate on their existing home and needs to sign a new mortgage for downsizing, they might not end up saving much due to the higher rates. Although mortgage rates have recently decreased, they remain relatively high, which could affect the financial advantages of downsizing.
Additionally, a Homes.com survey mentioned by the Pennsylvania Association of Realtors® highlighted various aspects of downsizing. While 62% of people who downsized spent less money and 50% were able to save more, there were also notable sacrifices. These included having to get rid of possessions and, for some, feeling more distant from friends and family. The survey also pointed out that downsizing could result in having less space and privacy, which was a significant concern, especially among Generation X and millennials. Furthermore, downsizing impacts children as well, with various emotional responses ranging from excitement to sadness, fear, and anxiety.
Downsizing in the context of the Orange County real estate market presents a unique scenario, largely due to the significant increase in home values over the past 15 years. This rise in property worth creates both opportunities and challenges for those considering a smaller living space.
One such benefit, especially appealing in Orange County, is the possibility of living in a single-level home with an ocean view – a dream for many. The post discusses how downsizing can potentially lead to a more luxurious lifestyle, possibly allowing homeowners to enjoy premium features and locations that were previously out of reach.
To get a comprehensive understanding of how downsizing could work to your advantage in Orange County, with its unique market conditions and lifestyle offerings, be sure to read our full blog post. It's tailored to provide insights specific to the local context, helping you make an informed decision about your real estate journey.
For more detailed information, or if you have any specific questions, feel free to call or text us 949-430-7500. We're here to help you navigate through the vibrant Orange County real estate market with ease and confidence.
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.
Mid-January Housing Statistics and Forecast:
The year has begun with the second-lowest inventory level in the past two decades, surpassed only by 2022. Last year, nearly 600 more properties were on the market, and in 2019, the number was almost 4000 higher. This scarcity is a defining characteristic of Orange County's 2024 real estate market.
The reasons for this tight inventory are well-known among locals: Orange County is a desirable place to live, offering safety, cleanliness, beach proximity, and excellent schools, attracting many from neighboring regions. Notably, Orange County boasts more safe cities than any other county in California, underscoring its appeal. For further insight, our blog post highlights this aspect, featuring seven Orange County cities on the list of California's safest. To explore more about these safe and inviting cities, you can read our detailed analysis here.
We anticipate more sales this year, yet overall inventory will remain relatively low. This is due to sustained buyer demand and the expectation of falling interest rates, further fueling this demand.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
504,290 |
n/a |
Orange County - All Properties |
1,982 |
n/a |
OC Under Contract & Pending |
1,279 |
n/a |
OC New Listings Last 7 Days |
473 |
n/a |
OC Sold Last 7 Days |
281 |
n/a |
Currently, properties are spending more days on the market, a trend influenced by the quieter holiday season. Luxury homes, for instance, have reached a median of 73 days on the market. However, we expect these figures to decrease. Prospective buyers should consider starting their search now, as competition is likely to intensify.
For insights on navigating the Orange County market with low inventory and high competition, visit our buyer page here.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
67 |
n/a |
Median Days On Market |
45 |
n/a |
Under $1,000,000 |
31 |
n/a |
$1,000,000 - $2,000,000 |
33 |
n/a |
Over $2,000,000 |
73 |
n/a |
Last week, properties sold at 0.86% below list price, averaging a savings of $12,218. At Orange County Real Estate, Inc., we ensure thorough negotiation throughout the buying process to maximize your savings. However, the trend might shift towards homes selling over list price, so be prepared to offer more.
From 2020 to 2023, buyers typically made 11 offers before success. In contrast, our clients average just 2 offers thanks to our effective strategy, outperforming the average. Discover more about our approach to getting offers accepted. Call or text for a quick conversation: 949-430-7500
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,850,000 |
n/a |
OC Median List Price Condo/Townhomes |
$782,995 |
n/a |
Median Closed Price SFR Last 7 Days |
$1,285,000 |
n/a |
Median Close Price Condo/Townhomes Last 7 Days |
$780,000 |
n/a |
Sold Price VS List Price |
.86% Under |
n/a |
The Promise of Orange County Real Estate
Entering 2024, the Orange County real estate landscape presents an intriguing mix of challenges and opportunities, ultimately offering more than just a home. With median sales prices up 15% from early 2023, single-family homes now average $1.3 million, while condos and townhomes stand at $750,000. This appreciation is driven by fundamental supply and demand principles, further bolstered by significant migration from Los Angeles County. The allure of Orange County lies in its safety, fewer crowds, pristine beaches, spacious properties, and exemplary public schools, all contributing to property appreciation.
2023 in Retrospect: A Market in Flux
Reflecting on 2023, we observed a slight decrease in residential sales from the previous year, totaling 25,221. This trend, influenced by persistently low interest rates, signals a market dynamically responding to shifting seller behaviors.
Despite higher interest rates, buyers actively competed to have their offers accepted. While buyer demand softened marginally, days on market continued to be among the lowest nationally. We didn’t see the days of 20 offers per property, but even with interest rates over 7%, homes were selling quickly. Surprisingly, there was no increase in cash offers in 2023, as detailed in a blog post I wrote, accessible at this link.
For homeowners, fewer opted to sell their properties in Orange County compared to previous years. The main factor behind this trend is that nearly 70% of homeowners in Orange County have mortgage rates under 5%, with the majority below 4%. The incentive to sell and lose the most favorable financing terms this country has ever seen wasn't strong enough.
National Trends and Local Impact
The outlook for 2024, as forecasted by Realtor.com, points to growth nationwide, with Southern California markets like Orange County standing out. Despite facing challenges, there remains a strong sense of optimism among first-time homebuyers.
The primary challenge for these buyers will be affordability. If, as predicted, rates continue to decrease, affordability should see some improvement. However, these lower rates are likely to fuel stronger buyer demand, potentially driving property values even higher. Therefore, if you're considering purchasing property in 2024, it's advisable to start the process immediately. For more insights, you can explore a blog post about the buying process here.
Key Insights for Market Participants
Buyers: It's crucial to stay updated on mortgage rates and market shifts. Emerging opportunities, particularly for first-time buyers, are worth noting. Pay attention to properties that aren’t selling quickly, as they might offer a chance to purchase below market value or with less competition. For listings that have been on the market for over 90 days, visit this link.
Sellers: Considering listing in 2024? The market is ripe for new inventory. Buyers are on the lookout for the right property in the ideal location. Effective planning is essential, as properties are expected to sell swiftly. Having a well-thought-out plan for transitioning to your next home is vital. Learn more about selling in Orange County and transitioning to your new home on this page, Selling My Home In Orange County.
2024 Market Dynamics - January 4th
The year begins with a notably low housing inventory, totaling 1,865 properties for sale, a trend consistent with the pandemic years. Homeowners, enjoying low fixed-rate mortgages, are opting to stay put, contributing to the tightening market.
Demand, though subdued over the holidays, remained active. 332 properties went under contract or pending, and there were 327 closings.
The Broader Picture
In 2024, an increase in listings, pending sales, and closed transactions is anticipated. The market's vibrancy will depend on economic shifts. However, a rebound from 2023's levels is expected.
Expertise in Action: Orange County Real Estate, Inc.
In this evolving landscape, Orange County Real Estate, Inc. stands out with its superior property sourcing and transaction expertise, making them an essential partner for both buyers and sellers. Call or text 949-430-7500
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.
Are you considering buying a home or selling your home Perhaps you're contemplating a relocation within or beyond the state? We're dedicated to providing you with the vital information you need.
Are you concerned about your home's value and equity? You're not alone. That's why we've crafted a special section just for you: our Home Value link provides the current value of your home. But, if you're looking for something more personalized or have additional questions, we're just a call or text away at 949-430-7500. Let us guide you confidently through your real estate journey!
The Holiday Market is upon us, bringing with it a nuanced shift in the real estate dynamics. Across all property types and price ranges, a trend emerges — a decline in inventory. Simultaneously, under-contract and pending transactions show a subtle uptick from the previous week but a moderate decrease from the previous month. The Days on Market have found stability, mirroring a sense of equilibrium in the current market landscape. Noteworthy is the reduction in properties with price reductions.
A Seasonal Ebb and Flow
These statistical findings align with the patterns typical of the holiday season. As the festive spirit envelopes communities, real estate transactions exhibit a predictable ebb and flow. The dwindling inventory reflects a strategic retreat by some sellers during this time, anticipating a resurgence in the New Year.
The Serious Players in the Arena
In this seasonally subdued market, those who tread the real estate path are serious contenders. The buyer or seller navigating the complexities of real estate during the holidays demonstrates a commitment that goes beyond the ordinary. It's a strategic move that capitalizes on the lower competition, providing a unique advantage to those with a clear mission.
A Timely Recommendation
As an implicit understanding, we recommend engaging in real estate transactions during the holiday season. The diminished competition sets the stage for more favorable negotiations, whether you are selling or buying. It's an opportune time to leverage the market conditions to your advantage. Take a look at properties listed over 90 days at this link.
Gazing Into the Future
Looking ahead, the crystal ball of real estate predictions reveals a promising scenario. Projections indicate a potential fall in mortgage rates in the coming year. This augurs well for the market, hinting at an increase in available inventory and, consequently, a surge in total transactions. As we anticipate these shifts, staying attuned to the evolving landscape becomes paramount.
Orange County's Goal To Build 10,000 New Housing Units
Orange County officials are advancing a housing plan aiming to introduce over 10,000 new homes to unincorporated county areas. However, Supervisor Katrina Foley questions the plan's feasibility, citing the Santa Ana Country Club as an example, highlighting the challenges of converting such spaces to housing.
Despite concerns, the plan has been submitted for state approval. A review indicates several proposed sites, such as gas stations and medical centers, are already developed. Notably, areas like Rancho Mission Viejo, Brea's oil fields, and Coyote Canyon present opportunities for new housing.
Rancho Mission Viejo's units, classified as "being developed," include 799 low-income and over 7,000 moderate and above-moderate income housing units. While 323 homes classified as "above moderate income" are complete, the plan aims for over 10,000 units by 2030. Other cities in the region grapple with housing plans, with some facing rejection or legal challenges.
The median income in Orange County is approximately $128,000, and despite state encouragement to zone for low-income residents, 16 of the county's 34 cities, including Anaheim and Fullerton, are awaiting final state approval for their housing plans.
The debate over the Ranch Hills development in North Tustin underscores the broader challenge faced by local authorities in determining where and what type of new housing to build, with varying opinions and community concerns complicating the decision-making process.
Moving Forward During The Holidays
The holiday season in Orange County unveils a unique backdrop for real estate enthusiasts. It's a time when the serious players take center stage, leveraging the reduced competition to shape their real estate destinies. As we transition into the New Year, the landscape holds the promise of evolving dynamics, with falling mortgage rates potentially heralding a new era of increased opportunities. Stay informed, stay strategic, and let the holiday season be the canvas upon which you paint your real estate aspirations.
By Eric Engelbert
Welcome to the most recent Orange County Real Estate Market Report by Orange County Real Estate, Inc. Our commitment is to furnish you with essential statistical insights directly sourced from the MLS, enabling you to make well-informed decisions in the dynamic real estate landscape of Orange County, California. Whether you're a prospective buyer, seller, or contemplating a relocation within or beyond the state, we're dedicated to providing you with the vital information you need.
This week, we've seen a decline in residential housing inventory, which aligns with expectations during the Thanksgiving holiday. However, what caught our attention was the unexpected increase in properties that went under contract in Orange County. While some buyers are staying diligent, we anticipate a significant decrease in demand for the rest of the year. If you're a buyer, staying updated on our property emails and new listings is crucial when demand and competition is low. Don't forget to check our page for properties listed for over 90 days, as sellers tend to remove homes from the MLS during the holidays. You might find a deal among these listings.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
566,000 |
570,000 |
Orange County - All Properties |
2,364 |
2,483 |
OC Under Contract & Pending |
1,607 |
1,587 |
OC New Listings Last 7 Days |
237 |
408 |
OC Sold Last 7 Days |
253 |
398 |
If you notice a house that has been removed from the MLS, we can work with the seller to potentially get the house under contract. This may involve offering them time to stay in the house after closing to navigate through the holiday season. We don’t want to miss opportunities.
Residential Sales and Inventory Trends:
Total residential sales have increased alongside a slight inventory increase in Orange County through the month of October. Despite this, the inventory has not seen a significant surge, thanks to sustained buyer demand. Looking back at 2020 and 2021, the entire United States real estate market was exceptionally hot, with properties selling quickly. When rates jumped up in the middle of 2022 buyers quickly put on the brakes and demand dropped. Check out the Federal Reserve chart illustrating inventory fluctuations throughout the year, noting the current low compared to pre-COVID times.
The median home price in the United States for single-family homes has dropped to $425,000, a normal November trend. However, it's essential to note that this figure is just over 2% higher than the same time last year, indicating a consistent increase in home values during 2023. While this is down from the spring 2022 peak of $455,000, it showcases the resilience of the market.
As for market predictions, challenges like affordability, low demand, rising unemployment, and the potential for a looming recession are on the horizon. Anticipating fewer sellers entering the market, we may experience another subdued year of home sales. However, if interest rates continue to decline, we could see increased demand pushing home prices up. With the upcoming election year, the outlook is for interest rates to decrease, potentially improving affordability and further increasing demand and home prices.
The critical question remains: Will the inventory increase enough to sustain a balanced market, or will sellers continue to hold the advantage?
This week, we observed an increase in the days on market across all price ranges and metrics, a predictable trend given the Thanksgiving holiday. Days on market is a crucial statistic that not only reflects demand but also plays a significant role in determining list prices. To delve deeper into its implications and how it influences the real estate landscape, check out our latest blog post about market reports and the importance of Days on Market. Understanding this metric is key for both buyers and sellers as it provides valuable insights into the dynamics of the housing market.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
64 |
59 |
Median Days On Market |
40 |
36 |
Under $1,000,000 |
31 |
27 |
$1,000,000 - $2,000,000 |
33 |
31 |
Over $2,000,000 |
62 |
59 |
This week a stunning bayfront property made waves in the market with a sale price of $24,500,000. Notably, the property achieved a significant price adjustment from its initial listing at $27,995,000. Explore the details of this remarkable sale and the unparalleled features of this Corona Del Mar gem at this link.
Stay tuned for more updates as we navigate through these market dynamics together.
By Eric Engelbert
Welcome to the most recent Orange County Real Estate Market Report by Orange County Real Estate, Inc. Our commitment is to furnish you with essential statistical insights directly sourced from the MLS, enabling you to make well-informed decisions in the dynamic real estate landscape of Orange County, California. Whether you're a prospective buyer, seller, or contemplating a relocation within or beyond the state, we're dedicated to providing you with the vital information you need.
Across the United States, the inventory of single-family homes is growing. Notably, Florida's real estate markets, including Sarasota, Fort Lauderdale, Tampa Bay, Fort Myers, and Winter Haven, are experiencing significant increases in inventory this November. Typically, this time of year witnesses a decrease in inventory, so we will keep an eye on this to see if things revert to normal.
In contrast, Orange County, CA, is witnessing a more measured scenario. Last week, the local inventory saw a slight decline which was due to a smaller than normal number of new listings. This aligns with the typical trend during the holiday season when fewer sellers engage, and buyers pivot toward family-oriented activities. The statistics for Orange County remain consistent with the patterns observed over the previous weeks.
Inventory Data |
Today |
Last Week |
United States Single Family Homes |
570,000 |
566,941 |
Orange County - All Properties |
2,483 |
2,540 |
OC Under Contract & Pending |
1,587 |
1,608 |
OC New Listings Last 7 Days |
408 |
477 |
OC Sold Last 7 Days |
398 |
359 |
The Days on Market graph reveals an increase in the days on market or time to sell a house in every price range. Normally, this would be alarming, but the increase is subtle, so there's no need for immediate concern. This seasonal phase, when most buyers take a break from their home search and sellers tend to wait for the new year, causes all the statistics to soften. We advise our buyer clients to maintain diligence as the decreased competition becomes a holiday season advantage.
OC Days On Market |
Today |
Last Week |
---|---|---|
Average Days On Market |
59 |
56 |
Median Days On Market |
36 |
34 |
Under $1,000,000 |
27 |
26 |
$1,000,000 - $2,000,000 |
31 |
25 |
Over $2,000,000 |
59 |
54 |
In our Key Stats graph, the closing price continues to maintain a position below the list price, illustrating ongoing negotiations between sellers and buyers. We are still seeing prime properties experiencing multiple offers, occasionally surpassing the list price. The average pricing dynamics suggest a diminished level of buyer competition, possibly influenced by sellers starting with ambitious list prices. These homes have been listed for over three months.
Key Stats - Orange County |
Today |
Last Week |
---|---|---|
OC Median List Price SFR |
$1,799,000 |
$1,800,000 |
OC Median List Price Condo/Townhomes |
$799,900 |
$809,000 |
Median Closed Price SFR Last 7 Days |
$1,300,000 |
$1,350,000 |
Median Close Price Condo/Townhomes Last 7 Days |
$850,000 |
$702,500 |
Sold Price VS List Price |
1.5% Under |
1.5% Under |
An intriguing sale unfolded in Newport Beach as 3202 W Oceanfront secured $6,343.71/sq ft or $5,500,000. Despite its modest 867 sq ft, this transaction underscored the significance of land value. The property's small footprint, coupled with its oceanfront location, contributed to its notable value. Further details on this sale and other recent transactions in the peninsula area are available in our comprehensive Newport Beach market report.
As you navigate through the holiday week, expect a muted resonance in this week's statistics. Stay connected for ongoing real estate insights that shape your journey.
Welcome to the most recent Orange County Real Estate Market Report by Orange County Real Estate, Inc. Our commitment is to furnish you with essential statistical insights directly sourced from the MLS, enabling you to make well-informed decisions in the dynamic real estate landscape of Orange County, California. Whether you're a prospective buyer, seller, or contemplating a relocation within or beyond the state, we're dedicated to providing you with the vital information you need.
In the latest update, the inventory has stabilized, displaying a marginal increase in the US and a slight decrease in Orange County. Anticipating the holiday season, we project a forthcoming decline in inventory across all markets. Traditionally, this time of year prompts sellers facing challenges in selling their homes (not able to sell before the holiday season) to consider withdrawing their properties from the market. In the last 30 days, notably, 329 homes in Orange County have been withdrawn from the market or the seller canceled the listing.
It's intriguing to observe that out of the 2,540 current listings, only 468 exceed the 90-day mark, use this link to search all homes listed for longer than 90 days. These listings, with a median list price of $2,200,000 and an average list price of $5,412,478, predominantly consist of luxury properties, which typically have longer selling timelines.
The days on market for Orange County Real Estate seem to echo a familiar refrain. There hasn't been a substantial shift in the days on market since interest rates hit 6% in 2022.
In the Key Stats graphic, the median closing price of single-family homes in Orange County has shown a consecutive increase for the past two weeks, settling at $1,350,000. Among the 212 closings last week, only 49 were under $1,000,000, with the average closing price standing at $2,066,345. Notably, the closing prices range from $562,000 to $32,000,000.
For a glimpse into a notable transaction, explore the Dana Point mansion that closed at $32,000,000 at this link. Interestingly, the current owner acquired the property in 2020 for $6,038,550 and undertook a substantial remodel.
Stay tuned for further updates as we navigate the ever-evolving Orange County real estate landscape.
Welcome to Orange County Real Estate, Inc.'s latest market report. Our mission is to provide you with valuable statistical insights directly from the MLS, ensuring you're well-prepared to make informed decisions regarding real estate in Orange County, California. Whether you're a buyer, seller, or considering a relocation within or outside the state, we're here to empower you with the information you need.
Analyzing Recent Trends:
This week, we've observed an uptick in inventory both in Orange County and nationwide. Interestingly, this increase comes at a time when historical trends would typically indicate a decrease in inventory levels. However, if buyers remain diligent and continue to take advantage of the current inventory, we could see a significant drop in available homes. The latest data displayed on our inventory graphic shows consistent numbers for this week, reflecting the recent surge in activity, particularly in terms of new listings and properties sold. This development is worth monitoring as it could significantly influence available inventory as we approach the beginning of 2024.
Our Days on Market graphic still shows low days on market for Orange County. On the ground, we continue to witness buyer competition. Although it's highest among properties priced under $1 million, all price ranges are experiencing low days on market, which is a clear sign of high buyer demand.
The Key Stats graphic reveals an uptick in the Orange County closed price of single-family homes over the last week, up $100,000 to $1,305,000. This increase is attributed to three significant sales: an Emerald Bay house for $25 million, a Corona Del Mar house for $16.5 million, and a Newport Coast house for $11 million. This elevated the 7-day sales volume to $445,815,895. Orange County, like most coastal counties, offers a diverse range of listings, from $70,000,000 luxury estates to $600,000 single-family homes. It's important to note that such high-value sales can occasionally skew week-to-week data. For more accurate trend analysis, we typically examine data over a 60-day period, but our weekly observations allow us to identify noteworthy shifts and trends that may impact the Orange County real estate landscape.
The newest luxury listing is on Lido Isle at 309 Via Lido Soud, which you can view 309 Via Lido Soud.
The lowest-priced single-family home is in Santa Ana at 704 Fairlawn Street, listed for $599,900. Although the house is modest, the lot size is considerable. You can explore the property and vital statistics at this link: 704 Fairlawn Street.
With the backdrop of global uncertainties, including two ongoing wars and the looming threat of a potential world war, it's challenging to focus on the economy and Orange County home prices. Uncertainty has indeed been the theme of this year.
However, despite the negative press about the real estate market, we have observed that homes are currently valued slightly higher than they were at this time last year, both in the country and in Orange County. The persistent demand and lack of inventory continue to shape the market.
As we approach the holiday season, we anticipate that inventory should decrease, and home buyers may temporarily pause their search. We recommend that if you're a homebuyer, staying diligent and continuing to explore homes during this period could be beneficial. The holiday season typically sees less buyer competition, increasing your likelihood of having offers accepted. Moreover, interest rates are expected to decrease in the spring, which will likely attract more buyers to the market. Currently, there are no indications in the data of a significant influx of new home sellers. This may well be your best opportunity to find your dream home.
Stay tuned for more market insights, and feel free to reach out if you have any questions or need personalized guidance. We're here to assist you on your real estate journey.
Welcome to Orange County Real Estate, Inc.'s latest market report. Our mission is to provide you with valuable statistical insights directly from the MLS, ensuring you're well-prepared to make informed decisions regarding real estate in Orange County, California. Whether you're a buyer, seller, or considering a relocation within or outside the state, we're here to empower you with the information you need.
Analyzing Recent Trends:
This week, the statistics may elicit a response from housing skeptics and YouTube analysts who have been predicting market shifts. We'll start by taking a closer look at our Key Stats slide, where every arrow appears to be pointing downward, from the median list price to the sold price versus the list price. It may seem like a whirlwind of negativity.
Moving on to our inventory slide, you'll notice a slight uptick in Orange County housing inventory. However, the numbers for properties under contract and pendings have decreased, new listings are down, and the number of sold homes has also seen a decline.
Is this the onset of a housing apocalypse? The answer is a resounding "NO." If these numbers persist as a trend for two consecutive months, we might start to worry. Nevertheless, it's essential to consider that we are currently in the holiday real estate market, historically known as the slowest period for real estate activity so we expect to see slower activity until the early Spring. We monitor these stats every week, and fluctuations like this are not indicative of a trend after just one week. Rest assured, we'll keep a close eye on the data and report any emerging trends.
All-Cash Purchases Debate:
A recurring concern among buyers is losing out to all-cash offers. We've witnessed this with our own clients, so we know it's a genuine issue. The question that arises is whether all-cash purchases have increased. According to the data, the answer is no, and all cash purchases have remained steady prior to, during, and after the pandemic. Check out the slide below for more details. In recent years, 2021 recorded the highest number of all-cash purchases at 5,427, while 2020 marked the lowest at 4,480. In 2023, we're on track to finish below 5,000 total all-cash sales.
Market Stability and Upcoming Listings:
Despite fluctuations, Orange County's real estate market remains stable, underscored by strong buyer demand, as evident in our Days on Market slide. In the coming weeks, we anticipate new listings data to be unchanged and hover between 400-500 per week. One listing we have an eye on includes a Newport Beach oceanfront house constructed in 2019, with an anticipated listing price of $25,500,000. Notably, the highest-priced sale on the peninsula occurred on the bay side, featuring a boat dock. 2112 E Balboa Blvd sold for $27,000,000 and can be explored in this market report: Newport Beach Real Estate Market Report
Additional Market Insights:
From our total inventory, a surprising 815 properties have been listed for 2 weeks or less, underscoring Orange County's high turnover and sales. Additionally, there are 519 homes listed for sale for over 90 days, with 371 of them priced over $1,500,000. For buyers seeking opportunities among these listings, please explore our dedicated webpage for properties listed over 90 days.
We're committed to keeping you informed and providing valuable insights into the dynamic Orange County real estate market. For more in-depth data or personalized assistance with your real estate endeavors, don't hesitate to reach out. We're here to support your journey.
Welcome to Orange County Real Estate, Inc.'s latest market report. We aim to provide you with statistical insights directly from the MLS, ensuring that you are well-equipped to make informed decisions regarding real estate in Orange County, California. Whether you're a buyer, seller, or contemplating a relocation within or outside the state, we've got you covered.
National Housing Trends:
Across the United States, the housing supply continues to expand, with the current number of available single-family homes standing at 554,430. This growth is primarily driven by buyers who have been holding back due to affordability concerns, rather than a surge in sellers entering the market through foreclosures and other forced sales. An observable indicator of this is the decline in mortgage applications, which recently hit its lowest point since 1995.
Despite this increase in available inventory, the real estate market has maintained a noteworthy level of stability. Property values have remained consistent, owing in part to the sustained demand. While it might appear contradictory at first, it's important to note that the market is still predominantly driven by demand, albeit not to the same extreme as during the peak of the pandemic. Gone are the days of the frenzied competition with multiple offers on a single property. The 'Days on Market' statistic remains remarkably low, indicating continued high demand. What we've observed on the ground is that homes are selling swiftly, although the number of offers is now less competitive compared to the peak of the pandemic years.
Future Market Projections:
Initially, the real estate market was expected to undergo a "correction" with lower prices in 2023. However, this anticipated correction has yet to materialize. As we look ahead to 2024, much will depend on interest rates and the state of the job market. If rates drop to 6% and the job market remains robust, we could see a significant increase in demand. Conversely, if rates hover around 8% and job losses occur, buyer demand may decrease, leading to an increase in inventory and potential declines in property values.
In Orange County, we hold an optimistic view, anticipating robust home values. The region is set to maintain high demand and limited inventory, particularly given the strength of key job sectors, including healthcare and technology.
Market Dynamics:
Our inventory chart has remained remarkably stable. Notably, over the past eight days, only 48 properties fell out of escrow and were subsequently relisted. This accounts for a mere 2.8% of the current under-contract and pending transactions. This low figure is in stark contrast to regions like Tampa Bay, where escrow cancellations account for as much as 30% of transactions, often due to buyer financing complications.
This data raises an interesting question: Have all-cash purchases in Orange County increased? I will include this data in next week's report.
Notable Listing:
Last week, a unique oceanfront multifamily/4-unit property in Laguna Beach was listed for sale at $15,000,000. I don't even know what to say! To explore the listing and view photos, please visit Laguna Beach Oceanfront Multifamily Property.
We are committed to keeping you informed and providing valuable insights into the ever-changing Orange County real estate market. For more in-depth data or personalized assistance with your real estate goals, don't hesitate to contact our team. We're here to support your journey.
Welcome to Orange County Real Estate, Inc.'s latest market report. We aim to provide you with statistical insights directly from the MLS, ensuring you are well-equipped to make informed decisions regarding real estate in Orange County, California. Whether you're a buyer, seller, or contemplating a relocation within or outside the state, we've got you covered.
Market Dynamics:
In Orange County, we're seeing a relatively stable landscape with no major upheavals. While we experienced a slight uptick in inventory, it was something we expected, given the national trend of increasing inventory over the past few weeks.
Market Strength:
From a statistical perspective, the market remains robust in Orange County, with a consistent pattern of strong buyer demand. Key metrics such as active listings, properties under contract, weekly closings, and new listings have shown remarkable consistency throughout this year.
Pricing Dynamics:
Over the past four weeks, it's noteworthy that homes have been selling for prices below their list prices. This could be attributed to a combination of sellers being motivated to sell and a slightly reduced pool of buyers. However, it's crucial to mention that the majority of homeowners in Orange County currently enjoy low interest rates, which has diminished their motivation to relocate.
Those who are selling their properties often do so due to significant life events, including marriage, divorce, bereavement, or investment/1031 exchange opportunities. This week, homes sold for an average of 1.2% less than their list prices.
Notable Sales:
We'd like to highlight some significant sales from this week. The highest sale was an ocean-view home in Laguna Beach, which changed hands for $12,800,000. Remarkably, it had been listed for over a year and was sold for $3,000,000 under the initial asking price. You can explore the property and its photos in this Laguna Beach Market Report.
The highest-priced listing in Orange County continues to be 6 Midsummer in Newport Coast, listed at $69,800,000. This property has been on the market for two years. For more details about this exceptional listing, visit 6 Midsummer.
These insights provide a snapshot of our dynamic real estate market. Should you wish to delve deeper into the data or require personalized assistance with your real estate endeavors, please feel free to reach out to our team. We're here to support you on your real estate journey.
Welcome to Orange County Real Estate, Inc.'s latest market report. We aim to provide you with current statistical insights based on data directly from the MLS, ensuring that you are well-equipped to make informed decisions regarding real estate in Orange County, California. Whether you're a buyer, seller, or contemplating a relocation within or outside the state, we've got you covered.
Market Snapshot:
In the ever-evolving landscape of real estate, we find ourselves facing a notable development. Mortgage rates are on the rise, and even our favored loan programs, such as the 5/1 ARM, have seen starting rates inch closer to 7%. This shift has had an immediate impact on the national housing market, where buyer demand has shown signs of slowing. On a national scale, the proportion of current homes for sale with price reductions has surged, now encompassing 37.5% of all homes on the market. Despite that news, the median home price in the US has held steady at $439,500.
Orange County's Resilience:
You might wonder how these nationwide trends are influencing our local real estate market. Interestingly, our Orange County market remains resilient and largely unaffected at this time. Housing Inventory: While the United States is experiencing growth in available housing inventory, Orange County stands out with available housing near its 52-week low, currently at 2,492 homes. This figure marks a slight decline from the summer when we were averaging 2,550 homes per week.
Days on Market:
Our Days on Market statistics remain stable, reflecting consistent demand within the Orange County market.
Median List Price:
Throughout the year, the median list price of single-family homes has maintained an upward trajectory. As of the latest data, it stands at $1,855,000. While this represents a slight decrease from the previous week, it remains higher than the levels observed over the past 52 weeks.
While national mortgage rate fluctuations are causing ripples in the real estate waters, Orange County's market remains resilient and relatively unchanged. Our median home price remains steady, and housing inventory levels continue to favor a dynamic market. For personalized insights or assistance with your real estate endeavors, please don't hesitate to reach out. We are here to support your real estate goals in Orange County, California.
Here is Orange County Real Estate, Inc.'s market report. We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Snapshot:
As the broader United States real estate market experiences a gradual slowdown marked by increasing inventory levels and cautious buyers, Orange County stands out as a resilient and thriving market. Despite the backdrop of higher interest rates, the demand in Orange County continues to flourish. In contrast to the national trend, Orange County has witnessed an upswing in new closings and a modest increase in new property listings. This translates to a reduction in overall inventory levels across the county, a noteworthy phenomenon in today's market. Refer to the data presented in the first graph.
Buyers in Orange County are still encountering competition, especially for well-priced and well-presented homes. The Days on Market statistic remains lower than the national average, underscoring the continued vitality of our local real estate scene. If you're contemplating selling your property in Orange County, the odds are in your favor for a swift and successful sale. However, it's essential to acknowledge that there are currently 457 homes listed for sale that have been on the market for more than three months. Why do some homes fail to sell? We can provide specific neighborhood data to help you navigate the selling process effectively. For detailed insights, refer to the Days on Market graph for this week's statistics.
Over the past month, buyers in our region have faced competition. However, this week, on average, homes sold for approximately 0.6% less than their list price. It's important to note that, during the escrow period, buyers and sellers may negotiate a lower selling price in exchange for repair credits. Nevertheless, this slight reduction in closing prices is a favorable development for prospective buyers. Explore the Key Stats graph for a comprehensive overview of the latest data.
As of now, there are no significant indications or reasons to anticipate a surge in housing inventory hitting the market. Remarkably, nearly 65% of homeowners in Orange County currently hold mortgages with interest rates hovering around 4%. This demographic typically lacks the motivation to sell, contributing to the stability of our housing market.
Orange County's real estate market remains a bright spot in the midst of evolving national trends. Strong demand, lower Days on Market, and favorable pricing dynamics characterize our market. Whether you're a buyer or seller, understanding the specific conditions in your neighborhood is key to making informed decisions. Reach out to us for personalized data and insights to help you achieve your real estate goals.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
The Wall Street Journal recently published an article on the current state of the real estate market. In their report, they made the assertion that home prices have experienced a 13% decline compared to the previous year. However, it's crucial to note that this conclusion is somewhat misleading. The basis for this claim was a comparison between new construction data from April 2022 and the most recent figures available. Instead of drawing from a comprehensive dataset encompassing all single-family home sales across the nation, this analysis primarily focused on new construction. When we broaden our perspective to include both new construction and existing home sales data, a different narrative emerges.
The combined data reveals that property values have actually appreciated by 1% in comparison to the same period last year. The median price for single-family homes in the United States currently stands at a respectable $444,900.
Over the past week, there has been a noticeable shift in the real estate inventory trends. Nationally, the inventory has increased as buyers have temporarily pulled back from the market. However, the situation in Orange County is somewhat unique, with a decrease in inventory coupled with an increase in properties that have accepted offers.
Orange County's real estate market continues to defy the national standards, displaying a resilient demand. This unwavering demand is clearly reflected in our Days on Market graph, which indicates that homes are selling quickly.
It's worth noting that any significant interest rate increase, such as a rise to 8%, could potentially bring the market to a standstill. A similar scenario unfolded last year when rates reached 7%. Surprisingly, higher rates did not deter buyer activity; the market swiftly recovered as buyers adjusted to the new interest rate landscape, and demand remained robust.
Price reductions in Orange County remain within the normal range, affecting approximately 30% of properties currently listed for sale. However, a closer look at our key statistics graph reveals that, just last week, homes were selling for nearly 1% over their list prices.
It's important to acknowledge that some home buyers are growing cautious as they anticipate the possibility of rates hitting 8%. This concern has led some buyers to pause their search, as they previously assumed rates would decrease, allowing for refinancing opportunities.
It's our belief that interest rates will trend downward in the next five years, making a 5/1 ARM loan with an initial rate in the 5% range an attractive option. Moreover, such loans may even result in lower interest rates upon their first adjustment.
Should you have any questions or require specific data for your neighborhood, please do not hesitate to reach out. This data can be invaluable in helping you make informed decisions when it comes to setting an offer price or determining the list price if you are planning to sell.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Snapshot:
In the Orange County real estate arena, we've observed a slowing trend across the board, encompassing total inventory and sales figures. Over the past week, real estate closings have seen a dip of nearly 20%. While such declines are not uncommon during holiday weekends, we anticipate a rebound in both inventory levels and total sales in the upcoming week.
However, it's worth noting that while inventory statistics may be down in Orange County, the inventory of single-family homes in the United States has seen an increase. This trend could potentially be attributed to the recent rate hike. It's interesting to observe that home prices, both locally and nationally, are not showing signs of decreasing. Nevertheless, it's customary for the median home price in the United States to experience a dip during the winter months, and we anticipate this pattern to continue. But not for Orange County.
Furthermore, there has been a modest uptick in the "days on market" metric. It's important to note that this increase is too slight to attribute to factors like high-interest rates. Across all price ranges, the days on market remain relatively low, strongly suggesting a seller's market.
As we transition into the fall and winter months, we are forecasting a potential decline in mortgage rates, coupled with an uptick in real estate sales. This forecast contradicts the typical seasonal trend of a slower market during these months. We believe that a pent-up demand for housing may be a driving force behind this shift.
Additionally, the new construction sector continues to display remarkable strength. Homebuilders are enticing buyers with attractive financing options and generous upgrade credits, contributing to the buoyancy of this market segment.
In conclusion, our market report indicates a nuanced landscape, with promising potential as we move forward. We remain dedicated to keeping you well-informed, and should you require further insights or have any questions, please don't hesitate to reach out. Your real estate journey is our priority.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
In this week's market update, I'd like to draw attention to the segment of "affordable" residential properties available for purchase within Orange County. At present, there are 243 residential properties listed for sale, all priced under $700,000. These properties stand out due to their competitive pricing, making them highly sought after and generating a substantial demand from potential buyers. This heightened demand is notably reflected in the Days on Market metric. The average time a property spends on the market is 35 days, with a median of just 17 days.
Given the brisk pace of this market segment, swift and strategic action is crucial. This is precisely where our expertise comes into play. By leveraging our services, you can navigate this competitive landscape with confidence. Our adept negotiation strategies have consistently yielded a significantly higher acceptance rate compared to the average in the county, enhancing your prospects for a successful purchase.
Market Snapshot:
Inventory has seen a slight decrease, with 2,534 properties currently available in Orange County. Our chart indicates an uptick in closings, totaling 469, yet the overall trajectory of the Orange County real estate market maintains its steadfast nature. As is typical during this time of year, the fall market often witnesses a nationwide slowdown. While we monitor developments, it remains to be seen if Orange County will mirror this trend.
The days on market statistic continues to exhibit stability, remaining relatively unchanged.
Notably, last week's data highlighted an intriguing point: homes were sold at an average of 0.35% less than their list price. However, in the current week, this trend has slightly intensified, with homes selling for an average of 0.75% less than their list price, equating to approximately $11,000. The recurrence of this pattern over two consecutive weeks raises the question of whether it signals a potential trend. As the fall market approaches, slight adjustments in pricing could be anticipated in response to market dynamics.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Snapshot:
The Orange County real estate market continues to exhibit resilience, maintaining a consistent upward trend.
An incremental increase in inventory has been observed in the United States over recent weeks. But, the current week's inventory in Orange County has decreased by 2.6% compared to the preceding week. This week, the market welcomed 524 new property listings.
Additionally, it is important to highlight the 115 properties that were relisted. These properties had previously entered escrow and accepted an offer, but due to circumstances such as a faltering buyer financing arrangement, the escrow was terminated, prompting a relisting of the properties.
The days on market statistics are basically unchanged, further illustrating the market's stability and steady trajectory.
A significant highlight in this week's data pertains to the Sold Price vs. List Price metric. Over the past 7 days, for all property types and price ranges, the sold price was marginally lower by 0.35% compared to the list price.
Conversely, the scenario shifts for condominiums and townhomes in Orange County, where properties have commanded a premium. These properties, are typically listed under $1,000,000, have been selling at an impressive 5% above their initial asking prices. Notably, this price range has consistently witnessed robust buyer demand throughout the year, as they are the most affordable in the county.
The remaining market statistics have demonstrated relative stability over the course of the year, maintaining a balanced and consistent performance.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Snapshot
The Orange County real estate landscape remains resilient, displaying a steady trajectory with no significant abrupt shifts. The foremost challenge remains an insufficient inventory, creating a market dynamic favoring sellers. The demand for exceptional properties remains strong, highlighting buyers' capacity to acquire homes and their adaptability to evolving financing dynamics.
Inventory Insights
Our inventory chart consistently depicts a stable trend, without drastic movements. This is indicative of a market that retains equilibrium, albeit amid competitive conditions.
Buyer's Landscape
The Days on Market chart provides clear evidence of enduring buyer demand, with properties moving swiftly. While recent elevated interest rates have eased the intensity of competition, the Orange County market continues to attract a notable volume of prospective buyers. (https://www.ocrealestateinc.com/orange-county-homes-listed-over-ninety-days/)
Key Metrics in Focus
Key market metrics have displayed a progressive incline throughout the year, contributing to a sold price that consistently surpasses the initial listing price by approximately one-half percent. This suggests a market where properties hold their value and even exceed initial expectations.
Insights for Buyers
Buyers find themselves navigating a landscape characterized by limited inventory, resulting in persistent competition. While interest rates remain elevated, the market still witnesses lenders proactively facilitating transactions. Some innovative financing options, such as adjustable-rate mortgages with favorable terms, provide potential avenues for lower initial interest rates. Notably, the Navy Federal Credit Union extends an adjustable-rate loan, starting at 5.125% for the first five years, even beyond military affiliation.
Insights for Sellers
Sellers stand to benefit from a market where properties are likely to secure prompt sales. Despite this, it's essential to recognize that around 160 properties have lingered on the market for over 90 days. To maximize success, aligning your listing price appropriately and seeking guidance from Orange County Real Estate, Inc., your trusted local real estate professionals, is paramount. Their expertise ensures your property is poised for a triumphant sale.
The Current Landscape
For a comprehensive view of properties that have been listed for over 90 days, follow this link: https://www.ocrealestateinc.com/orange-county-homes-listed-over-ninety-days/. Optimal pricing strategy and the counsel of Orange County Real Estate, Inc. can ensure your property stands out in the competitive market, paving the way for a seamless and rewarding transaction.
In this dynamic Orange County market, knowledge is key. Orange County Real Estate, Inc. is committed to being your compass in this ever-evolving real estate journey. Contact us today to unlock the insights and guidance you need to navigate the Orange County, California real estate landscape with confidence and success.
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Overview:
Buyer demand in Orange County has been unexpectedly strong, defying previous predictions after mortgage rates spiked in 2022. Although home prices experienced a slight drop, this year has seen a consistent increase in prices week to week. Looking ahead, home prices are expected to remain stable, but higher mortgage rates could lead to a potential correction in the market. Conversely, lower rates may motivate more buyers to enter the market and further drive up home prices.
Current Home Prices:
In the US, the median single-family home price is $450,000, just below last year's high of $455,000. However, in Orange County, the median list price for single-family homes currently stands at $1,800,000, which is slightly higher than the figure recorded on May 1st, 2023, at $1,720,000. Condos and Townhomes have also seen a slight increase, with a current median price of $800,000.
Inventory and Market Activity:
The inventory in Orange County has seen a slight uptick, reaching 2,558 listings. Over the last week, there have been 581 new listings and 510 closings. The days on the market continue to be low across all price ranges, with under 1 million at 19 days, 1-2 million at 22 days, and over 2 million at 53 days.
Market Performance:
Over the last 7 days, homes in Orange County sold for approximately 1/2% over their asking prices, indicating a competitive market with demand exceeding supply.
We source our data directly from the MLS in real-time to ensure accuracy. If you have any questions about the data or would like further insights, please don't hesitate to reach out to us.
As the real estate market is subject to change, we will regularly update this report to provide you with the most relevant and current information. Whether you are buying, selling, or considering a move, we are here to assist you with any real estate needs and help you navigate the dynamic Orange County market. Feel free to explore our website and social media platforms for more valuable resources and personalized assistance.
In the week of July 17 to July 24, the real estate market in Orange County experienced a notable spike in inventory, with a total of 2,539 residential properties listed for sale. As we head into the summer months, this increase is a common occurrence, with expectations of a gradual decline in the fall. Despite calls from the sidelines, there's no indication in the data to suggest an overwhelming surge of properties entering the market. The continued lack of inventory will keep Orange County in a sellers’ market.
Homeowners in Orange County are currently benefiting from low-interest rates on their mortgages, contributing to a prevailing sentiment of stability. As a result, many homeowners are opting to stay put rather than list their properties, further contributing to the unbalanced inventory levels.
The increasing demand for housing is a notable trend, particularly for properties priced under 1 million, which are spending a median of only 18 days on the market. These properties are likely to be in high demand due to their affordability compared to higher-priced options and they are often sought after by first-time homebuyers, young families, and individuals looking to enter the housing market at a more accessible price point.
As affordability continues to dishearten buyers several factors contribute to the ongoing affordability concerns in Orange County. These include steadily rising housing prices, limited housing supply, and high demand. Additionally, the region's desirability, with its attractive amenities, schools, and job opportunities, further contributes to the competitive nature of the market and increases housing costs.
Properties priced between 1 and 2 million are also in high demand, with a median of 22 days on the market. Remarkably, even properties priced over 2 million are seeing a relatively quick turnaround time, with a median of only 51 days on the market. These statistics indicate a high demand and buyer competition.
As we head into the months with traditionally lower real estate activity, sellers should be mindful of the growing competition. Pricing their homes appropriately and competitively will be essential to attract potential buyers. Despite some markets experiencing homes selling above asking prices and receiving multiple offers, presenting a well-maintained and appealing property remains crucial.
Orange County Real Estate, Inc. stays updated with ever-changing market trends through diligent analysis of real-time market data, tracking housing inventory levels, pricing trends, and consumer behavior. They also stay informed about local economic developments and policy changes that could impact the real estate market. By leveraging this valuable information, Orange County Real Estate, Inc. provides its clients with informed insights and personalized strategies to navigate the dynamic market successfully.
Orange County Real Estate, Inc. offers a unique and personalized approach to help clients overcome the challenges of affordability and competition. They work closely with clients to understand their specific needs, budget constraints, and long-term goals. By tailoring their services to each client's requirements, they can identify suitable properties, explore financing options, and negotiate effectively on behalf of their clients. Their expertise and market knowledge enable them to offer creative solutions and guide clients toward favorable outcomes in a competitive market.
It's difficult to predict what will happen to the economy and the real estate market, especially in a world where wars, elections, inflation, and general instability can have far-reaching effects. Amidst these uncertainties, one might wonder if Orange County's real estate market stands as a beacon of stability. To shed some light on this matter, let's consider a few pertinent questions:
Here's the weekly update on the current state of the real estate market in Orange County.
Based on the latest statistics, the market is experiencing both low supply and high demand. Presently, there are only 2,489 residential properties for sale, which is significantly lower, at about a third of the pre-pandemic levels. However, the median days on the market for all property price ranges is 27 days, indicating robust demand.
The prevailing situation suggests that the Orange County real estate market is strong, and property values are expected to hold steady. Despite this positive outlook, the market faces a considerable challenge in terms of affordability. Many potential buyers have been priced out of the market, which is a concerning trend.
Despite the affordability issue, it is unlikely to lead to a crash in home values. One major reason for this is the stable economic foundation of Orange County. The area's prominent employers, such as Disney and the education and medical/healthcare sectors, contribute to a solid job market. As a result, major job loss recessions are not anticipated, which helps to maintain stability in the real estate market.
Another factor that has been closely monitored is mortgage rates. When mortgage rates reached 7%, there was a slight dip of 3% in property values. However, this dip was temporary, as values have since rebounded. This indicates that the real estate market in Orange County has demonstrated resilience in the face of high mortgage rates and affordability concerns.
In conclusion, the Orange County real estate market remains strong, with low supply and high demand contributing to stable property values. While affordability is a significant issue affecting potential buyers, the overall economic stability, driven by major industries like education and medical/health care, is expected to mitigate the risk of a market crash. The previous experience with mortgage rates also shows that the market has the capacity to bounce back from challenges, further reinforcing its resilience.
To research market factors such as days on market and sold price vs list price, take a look at our webpage dedicated to all the stats: Your City Market Report
The current real estate market has left many home buyers feeling frustrated and overwhelmed. It seems like the right home is just out of reach, and when you finally do find a suitable option, there's a line of ten other eager buyers vying for the same property. With dwindling inventory, strong home prices, and high-interest rates, being a home buyer right now is undoubtedly challenging.
Clients often approach us with the burning question, "Is it a good time to buy a house?" The answer, however, depends on several crucial factors. We take into account your current financial situation, job security, your long-term plans for residing in the house and can we find you a favorable deal in this competitive market?
This is precisely where our expertise and guidance become invaluable. We assist you in navigating through the complex decision-making process to ensure you make the right choice for you and your family. We aren't afraid to candidly advise, "Now may not be the right time for you to buy a house."
Allow me to share a recent encounter with a client who had just welcomed a newborn. With their expanding family, they were eager to upgrade to a larger home. However, after a thorough assessment of their circumstances, we concluded that waiting for a year would be the most sensible decision. By then, they would have a decade of job stability, and the mother would have returned to work. For them, purchasing a home right now simply wasn't the optimal choice. Let's revisit the situation in 10 months and reassess.
Even in a challenging buyers' market, opportunities for good deals still exist. It came as no surprise to discover that there are currently 45 homes listed below $1,500,000 that have been on the market for over six months. Unfortunately, these properties often get overshadowed on popular platforms like Zillow and Realtor, which primarily promote new listings. This is where our expertise truly shines. We not only ensure that you have access to these older listings but also proactively seek out off-market opportunities.
When it comes to finding the right home in a market characterized by limited inventory and high demand, working with us can make all the difference. We go the extra mile to help you secure the deal you deserve, leveraging our resources and expertise to uncover hidden gems that others may overlook. Let us guide you through this challenging market and help you find the perfect home for your needs.
Curious about the value of your home in Costa Mesa? Look no further! Our innovative home valuation tool utilizes a powerful computer algorithm to provide you with an accurate base value for your property. But we don't stop there – we take it a step further.
Welcome to our weekly Orange County real estate market report! As always, we bring you the latest updates on the housing market in the area, based on real-time data gathered directly from the MLS.
This week, we have some interesting news to report. For the second time this year, homes in Orange County have sold for over the list price. This may be an indication of a strong seller's market in the area, and we will be keeping a close eye on this trend in the coming weeks.
However, we understand that many people are nervous about buying in a market that could crash at any moment. Despite the negative headlines that have been circulating for the past 10 months, we have not seen any indication in the data that there will be a flood of inventory and lower demand for housing. This means that the real estate market will continue to be steady in Orange County.
Other markets, like Austin, TX, are still recovering from an influx of people moving to the area and causing unprecedented appreciation. Inventory levels in Austin are currently at 2019 levels, and price reductions are nearly 50% of the total inventory. This has resulted in a somewhat stagnant real estate market in the area, as high-interest rates have impacted affordability in Austin more than in other markets.
In Orange County, however, we have a unique dynamic between buyers and sellers. Demand is still high, as evidenced by the days on market and the sold price versus the list price. While many reports measure demand by the under-contract and pending statistics, we have a low number of closings due to the restricted inventory in the area. If more homes were available for sale, there would likely be more sales because buyer demand is still strong.
Take a look at our market report video for all the latest data.
See Our Market Reports By City
Welcome to our weekly real estate market report, where we bring you the latest updates on the Orange County housing market.
Despite strong buyer demand and a fair number of closings, inventory has remained relatively unchanged over the past 7 days. However, we did see an increase in new listings with 511 added to the market. We hope this trend will continue as we head into the Spring Market.
Mortgage rates have dropped in the past week after a significant increase, which resulted in a low number of mortgage applications. We understand that many mortgage companies are offering programs such as permanent rate buydowns and temporary rate buydowns to combat affordability issues. If you're interested in learning more about these programs, feel free to reach out to us.
We believe that staying informed about real estate data is crucial when making decisions about buying or selling property. That's why we provide weekly updates on the latest data. To make this information easily accessible, we've created a dedicated webpage for real estate data in every city in Orange County, and we're working on specific areas too. Check out our market report page for more information.
Orange County Market Reports By City
Welcome to our weekly market report on Orange County's real estate scene. In this update, we'll cover the latest developments and trends in the local housing market.
One notable development this week is the occurrence of homes selling for prices higher than the asking price for the first time this year. While this trend is concerning, we hope it's just a one-time event and not indicative of a broader overbidding issue. We'll continue to monitor the situation closely.
A significant challenge in the Orange County housing market remains the low inventory levels, which are driving increased buyer competition and leading to the overbidding mentioned above. This trend is likely to persist in the coming months, so buyers need to be prepared to move quickly when they find the right property.
Despite the ongoing challenges in the market, Orange County's housing values remain robust, in line with the national trend. However, other housing markets, like San Francisco, are experiencing a downturn due to decreased demand for housing. This decline may be attributed to a growing number of companies transitioning to remote work, resulting in office vacancy rates nearing 40%. San Francisco's housing market is undoubtedly in a slump, and we'll keep a close eye on how this trend develops.
If you're considering selling your home, it's essential to stay up-to-date on the latest market trends in your area. At Orange County Real Estate, we provide critical data points such as days on the market and the list price vs. sold price to help you set realistic expectations for selling. With our assistance, you can maximize your property's value and make a successful sale.
If you're in the market for a home, it's equally important to know the latest stats for your target area. Our team can provide you with information that will help you successfully navigate the buying process and find your dream home.
The Orange County real estate market continues to face challenges, but housing values remain strong. Our team at Orange County Real Estate is here to help you navigate the ever-changing market and achieve your real estate goals. If you or someone you know is considering selling, please don't hesitate to contact us for more information.
Welcome to our weekly real estate market report, where we bring you the latest updates on the Orange County housing market.
After four consecutive weeks of inventory declines, we're happy to report that inventory levels have held steady this week. Additionally, we're seeing a positive trend with an increase in properties going under contract for the fifth straight week, indicating continued buyer demand.
In the past week, 508 new listings were added, a sign that the spring market is starting to pick up.
Across all price ranges, we've observed a decrease in the number of days on market, which is great news for sellers. Furthermore, immediate sales have seen a slight increase for the third week in a row.
If you're thinking about selling your home, it's important to be aware of the latest market trends in your area. At OC Real Estate, we're here to provide you with the most critical data points, such as days on market and the list price vs. sold price, to help you set realistic expectations for selling.
If you're thinking about buying a home, it's important to know the stats for your target area. We can provide you with information that will help you successfully purchase a property.
Thank you for tuning in to our weekly market report. If you or someone you know is considering selling, don't hesitate to reach out to us for more information. Until next time, I'm Eric with OC Real Estate.
Contact us today to access the most current data and learn how to make the most of the current market conditions.
Our housing market continues to see a drop in inventory for the fourth straight week. The pending sales have increased over the same time period. And, the days on market have also steadied.
The median list price for single-family homes in Orange County stays strong at $1,500,000, while the sold price has slightly lowered to 1.23% of the list price.
As we head into the spring selling season, we'll be keeping a close eye on inventory and new listings, as they play a key role in determining total sales and home values.
Mortgage rates are holding steady at around 6% for 30-year fixed jumbo loans. If you're in the market for a mortgage, don't miss out on the best portfolio mortgage product from US Bank. Their rates tend to be much lower compared to traditional mortgage companies and can save you a significant amount of money. Other banks offering portfolio loans are Bank of the West and Farmers and Merchants.
If you're thinking about selling your home, it's important to be aware of the latest market trends in your area. At OC Real Estate, we're here to provide you with the most critical data points, such as days on market and the list price vs. sold price, to help you set realistic expectations for selling.
If you're thinking about buying a home, it's important to know the stats for your target area. We can provide you with information that will help you successfully purchase a property.
Welcome to our weekly market report. Today we'll be discussing the latest trends in the housing market and what they mean for buyers and sellers.
As we enter 2023, we're seeing strong demand for homes, with a continuous increase in pending home sales over the last 3 weeks. This is a positive sign that suggests a healthy housing market.
In the latter half of 2022 through January 2023, inventory was increasing, which led many to fear that real estate could experience a dramatic loss of value. However, despite the increase in mortgage rates, the recent buyer demand has eased concerns of a real estate crash. We still expect inventory to continue to increase this year, but the demand is providing a sense of stability to the market.
The median home price in the US currently stands at $415,000, and we're hearing that many properties are receiving multiple offers. While we're not seeing a lot of overbidding, homes are selling for an average of 3.2% less than the list price in Orange County. In addition, price reductions are at their lowest since last August, which means that home values have remained strong.
If you're thinking about selling your home, it's important to be aware of the latest market trends in your area. At OC Real Estate Inc, we're here to provide you with the most critical data points, such as days on market and the list price vs. sold price, to help you set realistic expectations for selling.
If you're thinking about buying a home, it's important to know the stats for your target area. We can provide you with information that will help you successfully purchase a property.
It is clear that homebuyer interest is on the rise, as evidenced by the upward trend in Google Trends and the decrease in residential inventory for sale in Orange County. Additionally, the increase in properties with accepted offers and closed sales, as well as the decrease in median days on market for properties priced under $2,000,000, all indicate a strong increase in buyer demand.
However, it's important to note that the market for properties over $2,000,000 is still a buyer's market, with a longer median days on market. This means that it's crucial for sellers in this price range to understand the data for their specific neighborhood in order to set realistic expectations and potentially outperform homes that have been sitting on the market for longer periods of time.
If you're considering buying or selling in this market, it's important to analyze the data for your specific area and target neighborhood. The data signifies the sales cycle and it will tell us what buyers and sellers are expecting. Contact us to access the most current data, and to learn how to make the most of this upward trend in homebuyer interest.
This was unexpected coming out of the holidays. We don't expect this to be a trend but as usual, we will keep an eye on the weekly statistics.
2021 was a record year everywhere in the country for the number of home sales. Orange County had 35,189 closed residential sales. In 2022, rising mortgage rates caused total sales to drop to 24,403 by year-end, a 30% reduction from 2021.
We expect 2023 to resemble the prior year, with low inventory and total sales near 25,000. If mortgage rates remain near 6% the buyer demand will be muted.
Contact us if you're interested in the data for your area or your target neighborhood. If you're considering selling let's analyze the data, we can show you how to outperform the homes that are taking months to sell. If you're considering selling it's important to know the data for your neighborhood. The data signifies the sales cycle which will set your expectations for selling.
Nationally, the median home price of Single Family Homes has dropped to $415,000 from the high in May of 2022 of $450,000. In December 2021, the median price was $375,000 and the high in 2021 was $394,000. For the past 20 years, there has been a decline in home values during the holiday season. This month's sold homes are the new comparable sales setting the price/value of new listings.
In Orange County, the median list price of Single Family Homes is $1,400,000. The median sales price in December 2021, was $1,200,000, a 14% increase.
We are still not predicting a real estate crash. Inventory in Orange County and Nationally is at very low levels. At a national level, our inventory is 36% less than in 2019 and slightly higher than in the pandemic years.
In Orange County, our inventory is 3,017 which is 44.5% less than in April 2019 (pre-pandemic).
Inventory is the number one reason we will not have a massive real estate crash. Yes, values will come down but we won't see double-digit loss.
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.As the country cools, The Orange County Market Stays Warm June 14, 2022
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:
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.
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%.
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 seller's 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.
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.
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.
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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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