Orange County Market Report Showing Strong Buyer Demand And An Honorable Mention On Redfin - March 20, 2023

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

Buyer Demand Continues To Be High And Inventory Low - March 13th, 2023

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

Houses Sold For 10% Higher Than List Price This Week - February 27, 2023

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.

Orange County Housing Inventory Levels Have Steadied - February 20, 2023

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.

Housing Inventory Dropped For The Fourth Consecutive Week! And Buyer Demand Has Increased! - February 13, 2023

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.

Strong Home Buyer Demand Eases Concerns Of A Crash. February 6th, 2023

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.

Buyer Interest Has Spiked. Jan 17, 2023

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.

The Median Home Price Went Up In The First Week Of 2023. Jan 9, 2023

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.

Home Values are Dropping Across the Country. How Will the Orange County Real Estate Market Respond? Dec 12, 2022

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.

Are Orange County Home Prices Dropping? Nov 28,2022

Will Mortgage Rates Rise To 10% Nov 7th, 2022

Will The Real Estate Market Crash If Inventory Continues To Increase? Oct 31, 2022

Are Orange County Home Values Dropping? October 10th, 2022

Inventory is increasing even as new listings decrease October 3rd, 2022

How are mortgage rates affecting the housing market? September 26, 2022

Are they still building new homes? August 29, 2022

How's The Real Estate Market? August 22,2022

Orange County Housing Report July 25, 2022

Are you waiting for real estate prices to drop?

Has Real Estate Peaked?

Is there going to be a real estate crash? June 27th, 2022

Should I Sell My House?

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

New High, Median Home Price Rises

May 2, 2022

In the U.S. the median sales price rose to $425,000

• Price Reductions increased to 19% of listings
• Immediate Sales continue to be strong accounting for 28% of the listings
• Inventory increased by 6%, our highest increase of the year

Orange County median home price hit $1,020,000.

California County Home Pricing Trends Versus 1 Year Ago

• SoCal median home price is $715,000 +17.0
• OC median home price is $1,020,000 +18.9%
• LA median home price is $788,000 +15.0%
• Ventura median home price is $755,000 +15.5%
• San Diego median home price is $750,000 +15.2%
• Riverside median home price is $546,750 +20.45
• San Bernardino median home price is $475,000 +21.4%

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.

Real Estate Market Trends to Watch in the 2nd Quarter 2022

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.

1. Median Sales Price, still increasing
2. Price Reductions, price reductions have slightly increased to 17% which is well under the average of 25%
3. Immediate Sales, immediate sales are slightly down but still much higher than our normal average

Orange County April 12, 2022

• 672 New Listings
• 131 Coming Soon Listings
• 127 Back On The Market
• Total sales volume is down due to a lack of inventory

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!

It's Masters Week!!

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.

• Despite mortgage interest rates increasing at a record pace, demand for residential real estate has increased. Buyers have been undeterred by the increasing mortgage rates and less affordability.
• In 2018 we saw increased mortgage rates, that did not deter buyers from buying real estate. The Orange County real estate market is not as sensitive as other areas in regard to mortgage rates.
• Standing inventory continues to be low with 1,501 current listings and 219 coming soon listings. The inventory has started to trend up which is normal for the spring real estate market.
• Buyers are quick to write offers, knowing that the competition is fierce.
• The National Median home price has increased to $410,000 from $325,000 in March of 2020. Analysts predict $430,000 by June.
• Homeowners in Orange County have refinanced to record low mortgage rates and can't seem to find a reason to move/leave one of the best places to live on earth.

Inventory Hits Another Record Low

2/14/22

United States real estate market trends:

1. New median list prices normally surge this time of year. But at the moment the median list price is above the median market value for the first time ever! This is realtors and homeowners using the market data, pricing their homes above the recent sales.
2. Mortgage rates spiked faster in the past eight weeks than any time in the past twelve years. It will be interesting to see how this affects home sales. Remember that most people have already locked in low-interest rate loans for 30 years.
3. Active inventory is at a new low. New construction delays caused by supply chain issues are a major factor causing the low inventory. Places like Texas and Arizona have been building new homes at the highest rates, they have been delayed in some cases to 2023.
4. We have a record low number of homes in the foreclosure pipeline. Don't expect to see distressed sales or short sales. Homeowners are not short due to the record amount of appreciation. This is also a factor affecting the low inventory.
5. 30% of homes listed for sale had immediately accepted an offer.
6. 18% of homes listed for sale had a price reduction. The normal pattern would be 30%.

Orange County real estate market, past 7 days:

1. 628 new listings or coming soon listings
2. 1,152 homes accepted an offer or sold.

Inventory Continues to Fall

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.

• 43 homes accepted offers in the first week.
• 297 homes listed as under contract
• 329 homes listed as pending
• 385 homes sold in the past 7 days.

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. 

Fall Market...Even Less Homes For Sale?

November 3, 2021

• Orange County currently has 1,831 homes, condos and townhomes for sale.
• Under contract and pending is 2,931.
• 351 homes switched to under contract or pending within 4 days of being listed (immediate sales).
• The average days on market is 18.
• There is still high demand from qualified buyers.

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.

Forbearance ends...New Listings Don't Flood The Market

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.

Demand For Homes Stays Hot - Inventory Decrease

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.

Did OC real estate market slow?

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."

• Here’s a breakdown by county showing year-over-year gains in medians and sales:
•  Los Angeles County’s median rose 13.4% to $785,000; sales were up 14.3% to 7,799 transactions.
• Orange County’s median rose 12.5% to $900,000; sales were up 4.5% to 3,708 transactions.
• Riverside County’s median rose 19.3% to $525,000; sales were up 6.4% to 4,271 transactions.
• San Bernardino County’s median rose 22.4% to an all-time high of $465,000; sales were up 9.2% to 3,409 transactions.
• San Diego County’s median rose 13.3% to $725,000; sales were up 3.5% to 4,267 transactions.
• Ventura County’s median rose 14.8% to an alltime high of $740,250; sales were up 1.3% to 1,111 transactions.

August Housing Report...

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.

June, We are ready for the seasonal inventory increase

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. 

May 10th - May 17th Real Estate Market Report

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.

Orange County

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.

Huntington Beach Market Snapshot for May 18th, 2021

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. 

Two Interesting New Articles Affecting Real Estate

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.

Inventory Increased

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.

Huntington Beach Real Estate Market Report Snapshot, April 20, 2021

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.

April Housing Report...Economic Forecast Orange County

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.

If you would like to be on our email list for new listings click here:

The first week of April had 665 new properties listed.

We had 1,970 go under contract or closed.

The End of March Housing Report, Orange County

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.

Orange County Housing Data:

Demand is still outpacing supply.

• In the past, higher interest rates have decreased demand. Do we want that?

Our government has proposed a housing policy, a $15,000 first-time buyer tax credit. This policy will increase demand.

• Can we get an inventory policy?? Affordable housing policy?

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?

2021 Housing Data for January

What does this graph/data tell us? This is One week in January!

1. Between Coming Soon, New Listings and Back on Market we have 719 "new" listings available in Orange County
2. Between Active Under Contract, Pending, Closed and Withdrawn 1,525 homes are now not available.

At this moment we have less than 3000 homes/condos listed for sale in Orange County. That's less than two weeks of inventory.

How can you get your offer to stand out amongst multiple offers?

Buyer frustrations are boiling over. I understand. It's difficult and emotionally draining. These are things you can do to get your offer noticed:

• Your agent needs to write a complete offer and package it in one tidy pdf
• It should include your preapproval letter from your lender, proof of funds for your downpayment and an introduction/cover letter.
• Try to discover what the seller's needs/goals are. Besides the highest price, seller's often have "pain points" they want to avoid like long escrows and buyers that request lots of repairs.

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.

Housing data for the entire country to start 2021

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.

Holiday Real Estate Market:

1,628 homes under contract or sold and only 402 new listings...

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. 

Real Estate Holiday Market...Seasonal Slow Down? Not this year!

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.

SoCal house values increased...

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.”

Mortgage Delinquency Stats Improved For First Time Since Start of Pandemic

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.

Sales of million-dollar homes doubled in September

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%.

Late on Rent Equals Late on Mortgage?

Orange County Real Estate Market Recap July 2020

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.

• US median home price is $354,900

Orange County Home Prices

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.

Do I think This Is A Good Time To Buy?

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.

1. Have you been employed during the pandemic? Do you have an essential job?
2. How much savings do you have to put down for the purchase and how much will you have left for reserves?
3. How long do you plan to stay in this house?

If we do have another "crash" you will need to be prepared to buckle down and ride it out for the best outcome.

Orange County Real Estate Market Recap May 2020

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.

Orange County Real Estate Market Recap February 2020

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.

1. Home Prices Resale Homes +8.6%, Resale Condos +5.0% and New Home Sales -17.7% Median OC home price is $748,000 up versus one year ago (New High) $1,000,000 plus homes represent 50.2% of all OC listings
2. Sales Volume Resale Homes +34.5%, Resale Condos +20.5% and New Home Sales +8.5% Home sales volume is 2,431 up versus one year ago Inventory is at 4,161 up from one month ago OC Average days on market; 60 days.
3. Interest Rates 30-year fixed Mortgage rate is 3.31%, down versus last week 15-year fixed rate is 2.87%, down versus one week ago Average Home Payment is $3,478.65 down versus one year ago ARM’s represent 12.5% of all mortgages
4. STATS of THE DAY 37% of all US homes have no mortgage! Of the remaining 63%, 1 in 4 have over 50% equity Newport Beach average household income was $122,709 in 2019 (twice the national average) California home price appreciation was 4.23% in 2019 (Lowest in 7 year) The average California FICO score in 2019 was 708, 20th among all states… 67 million homeowners are over the age of 55! Time to market to BABY BOOMERS!
5. Did you Know? There are 14,000,000+ residences in California There were 34,000 homes sold in Orange County in 2019 There were 35,100 homes sold in Orange County in 2018 There were 38,400 homes sold in Orange County in 2017 There were 37,900 homes sold in Orange County in 2016 There were 53,900 homes sold in Orange County in 2003 614 homes sell every hour in the United States! The median US home sales price in 2019 was $274,500 (+7.8% VLY) There were 5,340,000 homes sold in the US in 2019
6. Market Trends Southern California median home price is $550,000 +7.2% VLY OC median home price is $748,000 +6.9% LA median home price is $621,250 +6.2% VLY San Diego median home price is $587,000 +6.8% VLY Ventura median home price is $575,000 +1.8% VLY Riverside median home price is $400,000 +6.2% VLY San Bernardino median home price is $350,000 +4.5% VLY

Orange County Real Estate Agents Are Praying: "Flatten The Curve"

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. 

Thru January 2020:

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 Prices Resale Homes +6.7%, Resale Condos +19.4% and New Home Sales -5.4%
• Median OC home price is $747,000 up versus one year ago (New High)
• $1,000,000 plus homes represent 49.7% of all OC listings

Interest Rates

• 30-year fixed Mortgage rate is 3.29%, way down versus last week
• 15-year fixed rate is 2.79%, down big versus one week ago
• Average Home Payment is $3,451.55 down versus one year ago
• ARM’s represent 12.5% of all mortgages

STATS of THE DAY

• Newport Beach average household income was $122,709 in 2019 (twice the national average)
• California home price appreciation was 4.23% in 2019 (Lowest in 7 year)
• The average California FICO score in 2019 was 708, 20th among all states…
• 67 million homeowners are over the age of 55! 

Did you Know?

• There are 14,000,000+ residences in California
• There were 35,100 homes sold in Orange County in 2018
• There were 38,400 homes sold in Orange County in 2017
• There were 37,900 homes sold in Orange County in 2016
• There were 38,400 homes sold in Orange County in 2017
• There were 53,900 homes sold in Orange County in 2003
• 614 homes sell every hour in the United States!
• The median US home sales price in 2019 was $274,500 (+7.8% VLY)
• There were 5,340,000 homes sold in the US in 2019

Market Trends

• Southern California median home price is $550,000 +7.2% VLY
• OC median home price is $747,000
• LA median home price is $628,250 +7.4% VLY
• Ventura median home price is $580,000 +.9% VLY
• San Diego median home price is $575,000 +4.5% VLY
• Riverside median home price is $401,250 +6.9% VLY
• San Bernardino median home price is $355,000 +7.7% VLY

SoCal home prices rose slightly in October, 2019

Home sales jumped, the latest indication of a warming housing market.

• The six-county region’s median price climbed 1.9% from a year earlier to reach $535,000 last month, according to Core Logic provided by DQNews.
• Sales, increased for the 2nd consecutive month, rising 8.2% from Oct. 2018.
• Recently there have been signs of a pickup. Economists attribute the change to rising incomes and falling mortgage rates that have made housing relatively more affordable. Average hourly earnings in California have risen by about 5% so far this year compared with 2018, according to the Bureau of Labor Statistics.
• And the avg. rate on a 30-year fixed mtg. was 3.66% this week, according to Freddie Mac, down more than a percentage point from a year ago.
• That saves buyers $260 on a monthly payment for a $535,000 house.

Most SoCal counties shared in the sales and price gains:

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.

SoCal Home Sales Soar 10.4% - Largest Jump in 3 years

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. 

Housing Report for September 2019

Home Prices

• Resale Homes +0.6%, Resale Condos -2.5% and New Home Sales -1.3%
• All totaled, OC home values are down -0.7% versus last year Median OC home price is $720,000 up versus one year ago (-$20k from peak)
• $1,000,000 plus homes represent 43.5% of all OC listings

Sales Volume

• Resale Homes +10.8%, Resale Condos +2.5% and New Home Sales -39.8%
• All totaled, OC sales volume is down +1.8% versus last year
• Home sales volume is 3,273 up versus one year ago Inventory is at 6,860 down from one month ago
• OC Average days on market; 87 days. Over $1,250,000 is 200+ days!

Interest Rates

• 30-year fixed Mortgage rate is 3.65%, up versus last week
• 15-year fixed rate is 3.14%, down versus one week ago
• Average Home Payment is $3,335.09 down versus one year ago
• ARM’s represent 12.5% of all mortgages

STAT of THE DAY

• It has been an odd summer with listings only up .05% versus last year but still +6% above the 8-year average for this time of year. New escrows are up 7.6% versus last year but 2.6% below the 8-year norm.

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
• OC median home price is $719,500
• LA median home price is $619,000
• Ventura median home price is $599,000
• San Diego median home price is $584,000
• Riverside median home price is $390,000
• San Bernardino median home price is $346,000

Real Estate Trends

• Price adjustments are up across the US, CA and Orange County
• 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

Real Estate Forecast

1. Core-Logic forecasts US home prices will increase 4.8% in 2019
2. CAR Forecasts California home prices will rise 3.1% in 2019
3. Cal State Fullerton forecasts a 4-5% prices in increase in SoCal in 2019
4. Chapman University forecasts a 2.9% price increase for OC in 2019

Orange County Housing Report for August 2019

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

Orange County Housing Report for the month of July 2019

Facts

• Southern California median home price is $541,250 (sales down 8.8%)
• OC median home price is $738,000 (sales down 9.4%)
• LA median home price is $618,000 (sales down 12.1%)
• San Diego median home price is $590,000 (saleHome Prices
• Resale Homes +2.3%, Resale Condos +2.2% and New Home Sales +14.7%
• All totaled, OC home values are up +1.0% versus last year
• Median OC home price is $738,250 up versus one year ago (-$2k from peak)
• $1,000,000 plus homes represent 42.8% of all OC listings

Sales Volume

• Resale Homes +0.0%, Resale Condos -5.0% and New Home Sales -36.3%
• All totaled, OC sales volume is up -5.7% versus last year
• Home sales volume is 3,447 up versus one year ago
• Inventory is at 7,601 up from one month ago
• OC Average days on market; 91 days

Interest Rates

• 30-year fixed Mortgage rate is 3.60%, huge drop versus last week
• 15-year fixed rate is 3.05%, down versus one week ago
• Average Home Payment is $3,479.32 down versus one year ago
• ARM’s represent 16.0% 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! s down 7.4%)
• Ventura median home price is $580,000 (sales up 1.6%)
• Riverside median home price is $399,000 (sales down 4.0%)
• San Bernardino median home price is $340,000 (sales down 11.4%) Only 28.6% of all OC earners can purchase a home

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

Orange County Housing Report, August 5th, 2019

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

Orange County Housing Report, July 2nd, 2019

Total Active listings: 9,467 we had an increase in inventory from May

• Single Family Homes: 6,169
• Condos and Townhomes: 2,765

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.

Orange County Housing Report, June 1st, 2019

Total Active listings: 8,778

• Single Family Homes: 5,748
• Condos and Townhomes: 2,601

Closed Sales: 2,935

• Single Family Homes: 1,854
• Condos and Townhomes: 1,009

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.