Orange County Real Estate Market Report December 8, 2024: New and Closed Transactions Bounce Back

Welcome to the most recent Orange County Real Estate Market Report by Orange County Real Estate, Inc. Our commitment is to furnish you with essential statistical insights directly sourced from the MLS, enabling you to make well-informed decisions in the dynamic real estate landscape of Orange County, California. Whether you're a prospective buyer, seller, or contemplating a relocation within or beyond the state, we're dedicated to providing you with the vital information you need.

Thank you for your continued support and interest in our housing reports. At Orange County Real Estate, Inc. we carefully analyze all the data to provide you with accurate and unbiased insights. If you have specific data points or historical comparisons you’d like to see, feel free to reach out to me directly at eric@ocrealestateinc.com. We’re here to ensure you have the best information to make informed real estate decisions.

Home Valuation Tools

We’ve added a new home valuation tool to our website that uses data from Quantarium, CoreLogic, and Attom to provide a more accurate estimate than any other tool we’ve seen. You can check your home’s value at this link. While in-person inspections are still essential for precise valuations, especially for homes with customizations or upgrades, this automated tool is a significant step forward.

Working with a private mortgage investor gave me invaluable experience in appraising real estate and assessing properties for both risk and resale value. Since the investor used his own capital, he was meticulous about accuracy. I apply these skills every day, helping buyers and sellers feel confident in their real estate decisions.

Market Trends

Last week, we examined the 10-year inventory trends and highlighted how Orange County's population growth during the pandemic intensified buyer competition. This week, we’ll dive deeper into the 2025 outlook and the factors shaping the market’s future.

Driving Forces in 2025: What’s Behind Inventory Growth?

In 2025, Orange County’s housing inventory is expected to grow, influenced by several key factors. Traditional drivers such as major life events—including death, divorce, and job changes—will continue to prompt homeowners to list their properties. An aging population, particularly among Baby Boomers, is likely to lead to an increase in downsizing, contributing to the market’s available inventory. Additionally, as interest rates are projected to decline below 6%, more homeowners may feel encouraged to sell their Orange County property and move to a more affordable region.

Economic conditions will also play a pivotal role. Orange County’s job market is expected to remain strong, with employment projected to grow by 1.2% in 2025. This job growth may result in job relocations and career shifts, both of which can stimulate housing activity. Plus, ongoing residential construction projects in the county are set to bring more new homes to the market.

Orange County Housing Inventory

Currently, 3,077 properties are active in Orange County, slightly down from 3,119 last week. National trends show a similar slowdown, with 695,210 single-family homes listed nationwide compared to 707,410 last week.

This tight inventory contributes to competitive conditions, especially for well-priced homes, which often receive strong interest shortly after hitting the market.

Typically, home sellers prefer to wait until after the holidays to list their property, and this makes sense because most people aren’t eager to have strangers touring their homes during the holidays. However, there are still active buyers in the market, which could give sellers a slight advantage if they choose to list before the holidays. Both approaches have their merits, but ultimately, the decision comes down to choosing the timing that works best for you and your family’s needs.

Inventory Data	Today	Last Week
United States Single Family Homes	695,210	707,410
Orange County - All Properties	3,077	3,119
OC Under Contract & Pending	1,679	1,786
OC New Listings Last 7 Days	408	238
OC Sold Last 7 Days	422	273

Orange County Days on Market Statistics

The average days on market in Orange County has been increasing since October, reflecting the typical seasonal slowdown as the holidays approach. Currently, the median DOM stands at 51 days, up from 49 days last week.

These gradual changes are consistent with the typical holiday season trend when buyer activity slows, but they are expected to reverse as spring approaches and demand increases. Sellers should remain patient during this slower period, as well-priced and well-presented homes continue to attract serious buyers.

OC Days On Market	Today	Last Week
Average Days On Market	69	68
Median Days On Market	51	49
Under $1,000,000	40	39
$1,000,000 - $2,000,000	46	47
Over $2,000,000	68	67

Orange County Key Housing Statistics

This week’s housing statistics in Orange County highlight steady trends. The median list price for single-family homes increased slightly to $1,858,000, compared to $1,850,000 last week. The median closed price for SFRs experienced a notable jump, reaching $1,475,000, up from $1,395,000 last week. Similarly, condos and townhomes saw their median closed price rise to $780,000, compared to $751,735 previously.

Homes continue to sell slightly below list price, making negotiations a critical part of buying and selling real estate. In California, negotiations often continue even after a purchase contract has been accepted. One of the most common ways this happens is through buyer requests for repair credits. After completing inspections, buyers may identify issues such as plumbing, electrical, or structural problems and use these findings to negotiate adjustments to the deal. This could include repair credits, price reductions, or requests for the seller to complete specific repairs before closing.

But repair credits aren’t the only point of negotiation. Buyers might ask for an extended escrow period to secure financing, request that the seller cover additional closing costs, or negotiate concessions for issues like unpermitted work or zoning conflicts. Appraisal values can also come into play. If a property appraises for less than the agreed price, buyers often push for a price reduction or credits to bridge the gap.

Sellers should also be aware that buyers’ financial situations, market conditions, or contingencies tied to selling their current home can lead to last-minute negotiations. In a competitive market, sellers may have the upper hand and can push back on these requests. However, in slower markets, flexibility on certain terms can help ensure the deal moves forward.

Working with a skilled real estate agent is essential to navigating these post-contract negotiations. I will help you determine what’s reasonable, how to respond to requests, and how to keep the transaction on track while protecting your best interests.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,858,000	$1,850,000
OC Median List Price Condo/Townhomes	$829,500	$828,500
Median Closed Price SFR Last 7 Days	$1,475,000	$1,395,000
Median Close Price Condo/Townhomes Last 7 Days	$780,000	$751,735
Sold Price VS List Price	1.5% Under - $22,248	1.8% Under - $26,948

At Orange County Real Estate, Inc., we take great pride in our expertise and thoroughness, ensuring that none of these market dynamics are overlooked. Our commitment is to the success of our clients in navigating the Orange County real estate market. For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500

Orange County Real Estate Market Report December 2, 2024: These Stats Aren't Real...Turkey

Home Valuation Tools

Market Trends

Thanksgiving ushered in the start of the holiday season, which typically signals a slowdown in real estate activity. Last week saw fewer new listings and closed sales as families prioritized travel and gatherings. This annual trend temporarily impacts market numbers, but activity is expected to rebound slightly this week as we move further into December.

In Orange County, historical data reveals inventory levels peaking at approximately 10,000 homes during the housing crisis in 2008 and 2010, before stabilizing around 6,000 homes from 2014 to 2019. During the pandemic, inventory levels reached unprecedented lows, with just 1,681 properties for sale in December 2021. For much of the pandemic period, inventory remained well below 3,000 properties, creating one of the most competitive markets in recent history.

In 2024, as the market continues to recover from pandemic-induced disruptions, inventory has shown slight increases, reflecting a gradual return to more balanced conditions. Although inventory remains below historical averages, the current levels are an improvement compared to the pandemic lows, offering buyers more options while still maintaining favorable conditions for sellers.

During the pandemic, one significant factor contributing to the inventory shortage was Orange County's population growth. While much of the media focused on California's overall population decline, Orange County experienced a 4.5% increase in population between 2020 and 2022. This growth was fueled by a notable migration from neighboring Los Angeles, as many residents sought more spacious homes, safer neighborhoods, and a less crowded environment. These preferences played a crucial role in driving local demand, further tightening inventory during that period.

Another major factor was the record-low interest rates during the pandemic, which significantly improved affordability for buyers. These historically low rates made homeownership more accessible to many, increasing demand and putting further pressure on the already limited housing supply. This combination of population growth and improved affordability created a highly competitive market, contributing to the inventory shortage during that time.

On a national level, intriguing patterns have emerged. Inventory in the southern U.S., particularly in Sunbelt states, remains high compared to pre-pandemic levels. Historically, these areas have attracted migration from the north due to their warmer climates and affordability. However, the past two years have seen a decline in this trend, possibly due to rising mortgage rates, increased insurance costs, and more frequent extreme weather events.

Meanwhile, northern markets, including Chicago, New York, and Washington, D.C., are experiencing a different dynamic. Inventory in these regions remains low as more homeowners choose to stay put rather than relocate. This contrast highlights the shifting pressures on housing markets nationwide.

Orange County Housing Inventory

Inventory continues to decline as we approach the end of the year. Here’s a snapshot of this week’s numbers compared to last week:

Inventory Data	Today	Last Week
United States Single Family Homes	707,410	719,021
Orange County - All Properties	3,119	3,324
OC Under Contract & Pending	1,786	1,789
OC New Listings Last 7 Days	238	393
OC Sold Last 7 Days	273	432

Orange County Days on Market Statistics

The average days on market have increased slightly this week, a trend that may alarm some sellers. However, it’s important to note that this is a typical seasonal pattern, with fewer transactions during the holidays. Historically, the spring market brings renewed buyer interest and increased activity.

OC Days On Market	Today	Last Week
Average Days On Market	68	65
Median Days On Market	49	46
Under $1,000,000	39	36
$1,000,000 - $2,000,000	47	44
Over $2,000,000	67	63

Orange County Key Housing Statistics

The following are key statistics for Orange County this week:

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,850,000	$1,850,000
OC Median List Price Condo/Townhomes	$828,500	$834,000
Median Closed Price SFR Last 7 Days	$1,395,000	$1,375,000
Median Close Price Condo/Townhomes Last 7 Days	$751,735	$763,000
Sold Price VS List Price	1.8% Under - $26,948	1.2% Under - $17,037

What Does This Mean for Buyers and Sellers?

For sellers, we suggest that sellers remain patient during this slower period. With national home prices showing a steady year-over-year increase, the spring season is expected to bring heightened buyer demand and faster sales.

On a national scale, home prices are up by 5% compared to this time last year, reflecting strong underlying demand even in the face of higher mortgage rates. We predict that buyer activity will pick up significantly in the spring, as market conditions improve and seasonal trends shift. According to Zillow, home values are expected to rise by 2.6% in 2025, with sales volume increasing. Additionally, the National Association of Realtors anticipates a 9% growth in home sales in 2025, followed by a 13% rise in 2026.

For buyers, patience and preparation are key. The higher mortgage rates may mean more careful decisions, but demand is strong, and when well-priced homes hit the market, they’re still moving. We recommend working closely with your real estate agent from Orange County Real Estate, Inc. to ensure you’re ready to act when the right property becomes available.

How Recent Changes In Real Estate May Affect You?

Wondering how recent shifts in real estate sales could impact your decisions? Be sure to check out our latest blog post: What Has Changed in Buying and Selling Real Estate After the NAR Settlement. It outlines key changes and what you should be aware of moving forward.

Orange County Real Estate Market Report November 25, 2024: Inventory Numbers Soften

Home Valuation Tools

Is Now a Good Time to Buy a House?

The decision to buy a house ultimately comes down to your personal financial readiness, lifestyle needs, and market conditions. For those considering a purchase in Orange County, now could be a smart time to act. Let’s dive into the data to better understand why.

The median closed price for single-family homes in Orange County currently sits at $1,375,000, a modest increase from last week’s $1,345,000. This price reflects the high demand and limited inventory typical of the region, but there are still opportunities for buyers seeking more affordable options. Cities like La Habra and Santa Ana consistently rank as some of the most affordable in the county for single-family homes.

For example, Anaheim leads the market with the largest number of single-family homes priced under $1,000,000, boasting 52 active listings. Santa Ana follows closely with a strong showing in the same price range, offering buyers a chance to find more budget-friendly options while staying in one of Orange County’s vibrant communities.

In the current market, the median days on market for single-family homes under $1,000,000 is just 36 days, showing that these homes continue to move quickly despite higher mortgage rates. This is especially true in areas like Anaheim and Santa Ana, where demand for affordable housing is particularly strong. With homes in these cities often priced well below the county median, buyers have a unique opportunity to enter the market without competing for the higher-priced properties more common in luxury neighborhoods.

Why Now Might Be the Right Time

Mortgage rates remain elevated at approximately 6.9%, but they’ve come down from last year’s highs, and further reductions in rates could result in increased buyer competition. Acting now could save you from future bidding wars as more buyers re-enter the market, especially in affordable areas. Lower rates combined with a steady decrease in inventory also create a scenario where prices for desirable homes could continue to climb.

Orange County Housing Inventory

The current inventory of 3,324 properties reflects a slight decrease from last week's 3,497. This trend aligns with the national market, where single-family home listings also saw a minor decline, from 722,411 to 719,021. Despite these fluctuations, the market remains active, with a consistent number of properties under contract.

Inventory Data	Today	Last Week
United States Single Family Homes	719,021	722,411
Orange County - All Properties	3,324	3,497
OC Under Contract & Pending	1,789	1,803
OC New Listings Last 7 Days	393	434
OC Sold Last 7 Days	432	404

Orange County Days on Market Statistics

The average days on market for Orange County properties increased to 65 from 63 last week. The median DOM also rose slightly to 46 from 45.

OC Days On Market	Today	Last Week
Average Days On Market	65	63
Median Days On Market	46	45
Under $1,000,000	36	34
$1,000,000 - $2,000,000	44	40
Over $2,000,000	63	62

Orange County Key Housing Statistics

Each week, we track key statistics to monitor trends shaping the future of Orange County real estate. This week, the median list price for single-family residences edged up slightly to $1,850,000, while the median list price for condos and townhomes dipped to $834,000.

The median closed price for single-family homes rose to $1,375,000, reflecting ongoing demand, while the median closed price for condos and townhomes dropped to $763,000, offering opportunities for buyers in the attached-home market.

Homes sold for 1.2% below their list price, an improvement from last week’s 1.6% below, highlighting a slight increase in buyer competition.

By presenting these weekly updates alongside past data, we give you the tools to search and compare trends, providing a clearer picture of where the market is headed and helping you make informed real estate decisions.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,850,000	$1,849,000
OC Median List Price Condo/Townhomes	$834,000	$835,000
Median Closed Price SFR Last 7 Days	$1,375,000	$1,345,000
Median Close Price Condo/Townhomes Last 7 Days	$763,000	$831,000
Sold Price VS List Price	1.2% Under - $17,037	1.6% Under - $22,990

What Does This Mean for Buyers and Sellers?

For sellers, this is still a great time to list your property, particularly if it’s in good condition and priced correctly. Low inventory means less competition, and as we’ve seen, buyers are still active despite the higher interest rates. However, be prepared for homes to stay on the market a bit longer than in past months.

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report November 18, 2024:

Home Valuation Tools

Market Trends

As 2024 comes to a close, the Orange County housing market shows signs of steady improvement. Even with the recent effects of the election and the usual seasonal slowdown, the market is doing better than it was at this time last year.

While inventory has decreased, demand remains strong thanks to stable economic conditions and confident buyers. Home prices are up about 5% compared to last year, both nationally and in Orange County, showing the market’s strength. Around 31% of homes for sale in the area have had price reductions, which helps balance the market and create opportunities for buyers.

Our Prediction:

We expect demand to grow in the spring, making it an exciting time for both buyers and sellers. Buyers should start preparing now to take advantage of opportunities before the busy spring market. Sellers will likely have a great chance to benefit from a strong seller’s market in the months ahead. Use the link above to use our home valuation tool.

Orange County Housing Inventory

This week, Orange County's total property inventory stands at 3,497, a slight decrease from last week's 3,566. However, this figure remains approximately 30% higher than the same period last year, providing buyers with more options and contributing to a balanced market. New listings over the past seven days have also decreased to 434 from 465, yet they have consistently surpassed last year's numbers in recent months.

Inventory Data	Today	Last Week
United States Single Family Homes	722,411	724,171
Orange County - All Properties	3,497	3,566
OC Under Contract & Pending	1,803	1,850
OC New Listings Last 7 Days	434	465
OC Sold Last 7 Days	404	505

Orange County Days on Market Statistics

The average days on market for properties in Orange County has increased to 63 from last week's 62, with the median DOM rising to 45 from 41. Homes priced under $1,000,000 are averaging 34 days on the market, up from 32, while those in the $1,000,000 to $2,000,000 range have increased to 40 days from 35. Properties over $2,000,000 are now averaging 62 days, up from 60. These trends suggest a slight cooling in market velocity, typical for this time of year.

OC Days On Market	Today	Last Week
Average Days On Market	63	62
Median Days On Market	45	41
Under $1,000,000	34	32
$1,000,000 - $2,000,000	40	35
Over $2,000,000	62	60

Orange County Key Housing Statistics

Key statistics this week highlight ongoing market activity in Orange County. Homes are currently selling at an average of 1.6% below the list price, translating to a discount of $22,990. This is a slight increase from last week’s 1.4% below list price or $20,733. The gap between list and sold prices signals that buyers are actively engaging in the market and sellers are pricing their homes closer to market value. This dynamic reflects a balanced market where both buyers and sellers are adapting to current conditions, maintaining steady activity despite seasonal slowdowns.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,849,000	$1,850,000
OC Median List Price Condo/Townhomes	$835,000	$857,000
Median Closed Price SFR Last 7 Days	$1,345,000	$1,370,000
Median Close Price Condo/Townhomes Last 7 Days	$831,000	$738,000
Sold Price VS List Price	1.6% Under - $22,990	1.4% Under - $20,733

What Does This Mean for Buyers and Sellers?

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report November 11, 2024: Election Week and Foreclosure Data

Home Valuation Tools

Market Trends

With last week’s presidential election, Orange County’s real estate market saw a pause in activity as buyers and sellers adjusted to current economic dynamics. For this week's report, we're shifting focus to the latest foreclosure trends in Orange County and what they mean for prospective buyers and investors.

Foreclosure Data Overview

According to public records, over the past six months, 698 properties in Orange County are in or have been in some stage of foreclosure, including pre-foreclosure, active foreclosure, or bank-owned status. These properties encompass various types, from residential co-ops in senior communities to commercial and land properties.

Understanding Foreclosure Stages

Here's a quick breakdown of the foreclosure stages and what they mean for buyers:

Pre-Foreclosure: At this stage, the homeowner has missed payments, and a Notice of Default is issued. Many properties in pre-foreclosure are brought current by the owner or sold at market price. Buyers interested in pre-foreclosure properties can often purchase them at fair market value, providing homeowners with a chance to avoid full foreclosure.
Foreclosure: When the homeowner cannot bring the loan current, the lender initiates foreclosure, leading to a public auction. These auction properties can be available at lower prices, though they come with "as-is" conditions. Due diligence is essential, as buyers typically cannot inspect these properties in advance.
Bank-Owned (REO): If a property doesn’t sell at auction, it becomes bank-owned. Banks often clear outstanding liens and list these properties for sale, sometimes below market value to expedite the sale. Buying REO properties is generally safer than auction purchases, though they may still require repairs.

Available Foreclosure Listings

For those interested in purchasing a foreclosure, click here to view foreclosure properties currently listed for sale on our website.

If you're interested in specific cities within Orange County, I can provide a customized list of foreclosure properties tailored to your needs. Feel free to reach out to me directly at eric@ocrealestateinc.com for a personalized list or any questions you may have.

Market Insight

As the market adjusts to economic shifts and political transitions, foreclosure trends offer unique opportunities for buyers looking for value in an evolving landscape. Whether you're considering a pre-foreclosure purchase, a bank-owned property, or simply exploring options, understanding the current foreclosure market can open new possibilities.

Impact of the Election on Real Estate Prices

With Donald Trump’s election, the economic environment has shifted toward optimism in the markets, and many analysts expect continued growth in housing prices. Goldman Sachs projects a 4.5% increase in U.S. home prices in 2024, with a similar 4.4% increase in 2025, attributed to the possibility of interest rate cuts by the Federal Reserve in response to anticipated economic stability and growth. This positive outlook could be especially influential in markets like Orange County, where demand remains high.

New Home Developments In Orange County Planned for 2025

To address Orange County’s housing demands, several developments are in the works:

Orange Heights Master Plan: Located near Irvine Regional Park, this plan includes 1,180 single-family homes on 396 acres, with a new trail network connecting to Peters Canyon Regional Park.
Platinum Triangle in Anaheim: A large-scale development with 18,363 homes planned alongside commercial and office spaces.
Tustin Legacy: This 1,600-acre community, developed on former Marine Corps land, will add 4,600 residential units and extensive retail and park areas.
OC Housing Finance Trust: Aiming to create 2,700 supportive housing units by mid-2025 to address affordable housing needs across the county.

Market Outlook for 2025

While optimism in the stock market and new housing policies from the Trump administration could support property price gains, the local market dynamics, including inventory and demand levels, will also significantly impact Orange County’s market. Given the combination of new construction projects and the foreclosure pipeline, Orange County’s housing landscape may present unique opportunities for buyers in the coming year.

Orange County Real Estate Market Report November 4, 2024: Better Than Last Year

Home Valuation Tools

Market Trends

Contrary to some media reports suggesting a sluggish housing market, current data indicates that Orange County's real estate landscape has improved compared to the same period last year. Key indicators such as home values, inventory levels, and sales activity have all shown positive trends.

Nationally, home prices have increased by approximately 5% over the past year. In Orange County, the median home price has demonstrated similar resilience.

The number of homes available for sale in Orange County has risen, providing buyers with more options and contributing to a balanced market. This increase in inventory is a positive development, as it helps to meet the needs of prospective homeowners and supports ongoing market activity.

Homeownership Trends

As homeownership becomes increasingly challenging, we’re seeing notable shifts in the demographics of U.S. homebuyers and renters. The average age of homebuyers has jumped to 56—up from 49 just last year—highlighting the barriers young buyers face. With home prices and mortgage rates at record highs, younger Americans, particularly millennials and Gen Z, find it difficult to afford down payments and often lose out to wealthier, cash-ready buyers. This guide is an essential resource for young buyers looking to make informed decisions when purchasing real estate.

Consequently, renting has become the more practical option for many in this group. Supporting this trend, a recent Redfin report reveals that renter households have been growing three times faster than homeowner households, reaching a record 45.6 million.

The current housing market dynamics have attracted both large corporations and individual investors to multifamily properties. Major investment firms like KKR have invested significantly in apartment complexes, anticipating higher rental demand as homeownership becomes less attainable for younger generations. And builders have responded by ramping up multifamily construction to meet this demand.

This trend isn't limited to large entities; individual investors are also increasingly viewing multifamily properties as viable investments, aiming to capitalize on the growing rental market. This collective interest underscores a broader recognition of the multifamily sector's potential in the evolving real estate landscape.

In Orange County, demand for rental homes remains consistently strong—even for luxury properties renting at $10,000 or more per month. Investors regularly visit our website to explore the full range of multifamily properties available in Orange County. You can view the multifamily listings at this link.

Orange County Housing Inventory

This week’s inventory in Orange County shows a slight dip, with 3,566 properties available compared to 3,677 last week, mirroring a stable but slightly declining supply trend. In Orange County, 465 new listings came on the market in the past seven days, down from 475 the previous week. However, sales activity picked up, with 505 properties sold this week compared to 427 last week. The number of homes under contract or pending sale also declined to 1,850 from 1,927, suggesting buyers are being more selective as we enter the final months of the year.

Historically, housing inventory tends to decrease during the holiday months as sellers often delay listing their properties until after the new year. This seasonal pattern is anticipated to continue, leading to a temporary reduction in available homes on the market.

Inventory Data	Today	Last Week
United States Single Family Homes	736,411	724,171
Orange County - All Properties	3,566	3,677
OC Under Contract & Pending	1,850	1,927
OC New Listings Last 7 Days	465	475
OC Sold Last 7 Days	505	427

Orange County Days on Market Statistics

Homes in Orange County are taking slightly longer to sell, with the average days on market increasing to 62 from last week’s 59, and the median days on market edging up to 41 from 39. Homes priced under $1,000,000 remained steady at 32 days, while those in the $1,000,000 to $2,000,000 range increased to 35 days from 32.

With fewer new listings and consistent buyer interest, properties are likely to spend less time on the market. The average days on market may decrease, indicating a brisk pace of sales during the holidays.

OC Days On Market	Today	Last Week
Average Days On Market	62	59
Median Days On Market	41	39
Under $1,000,000	32	32
$1,000,000 - $2,000,000	35	32
Over $2,000,000	60	58

Orange County Key Housing Statistics

The median list price for single-family homes in Orange County held steady at $1,850,000. Condo and townhome list prices dipped slightly, maintaining last week’s trend, now standing at $857,000 from $874,700 previously. The sold price versus list price ratio this week shows homes selling at an average of 1.4% below the list price, equating to a discount of $20,733.

Despite the seasonal dip in inventory, demand remains strong, supported by favorable economic conditions and sustained buyer confidence. This dynamic is expected to maintain upward pressure on home prices, contributing to a competitive market environment through the holidays.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,850,000	$1,845,000
OC Median List Price Condo/Townhomes	$857,000	$874,700
Median Closed Price SFR Last 7 Days	$1,370,000	$1,350,000
Median Close Price Condo/Townhomes Last 7 Days	$738,000	$840,000
Sold Price VS List Price	1.4% Under - $20,733	1,86% Under - $28,758

What Does This Mean for Buyers and Sellers?

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report October 28, 2024: Inventory Tightens as Buyers Remain Active

Home Valuation Tools

Market Trends

Recent data shows that even though mortgage rates have jumped to near 7%, buyer demand remains strong across the country, and Orange County is no exception. Higher mortgage rates have been a hurdle for many buyers, but it hasn’t stopped activity from picking up. Pending home sales in the U.S. increased by 3.5% in the four weeks ending October 20, representing the most significant rise in three years. Locally, the Orange County market remains competitive despite rising costs.

Many buyers are expecting rates to drop in 2025, but for now, they remain cautious. The upcoming election is also causing hesitation in the market, with some holding off until after the political dust settles. Despite this uncertainty, we see that well-priced homes, especially those in sought-after locations, are still getting plenty of attention.

Orange County Housing Inventory

Inventory levels continue to tighten. This week, the total number of available homes in Orange County dropped to 3,677, down from 3,758 last week. This reduction aligns with national trends, as fewer new listings came on the market (just 475 new listings this week, down from 554 the previous week). On the selling side, 427 properties closed over the last seven days, a small decline from the 445 sales the previous week.

While fewer homes are available, buyer interest has not waned, creating a competitive market. We expect this inventory crunch to continue into the winter months, but it could ease slightly by spring, when more sellers traditionally enter the market.

Inventory Data	Today	Last Week
United States Single Family Homes	724,171	738,950
Orange County - All Properties	3,677	3,758
OC Under Contract & Pending	1,927	1,944
OC New Listings Last 7 Days	475	554
OC Sold Last 7 Days	427	445

Orange County Days on Market Statistics

Homes are sitting on the market slightly longer than they were earlier in the year. The average days on market (DOM) for all properties in Orange County has increased to 59 days, up from 56 days last week. The median DOM also rose to 39 days from 35, indicating that properties are taking a bit more time to sell.

This trend is particularly noticeable in higher price ranges. Homes over $2 million are now taking 58 days to sell, compared to 56 days last week. However, homes under $1 million continue to move faster, although even here the DOM has increased to 32 days from 27 days.

OC Days On Market	Today	Last Week
Average Days On Market	59	56
Median Days On Market	39	35
Under $1,000,000	32	27
$1,000,000 - $2,000,000	32	31
Over $2,000,000	58	56

Orange County Key Housing Statistics

Despite the longer market times, prices remain strong, showing that buyers are still willing to pay a premium, especially for desirable properties.

When comparing the Orange County market to the national scene, we see significant differences in median home prices. In Orange County, the median list price for single-family residences this week is $1,845,000, significantly higher than the national median for existing single-family homes, which is around $409,000 as of September 2024. The national market has seen some recent price declines, as the median dropped from $419,800 last month.

Nationally, prices have increased by about 2.92% year-over-year, showing steady, though slower growth compared to Orange County's more rapid price changes. This reflects the continued desirability and higher cost of homes in markets like Orange County, which remains a highly sought-after area compared to many parts of the U.S.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,845,000	$1,799,000
OC Median List Price Condo/Townhomes	$874,700	$849,950
Median Closed Price SFR Last 7 Days	$1,350,000	$1,286,500
Median Close Price Condo/Townhomes Last 7 Days	$840,000	$800,000
Sold Price VS List Price	1.86% Under - $28,758	2.6% Under - $77,956

What Does This Mean for Buyers and Sellers?

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report October 21, 2024: Buyers Waiting For Rates To Fall

Home Valuation Tools

Market Trends

From a mortgage perspective, 40% of buyers are not yet connected to lenders. Buyers are sensitive to rate changes, jumping into the market when favorable conditions arise, like when the Fed signals rate cuts. There was an increase in mortgage applications and closings associated with the recent rate cuts, however, once rates ticked back up this month, that momentum slowed.

Many potential buyers are waiting for mortgage rates to drop to 5.5%, which could lead to a significant increase in market activity once rates fall. Additionally, nearly 80% of these buyers feel "somewhat" or "very" prepared to act once rates are more favorable, implying a future surge in loan activity in 2025.

Orange County Housing Inventory

Orange County’s inventory saw a slight decline this week, following several weeks of growth. This decrease aligns with national trends and could be attributed to the usual seasonal slowdown, rising interest rates, and uncertainty surrounding the upcoming election. We will keep an eye on this trend. Our prediction is that inventory will level off through the winter, but spring will likely bring increased buyer competition and new listings, ultimately leading to a reduction in total inventory.

Inventory Breakdown by Price (updated 10/24/24):

Under $1,000,000: 1,172 properties (including senior communities)
$1,000,000 to $2,000,000: 1,394 properties
Over $2,000,000: 1,190 properties
Over $5,000,000: 369 properties

These price ranges represent normal percentages of the total inventory. Despite initial concerns that we might see a surge of sellers in certain price brackets, the distribution of listings remains steady across all price points.

Inventory Data	Today	Last Week
United States Single Family Homes	738,950	732,615
Orange County - All Properties	3,758	3,790
OC Under Contract & Pending	1,944	1,973
OC New Listings Last 7 Days	554	618
OC Sold Last 7 Days	445	537

Orange County Days on Market Statistics

Homes in Orange County are staying on the market longer than they did a year ago, reflecting the market’s more deliberate pace. The average DOM for all properties remains at 56 days, consistent with last week’s numbers.

Luxury homes continue to move at a slower pace, which is completely normal. This property is still listed as active on the MLS for nearly three years: 18 Swimmers Point, Newport Coast

OC Days On Market	Today	Last Week
Average Days On Market	56	56
Median Days On Market	35	35
Under $1,000,000	27	28
$1,000,000 - $2,000,000	31	32
Over $2,000,000	56	56

Orange County Key Housing Statistics

The median list price for single-family homes in Orange County this week is $1,799,000, down slightly from $1,850,000 last week. The median list price for condos and townhomes has remained consistent.

Sale prices are showing some signs of adjustment as well. The median closed price for single-family homes last week was $1,286,500, down from $1,300,000 the previous week. Condos and townhomes fared slightly better, with a median close price of $800,000, up from $780,000.

Another key stat to watch is the sale-to-list price ratio. This week, homes sold for 2.6% below the list price on average, a bigger discount than last week’s 1.5% under list. This could indicate that sellers are becoming more flexible on pricing as properties take longer to sell.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,799,000	$1,850,000
OC Median List Price Condo/Townhomes	$849,950	$850,000
Median Closed Price SFR Last 7 Days	$1,286,500	$1,300,000
Median Close Price Condo/Townhomes Last 7 Days	$800,000	$780,000
Sold Price VS List Price	2.6% Under - $77,956	1.5% Under - $22,317

What Does This Mean for Buyers and Sellers?

For sellers, this remains a good time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.

For buyers, the competitive landscape means staying patient and working closely with your agent to act fast when a property that fits your criteria becomes available. Despite challenges, now may still be a good time to buy before interest rates rise further or as more homes come onto the market

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report October 14, 2024: Price Reductions And Days On Market Suggest A Strong Orange County

Market Trends

This week, Orange County saw a slight increase in housing inventory, up to 3,790 listings from 3,747 the previous week. Nationally, however, inventory dropped, partially due to the devastating effects of two hurricanes that hit the southeast. Florida saw many listings withdrawn as residents begin to rebuild. Approximately 1.2 million homes were affected, causing significant disruptions.

Compared to October 2023, Orange County inventory is up 34%. On October 16, 2023, total housing inventory stood at 2,502, whereas today it’s 3,790. Days on market were relatively similar, but the median list price for single-family homes in 2023 was slightly higher at $1,875,000, compared to today’s $1,850,000. Closed prices have also seen minor fluctuations, with last year’s closed price of $1,256,000 compared to today’s $1,300,000.

The data shows a stabilizing trend for the Orange County housing market. Inventory has grown by 34% from last year, signaling more opportunities for buyers. However, despite the increased supply, days on market have remained steady, indicating that demand is still strong. Home prices have not seen significant changes, reflecting a balanced market rather than a sharp correction. These trends suggest a healthy, steady market as we move into the latter part of 2024, with no drastic changes in pricing or market activity expected in the short term.

Orange County Housing Inventory

While new listings and sales have picked up, available inventory remains low, keeping pressure on buyers and sellers alike. The market is showing resilience despite national challenges.

Inventory Data	Today	Last Week
United States Single Family Homes	732,615	734,490
Orange County - All Properties	3,790	3,747
OC Under Contract & Pending	1,973	1,942
OC New Listings Last 7 Days	618	603
OC Sold Last 7 Days	537	467

Orange County Days on Market Statistics

Homes priced under $1,000,000 continue to move fast, while high-end properties are staying on the market a bit longer. The median time to sell has decreased overall, reflecting steady demand.

OC Days On Market	Today	Last Week
Average Days On Market	56	56
Median Days On Market	35	37
Under $1,000,000	28	30
$1,000,000 - $2,000,000	32	32
Over $2,000,000	56	55

Orange County Key Housing Statistics

Currently, about 28% of homes listed for sale in Orange County have seen price reductions. On a national level, the percentage of properties with price reductions is notably higher at 41%. Orange County’s relatively low days on market encourages sellers to hold firm on pricing if they are close to the market value. However, some sellers list their properties at inflated prices to test buyer interest.

In the luxury market, particularly for homes priced over $5,000,000, 90% of sales are closing below the list price. This shows that while certain properties are selling quickly, especially in lower price ranges, many sellers are open to negotiations and are making concessions to attract buyers.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,850,000	$1,846,944
OC Median List Price Condo/Townhomes	$850,000	$859,900
Median Closed Price SFR Last 7 Days	$1,300,000	$1,330,000
Median Close Price Condo/Townhomes Last 7 Days	$780,000	$772,500
Sold Price VS List Price	1.5% Under - $22,317	1.7% Under - $25,526

What Does This Mean for Buyers and Sellers?

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report October 7, 2024: Seasonal Trends? Maybe Next Week.

Market Trends

As we step into the fall market, there’s still a significant amount of activity in Orange County real estate. While inventory has dipped for the second week in a row after a strong 17-week increase, we continue to see positive signs across closings and new listings. Buyers and sellers alike are making moves, showing confidence in the market, despite mixed signals from the broader economy.

On a national level, housing inventory has increased slightly, now at 734,280 single-family homes, compared to 731,490 the previous week. This, along with national home prices inching upward, is unusual for the fall market, which typically sees a slowdown in both inventory and price growth. These trends reflect how different the housing market has become in a post-pandemic, high-interest-rate world. The lingering effects of low inventory combined with strong demand have created a market where traditional seasonal patterns don’t always hold true.

Orange County Housing Inventory

For the Orange County housing market, inventory has seen a slight decline, dropping to 3,747 properties this week from 3,770 last week. However, new listings remain robust, with 603 properties coming to market compared to 585 the previous week. Closings have surged, with 467 homes sold in the last seven days, a healthy increase from last week’s 375.

Inventory Data	Today	Last Week
United States Single Family Homes	734,490	731,490
Orange County - All Properties	3,747	3,770
OC Under Contract & Pending	1,942	1,959
OC New Listings Last 7 Days	603	585
OC Sold Last 7 Days	467	375

Orange County Days on Market Statistics

Days on market has held steady overall. The average DOM remains at 56 days, with the median DOM at 37 days. Properties priced under $1,000,000 are still selling faster, with a median of 30 days on the market. Homes priced between $1,000,000 and $2,000,000 are seeing around 32 days on the market, while luxury homes over $2,000,000 continue to stay listed for about 55 days.

OC Days On Market	Today	Last Week
Average Days On Market	56	56
Median Days On Market	37	38
Under $1,000,000	30	26
$1,000,000 - $2,000,000	32	33
Over $2,000,000	55	55

Orange County Key Housing Statistics

This week, the median list price for single-family homes in Orange County rose slightly to $1,846,944, up from $1,829,000 last week. In contrast, condos and townhomes saw a small decrease in their median list price, dropping to $859,900 from $875,000.

On the sales side, the median closed price for single-family homes fell to $1,330,000, down from $1,350,000. For comparison, in October of 2023, the median closed price for single-family homes was $1,237,500, indicating a steady year-over-year increase in home values. Meanwhile, condos and townhomes experienced a more noticeable drop in their median closed price, from $839,990 to $772,500. Homes continue to sell below their asking price, with the average sale coming in at 1.7% under list price, compared to last week’s 0.1% under.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,846,944	$1,829,000
OC Median List Price Condo/Townhomes	$859,900	$875,000
Median Closed Price SFR Last 7 Days	$1,330,000	$1,350,000
Median Close Price Condo/Townhomes Last 7 Days	$772,500	$839,990
Sold Price VS List Price	1.7% Under - $25,526	1% Under - $16,677

Mortgage Rates

The current mortgage rate landscape has been frustrating for many, especially for those who believed rates would drop after the Federal Reserve cut rates. Contrary to expectations, mortgage rates have stayed elevated. In fact, they’ve risen back to levels last seen in early August, making it a challenging time for buyers who are trying to navigate these higher costs.

Recent economic data, including a strong jobs report, has contributed to this rise. While there’s still hope rates could dip in the next 12 months (as noted by the Fannie Mae sentiment survey), it’s unlikely that we’ll see significant relief in the short term without more downbeat economic data. For now, it’s important for buyers to budget carefully and keep a close eye on rate trends as the economic situation continues to evolve.

What Does This Mean for Buyers and Sellers?

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report September 30, 2024: Inventory Decline Is Sign Of Fall

Why Trust Orange County Real Estate, Inc.?

At Orange County Real Estate, Inc., we pride ourselves on our deep understanding of the local market, our unparalleled commitment to our clients, and our ability to navigate the complexities of real estate transactions with ease. Before you decide on choosing a realtor, it's crucial to be armed with the right questions. We invite you to read our comprehensive guide: "11 Critical Questions to Ask Before Hiring a Real Estate Agent." This guide will equip you with the knowledge to select an agent who not only meets but exceeds your expectations. Call or Text us at 949-430-7500

Market Trends

This week, national inventory increased, potentially influenced by Hurricane Helene, which caused significant weather disruptions across multiple states. Major weather events like hurricanes often prompt homeowners to list properties either to avoid costly repairs or because homes become damaged during such events. While Orange County was not directly impacted, environmental factors have historically shaped real estate activity in the region.

For instance, wildfires, like the Laguna Beach Fire of 1993, led to increased listings and sales in the months following the disaster as homeowners rebuilt or moved. Similarly, flooding during El Niño years slowed down transactions in flood-prone areas. Earthquakes also occasionally cause brief market slowdowns as buyers and sellers reassess risks.

While the rest of the country is seeing increased inventory, Orange County saw its first inventory downturn in 17 weeks, with homes available decreasing from 3,810 to 3,770. This marks a break from the steady summer increase, signaling a possible tightening in the local market as we enter the fall season.

Nationally, housing turnover remains historically low, with just 2.5% of U.S. homes changing hands in 2024, according to a recent Redfin report. This is the lowest rate in 30 years, driven largely by high mortgage rates and economic uncertainty. Locally, Orange County continues to follow national trends of limited housing turnover due to the "lock-in effect," where homeowners are reluctant to sell their homes with low-interest rates.

Orange County Housing Inventory

This week marks the first inventory downturn in 17 weeks, with the total number of homes available dropping from 3,810 last week to 3,770. This breaks a steady trend of increasing inventory, with the only other dip occurring during the July 4th holiday week. This shift could signal tightening market conditions as we head into the final quarter of the year.

In contrast, the United States as a whole saw an increase in available inventory, with single-family homes rising from 725,306 to 731,490. This increase might be partially attributed to weather events like Hurricane Helene, which could have influenced listing behavior in affected areas.

Inventory Data	Today	Last Week
United States Single Family Homes	731,490	725,306
Orange County - All Properties	3,770	3,810
OC Under Contract & Pending	1,959	1,850
OC New Listings Last 7 Days	585	631
OC Sold Last 7 Days	375	402

Orange County Days on Market Statistics

Despite the inventory downturn, days on market (DOM) metrics have remained stable:

Average DOM: 56 days
Median DOM: 38 days

Homes under $1 million continue to sell faster, averaging 26 days on the market, while properties priced over $2 million are taking about 55 days. These numbers are consistent with previous weeks, indicating steady buyer interest despite fluctuations in inventory.

OC Days On Market	Today	Last Week
Average Days On Market	56	55
Median Days On Market	38	37
Under $1,000,000	26	28
$1,000,000 - $2,000,000	33	31
Over $2,000,000	55	52

Orange County Key Housing Statistics

Home prices in Orange County have softened slightly in recent weeks, but the market remains competitive. This softening reflects minor adjustments in list and closing prices, as seen in recent sales where homes are selling slightly under the asking price. However, this should not be mistaken for a downturn. The steady demand for housing in the area is still driving competition, particularly for well-maintained, move-in-ready homes.

Moreover, mortgage rates, though high, are motivating buyers to lock in deals before further potential increases. With sellers becoming more strategic about pricing, some may list homes just below market value to incite competitive offers, leading to eventual sales prices higher than expected. As inventory drops and demand stays constant or increases, Orange County could see price stabilization or even growth in the coming weeks.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,829,000	$1,850,000
OC Median List Price Condo/Townhomes	$875,000	$879,000
Median Closed Price SFR Last 7 Days	$1,350,000	$1,360,000
Median Close Price Condo/Townhomes Last 7 Days	$839,990	$760,000
Sold Price VS List Price	1% Under - $16,677	.85% Under - $12,601

What Does This Mean for Buyers and Sellers?

For sellers, this remains a fantastic time to list your property, as inventory remains low and buyer interest continues. However, some homes are taking longer to sell, especially those priced higher or requiring some updates. Working with an experienced agent, like those at Orange County Real Estate, Inc., is crucial to ensure proper pricing and marketing strategies to attract the right buyers.

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report September 23, 2024: Prices Holding Steady

Why Trust Orange County Real Estate, Inc.?

Market Trends

Inventory continues to rise both nationwide and here in Orange County. In the U.S., single-family home inventory has increased from 714,490 to 725,306. Orange County also saw a slight bump in available properties, with current listings reaching 3,810, up from 3,796 last week. This increase in available homes is typical as we move further into fall.

Despite rising inventory, home prices in the U.S. are also on the rise, with many properties going under contract at higher prices than the previous week. People are still anticipating a real estate value crash, but that hasn't materialized yet and we don't think it will happen. Normally, this time of year brings lower prices, but the past week has strayed from the norm. This is largely due to the post-pandemic market conditions, where mortgage rates have shifted downward, and first-time buyers who had been waiting on the sidelines for the past year are finally stepping into the market.

In Orange County, of the 402 homes sold last week, 49% sold for less than the list price. Homes priced under $1,000,000 fared better, with only 32% selling below the list price. This shows that while buyers are gaining more leverage, the market remains competitive, particularly in the lower price ranges. From what we are seeing on the ground, many sellers are listing high and are willing to adjust downward if the market indicates they priced too high to begin with. While a small percentage of homes (14%) are selling for over the asking price, the average trend over the past few months has been homes selling under list price.

Orange County Housing Inventory

This week, Orange County has 3,810 properties available, a small increase from last week’s 3,796. The number of homes under contract or pending also rose to 1,850, compared to 1,798 last week. New listings slightly dropped, with 631 homes hitting the market in the past seven days, compared to 637 the week before. These changes reflect a balanced market, with demand still strong despite the increase in available homes.

Inventory Data	Today	Last Week
United States Single Family Homes	725,306	714,490
Orange County - All Properties	3,810	3,796
OC Under Contract & Pending	1,850	1,798
OC New Listings Last 7 Days	631	637
OC Sold Last 7 Days	402	377

Orange County Days on Market Statistics

The average time a home stays on the market in Orange County remains steady at 55 days, with the median at 37 days. Homes priced under $1,000,000 continue to move the fastest, at 28 days on the market. Meanwhile, homes priced over $2,000,000 are taking longer to sell, at 52 days, a slight improvement from last week’s 54 days.

For homes between $1,000,000 and $2,000,000, the median days on the market is holding at 31 days, showing that mid-range homes are selling more quickly compared to high-end properties.

OC Days On Market	Today	Last Week
Average Days On Market	55	55
Median Days On Market	37	36
Under $1,000,000	28	28
$1,000,000 - $2,000,000	31	32
Over $2,000,000	52	54

Orange County Key Housing Statistics

The median list price for single-family homes in Orange County has increased to $1,850,000 from $1,845,000 last week. Still down from the summer high.
The median list price for condos and townhomes saw a slight decrease, dropping from $889,450 to $879,000.
The median closed price for single-family homes over the past week was $1,360,000, down from $1,392,500.
Condos and townhomes saw a more significant decline in the median closed price, falling from $800,000 to $760,000.
The sold price versus list price ratio adjust to 0.85% under the list price this week, compared to 1.8% under list price last week.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,850,000	$1,845,000
OC Median List Price Condo/Townhomes	$879,000	$889,450
Median Closed Price SFR Last 7 Days	$1,360,000	$1,392,500
Median Close Price Condo/Townhomes Last 7 Days	$760,000	$800,000
Sold Price VS List Price	.85% Under - $12,601	1.8% Under - $30,930

Orange County Real Estate Market Predictions

As we move through fall, the combination of limited inventory and steady demand suggests that Orange County home values will remain strong. Unlike national markets that are softening, Orange County’s desirability and constrained housing supply help maintain a competitive market. While national forecasts predict only a 1% increase in home values through 2025, Orange County Real Estate, Inc. anticipates that local prices will continue to rise modestly, with a stronger spring market expected in 2025 as mortgage rates potentially decrease.

How Recent Changes In Real Estate May Affect You?

Orange County Real Estate Market Report September 16, 2024: Fall Real Estate Market Predictions

Why Trust Orange County Real Estate, Inc.?

Market Trends

This fall presents a favorable opportunity for well-prepared buyers, with national trends suggesting a more neutral housing market. According to Zillow, price growth is slowing, and inventory is rising, giving buyers more negotiating power as competition cools. The national real estate landscape is shifting toward a more balanced market, which may benefit buyers across many regions.

However, Orange County remains distinct in its dynamics. Despite a 26% increase in year-over-year inventory growth, demand continues to be steady, and supply remains limited. This ongoing high demand keeps prices stable, making the market more competitive than many other parts of the country.

Typically, during this time of year, we would expect to see a seasonal slowdown in buyer activity and a decline in inventory. But as we move out of the post-pandemic real estate market, projections show continued inventory growth and sustained demand. These factors suggest that Orange County's market will remain strong through the fall.

Orange County Housing Inventory

The U.S. inventory of single-family homes has risen to 714,490 as of September 2024, marking a significant growth compared to 518,091 in September 2023. This increase of over 37% reflects a cooling national housing market, where higher interest rates and more cautious buyer activity have contributed to an easing in competition. The rise in inventory gives buyers more options and negotiating power, especially in markets where home prices are stabilizing or even seeing slight declines.

In comparison, Orange County had 2,460 residential properties for sale during that same period, representing the tight inventory characteristic of high-demand regions like Orange County.

The year-over-year inventory growth in Orange County reflects a 26% increase as of September 2024, with current listings reaching 3,497 properties. This growth in inventory, while significant, still leaves the county well below pre-pandemic levels, where supply constraints continued to put upward pressure on prices.

This contrast between local and national inventory trends underscores the unique market conditions in Orange County, which remains competitive despite easing competition in many parts of the U.S.

Inventory Data	Today	Last Week
United States Single Family Homes	714,490	704,102
Orange County - All Properties	3,796	3,744
OC Under Contract & Pending	1,798	1,770
OC New Listings Last 7 Days	637	659
OC Sold Last 7 Days	377	411

Orange County Days on Market Statistics

Nationally, homes are staying on the market longer, allowing buyers more time to make decisions. Orange County reflects a similar trend, with slight increases in days on market.

Sellers may start to feel the pressure, particularly in the higher price ranges. While this gives buyers some breathing room, they still need to act quickly on well-priced properties.

OC Days On Market	Today	Last Week
Average Days On Market	55	54
Median Days On Market	36	35
Under $1,000,000	28	27
$1,000,000 - $2,000,000	32	29
Over $2,000,000	54	54

Orange County Key Housing Statistics

In the past week, the median list price for single-family homes in Orange County saw a slight increase to $1,845,000, but this number is still down from the peak prices observed during the summer. One of the more telling metrics is the shift in the sold price vs. list price comparison, which now reflects a difference of $30,930 under the list price. This growing gap indicates that sellers are becoming more willing to offer concessions, particularly as the market stabilizes and buyers gain more negotiating power. These concessions may include covering buyer closing costs or paying a portion of buyer broker commissions, especially in light of recent changes in commission structures due to the NAR settlement.

Recent adjustments, including the NAR settlement in August 2024, allow sellers to offer concessions to cover buyer broker fees, but with limits. While this has become a common tactic, the new rules prevent listing agents from explicitly offering compensation details on the MLS. However, sellers can still provide these concessions during negotiations, which helps facilitate smoother transactions. This development is especially significant as it gives sellers more flexibility to attract buyers while managing the total transaction cost.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,845,000	$1,825,000
OC Median List Price Condo/Townhomes	$889,450	$870,000
Median Closed Price SFR Last 7 Days	$1,392,500	$1,360,000
Median Close Price Condo/Townhomes Last 7 Days	$800,000	$837,500
Sold Price VS List Price	1.8% Under - $30,930	1.6% Under - $24,266

Orange County Real Estate Market Predictions

All Cash Purchases in Orange County

For more insights into the current state of the market, especially regarding the impact of all-cash purchases, check out our recent blog post: The State of All-Cash Purchases in Orange County. This post explores how all-cash transactions are influencing the market and what this means for buyers and sellers alike. Also, we look at the data for total all-cash transactions.

Orange County Real Estate Market Report September 9, 2024: Fall Market Predictions

Why Trust Orange County Real Estate, Inc.?

Market Trends

The Orange County real estate market continues to see a mix of steady demand and new listings as we transition into the fall season. Inventory has slightly increased, and homes are now taking a bit longer to sell, with days on market rising across nearly all price ranges. This is reflected in the upward shift in the average days on market, which has crept from 53 to 54 days this week.

Additionally, the median list price for single-family homes has dropped from a peak of $2,100,000 to $1,825,000. This price decrease has been consistent over the past six weeks as sellers adjust to market conditions and buyer demand stabilizes. The drop in listing prices signals a market adjustment, where sellers are more motivated to price competitively as homes take longer to sell.

The desire to own homes in this competitive area remains robust due to Orange County's appeal, including its strong job market, excellent schools, and diverse lifestyle options. Many buyers are motivated to enter the market now, anticipating that waiting for lower mortgage rates could be risky, as rising home prices may offset any rate cuts.

Orange County Housing Inventory

The Orange County housing market has seen a slight uptick in inventory, offering new opportunities for serious buyers. In the past 7 days, 659 new listings have entered the market, providing more options for those actively looking to purchase. This increase in available properties is essential in a market where supply has historically been tight, giving buyers a bit more flexibility when making decisions. However, demand remains strong, and homes continue to sell relatively quickly despite the increase in listings.

The added inventory might help alleviate some of the pressure on buyers, particularly those prepared to act fast. With Orange County still experiencing competitive conditions, the availability of new listings is a welcome change for buyers looking to make a move in the fall season.

Inventory Data	Today	Last Week
United States Single Family Homes	704,102	704,411
Orange County - All Properties	3,744	3,726
OC Under Contract & Pending	1,770	1,926
OC New Listings Last 7 Days	659	629
OC Sold Last 7 Days	411	402

Orange County Days on Market Statistics

The majority of the listings in Orange County have been on the market for less than 60 days, underscoring the ongoing demand in the region. Most homes, particularly in price ranges under $2 million, are selling relatively quickly, often within a few weeks. According to recent data, homes under $1 million are averaging around 27 days on the market, while homes in the $1-2 million range average 29 days. Even in higher price brackets, homes tend to sell within two months, reflecting strong buyer interest and limited inventory.

This quick turnover highlights that serious buyers must act swiftly, as homes are not lingering for long, even with the recent increase in new listings

OC Days On Market	Today	Last Week
Average Days On Market	54	53
Median Days On Market	35	33
Under $1,000,000	27	28
$1,000,000 - $2,000,000	29	26
Over $2,000,000	54	53

Orange County Key Housing Statistics

The drop in list prices suggests that sellers are adjusting to current market conditions, while closed prices for single-family homes have shown a slight uptick. Interestingly, the gap between sold price and list price has widened to 1.6% under list, which might signal that buyers have a bit more negotiating power than they did earlier this year.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,825,000	$1,899,000
OC Median List Price Condo/Townhomes	$870,000	$890,000
Median Closed Price SFR Last 7 Days	$1,360,000	$1,300,000
Median Close Price Condo/Townhomes Last 7 Days	$837,500	$737,500
Sold Price VS List Price	1.6% Under - $24,266	.3% Under - $4,085

Orange County Real Estate Market Predictions

Given the current market trends and inventory levels in Orange County, it appears that home values are unlikely to decrease through the fall and winter of 2024. Despite some inventory gains, Orange County still has 50% less inventory than pre-pandemic levels, which will continue to keep upward pressure on prices. Historically, low supply coupled with high demand has supported price stability, and that trend is expected to persist.

Even with a slight increase in new listings recently, the demand from high-wealth individuals and the ongoing attractiveness of Orange County as a desirable location will likely keep the market competitive. Moreover, as mortgage rates are expected to decrease in 2025, the spring market could see additional appreciation in home values.

External factors, such as global political and economic events, may impact broader markets, but Orange County's high concentration of affluent buyers and limited housing supply should help maintain its strength. Therefore, it is reasonable to predict that home values will remain stable or even rise slightly through the fall and winter, with potential for further appreciation by spring 2025.

All Cash Purchases in Orange County

Orange County Real Estate Market Report August 26, 2024: Educated Buyers

Why Trust Orange County Real Estate, Inc.?

Market Trends

This week, the Orange County real estate market continues to progress steadily, marked by a modest rise in inventory and sustained strong buyer interest. However, we’ve seen an increase in days on market across all price ranges, indicating that homes are taking slightly longer to sell. Additionally, both the median list price and median closed price for single-family homes have experienced a significant drop, reflecting a potential market adjustment as sellers recalibrate their pricing expectations to align with current buyer demand.

Nationwide, we’ve observed inventory dropping in states like Florida and Texas, which previously experienced a surge in new listings over the summer. In Florida, particularly in areas like Sarasota, the market is starting to stabilize after a wave of new properties flooded the market, creating a temporary oversupply. This adjustment has led to a more balanced market, where demand is catching up with the previously high inventory levels.

In Texas, especially in cities like Austin, the market is also finding equilibrium after a period of rapid growth. Austin now leads the nation in the number of homes for sale with price reductions, indicating that sellers are adjusting their expectations to match the current demand. Despite these reductions, the market remains active, with many buyers still eager to purchase, especially as interest rates remain favorable.

Orange County Housing Inventory

Orange County saw a small increase in inventory, with 3,726 properties available for sale compared to 3,651 last week. The rise in inventory was largely due to a decrease in closed sales, which dropped to 402 from 447 in the previous week. New listings, on the other hand, remained relatively stable, with 629 homes listed this past week, just slightly down from the 686 listed the week before. This consistent flow of new properties keeps the market competitive, especially for buyers looking to find the right home in a desirable area like Orange County.

Inventory Data	Today	Last Week
United States Single Family Homes	704,411	698,029
Orange County - All Properties	3,726	3,651
OC Under Contract & Pending	1,926	1,908
OC New Listings Last 7 Days	629	686
OC Sold Last 7 Days	402	447

Orange County Days on Market Statistics

The average days on market (DOM) increased slightly, moving from 52 to 53 days. This small change reflects a minor cooling in the market, but properties under $1,000,000 are still moving quickly, with an average DOM of 28 days. Homes priced between $1,000,000 and $2,000,000 saw an increase from 25 to 26 days, while those over $2,000,000 have a DOM of 53 days, up from 51 days last week.

Overall, while we see a slight increase in DOM across the board, properties are still selling relatively fast, indicating a healthy market. it’s important to note that 75% of the current inventory has only been on the market for 60 days or less. This suggests that the bulk of the properties available are still relatively fresh, maintaining their appeal to buyers who are actively searching for homes.

Homes that are priced well and present well are experiencing high turnover, as motivated buyers are quick to act on properties that meet their criteria. This indicates that while the market is seeing some adjustments, there is still strong competition for desirable homes, especially those that are attractively priced and in good condition.

And with boots on the ground, that’s exactly what we are seeing. Buyers today are highly educated about real estate values and comparable sales. While they may be eager to find their next home, they are not eager to overpay. For example, we have one listing that is beautifully designed inside but is priced well above market value—it continues to sit without any interest. On the other hand, we have another listing that was priced appropriately and received four offers on its first weekend. Three of those offers came in slightly below asking, while one offer came in slightly above asking and included the buyer covering the buyer broker commission. That offer ultimately netted our client the most money by far. This demonstrates the importance of strategic pricing in today’s market.

OC Days On Market	Today	Last Week
Average Days On Market	53	52
Median Days On Market	33	32
Under $1,000,000	28	26
$1,000,000 - $2,000,000	26	25
Over $2,000,000	53	51

Orange County Key Housing Statistics

The Orange County real estate market is holding steady with some subtle shifts in pricing and sales trends. The median list price for single-family homes remains unchanged at $1,950,000, while condos and townhomes have seen a slight uptick in their median list price, now at $885,000, up from $873,830 last week. On the sales front, the median closed price for single-family residences has dipped to $1,300,000, down from $1,350,000 last week and $1,427,000 the week of August 12th. Similarly, condos and townhomes have experienced a minor decrease in their median closed price, now at $749,990 compared to $760,000 last week. These shifts suggest that while sellers are still achieving prices close to their expectations, there is a gradual alignment with buyer demands, indicating a balanced and stable market.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,899,000	$1,950,000
OC Median List Price Condo/Townhomes	$890,000	$885,000
Median Closed Price SFR Last 7 Days	$1,300,000	$1,350,000
Median Close Price Condo/Townhomes Last 7 Days	$837,500	$749,990
Sold Price VS List Price	.3% Under - $4,085	1.2% Under - $17,601

All Cash Purchases in Orange County

Orange County Real Estate Market Report August 19, 2024: Subtle Shifts

Why Trust Orange County Real Estate, Inc.?

Market Trends

As summer winds down and kids head back to school, the pace of inventory growth has slowed slightly. However, the Orange County market remains strong, with active engagement from both buyers and sellers. Currently, only 25% of our housing inventory has been on the market for 60 days or more, indicating sustained demand. Sellers are meeting buyers' expectations, and transactions are progressing steadily.

Comparing the market to this time last year, we see that the stability in demand is a positive sign, especially in a market that has experienced its share of ups and downs. The strength in buyer interest today is reminiscent of the early 2020s, where a combination of low interest rates and limited inventory led to quick sales and competitive offers. Although interest rates have since normalized, the market's resilience is evident.

Orange County Housing Inventory

In the past week, inventory levels in Orange County have seen only slight changes. The total number of properties available in the county stands at 3,651, nearly identical to last week's 3,648. The number of new listings in the past seven days has risen modestly to 686, a sign that sellers are still confident in the market.

Nationwide, inventory for single-family homes has also seen a small increase, rising from 693,394 last week to 698,029 this week. This consistency in inventory suggests a balanced market, where supply is gradually catching up with demand.

Inventory Data	Today	Last Week
United States Single Family Homes	698,029	693,394
Orange County - All Properties	3,651	3,648
OC Under Contract & Pending	1,908	1,908
OC New Listings Last 7 Days	686	678
OC Sold Last 7 Days	447	428

Orange County Days on Market Statistics

The average days on market (DOM) for homes in Orange County has increased slightly to 52 days, up from 51 days last week. The median DOM remains steady at 32 days. Homes priced under $1,000,000 continue to move quickly, just 26 days on the market. Properties priced between $1,000,000 and $2,000,000 also maintain a quick turnover, with a median of 25 days. Homes over $2,000,000 are staying on the market a bit longer, with a median of 51 days, reflecting a more selective buyer pool in the luxury segment.

OC Days On Market	Today	Last Week
Average Days On Market	52	51
Median Days On Market	32	32
Under $1,000,000	26	26
$1,000,000 - $2,000,000	25	25
Over $2,000,000	51	47

Orange County Key Housing Statistics

On the sales front, the median closed price for single-family residences has dipped slightly to $1,350,000, down from $1,427,000. Similarly, condos and townhomes have experienced a minor decrease in their median closed price, now at $749,990 compared to $760,000 last week. Additionally, homes are currently selling at an average of 1.2% below their list price, which is a slight improvement from the previous week’s 1.5% under the list price.

These shifts suggest that while sellers are still achieving prices close to their expectations, there is a gradual alignment with buyer demands, indicating a balanced and stable market.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,950,000
OC Median List Price Condo/Townhomes	$885,000	$873,830
Median Closed Price SFR Last 7 Days	$1,350,000	$1,427,000
Median Close Price Condo/Townhomes Last 7 Days	$749,990	$760,000
Sold Price VS List Price	1.2% Under - $17,601	1.5% Under - $22,303

All Cash Purchases in Orange County

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

For more insights on how to effectively buy or sell in Orange County, or to connect with the best real estate agents in the area, please visit our website or reach out to us directly. Orange County Real Estate, Inc., can be contacted at 949-430-7500

Orange County Real Estate Market Report August 12, 2024: Big Jump In Inventory

Why Trust Orange County Real Estate, Inc.?

Market Trends

This summer, the Orange County real estate market is a blend of opportunity and stability. With home prices continuing to rise, the area remains a desirable location for many buyers. And with inventory continuing to rise many will have more opportunities and more properties to choose from. The median home price in Orange County reached $1,450,000 in July 2024, marking a 13.7% increase from last year ($1,275,000). This steady climb in home prices shows a strong market despite a nationwide slowdown in sales.

Comparing these figures to previous years, the current trend resembles the winter of 2022 when the market showed a brief slowdown due to higher interest rates followed by a price rebound. Today, the market is presenting a unique opportunity for buyers, with interest rates dropping to 6.5%, down from 7.12%.

Orange County Housing Inventory

The number of homes available in Orange County is on the rise, with inventory levels showing a big increase from 3,556 to 3,648 over the past week. This increment suggests a more balanced market, giving buyers more options. However, it's important to act quickly as well-priced homes continue to sell fast. In comparison, the number of single-family homes on the market nationwide has risen to 693,394 from 684,492.

We feel that sellers will outpace buyers, and inventory is likely to keep increasing week by week, defying the usual seasonal trends. Many residents are leaving Orange County primarily due to the high cost of housing and the overall cost of living. This includes current homeowners seeking more affordable living in retirement and families looking for better value for their money outside of Orange County.

A recent survey conducted by the University of California, Irvine, found that 51% of the county's residents are considering moving. This sentiment is most prevalent among younger individuals, women, non-white residents, and those without a college education. The main reasons cited include expensive housing, high taxes, and concerns about crime and traffic.

Inventory Data	Today	Last Week
United States Single Family Homes	693,394	684,492
Orange County - All Properties	3,648	3,556
OC Under Contract & Pending	1,908	1,905
OC New Listings Last 7 Days	678	668
OC Sold Last 7 Days	428	468

Orange County Days on Market Statistics

The average days on the market for homes in Orange County is 51 days, slightly up from 50 last week. Homes under $1,000,000 tend to sell the quickest, averaging 26 days. In contrast, properties priced over $2,000,000 remain stable at 47 days. This low DOM indicates a seller's market, where homes move quickly, driven by high demand.

When the days on market are low buyers and sellers are affected differently.

For Buyers: Quick Decisions Needed: A low DOM generally indicates a strong seller's market where homes are selling quickly due to high demand. Buyers need to make swift decisions and be prepared to offer at or above the asking price to secure a property.

For Sellers: Strong Market Position: A low DOM suggests that the property is priced well and is in demand, potentially leading to multiple offers. This can create a sense of urgency among buyers, often resulting in competitive bidding and favorable terms for the seller.

Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.

OC Days On Market	Today	Last Week
Average Days On Market	51	50
Median Days On Market	32	30
Under $1,000,000	26	25
$1,000,000 - $2,000,000	25	23
Over $2,000,000	47	47

Orange County Key Housing Statistics

The Orange County real estate market continues to show resilience, although some shifts are evident. The median list price for single-family residences remains steady at $1,950,000. Condos and townhomes have experienced a minor decrease, with the median list price now at $873,830.

For the past few weeks, homes have been selling below the asking price, a trend driven by current economic conditions. High interest rates and a nationwide slowdown in sales have made buyers more cautious, resulting in fewer bidding wars and increased price negotiations. As a result, sellers who delay adjusting their pricing strategies will have longer days on market.

Despite these challenges, the demand remains strong. However, the slower market pace and economic uncertainties mean that more homes are being sold at or below their list prices. Sellers may need to adapt by pricing their properties more competitively from the outset to align with buyer expectations and market realities.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,950,000
OC Median List Price Condo/Townhomes	$873,830	$875,000
Median Closed Price SFR Last 7 Days	$1,427,000	$1,400,000
Median Close Price Condo/Townhomes Last 7 Days	$760,000	$845,000
Sold Price VS List Price	1.5% Under - $22,303	1.08% Under - $6,541

All Cash Purchases in Orange County

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report August 5, 2024: How Will Low Rates Affect the Orange County Market?

Why Trust Orange County Real Estate, Inc.?

Market Trends

The biggest news in real estate this week is the decline in mortgage rates, which have fallen to 6.34% for a 30 year fixed rate loan, the lowest level since April 5th, 2023. The Federal Reserve has announced more rate cuts this year, fueling hopes among many buyers that rates might drop below 6%. This recent movement is expected to motivate more buyers to enter the market. Our preferred lender, Dave Cashion from Keystone Financial Services, offers a loan program with an option for a no-cost refinance if rates decrease further. For more information, contact Dave directly at the previous link.

Orange County Housing Inventory

Inventory typically plateaus around this time of year as families settle into their homes with the start of the school year. However, this year could be different. We are seeing more sellers entering the market compared to previous years, motivated by concerns about the upcoming elections and fears of a potential housing crash. Despite these concerns, Orange County shows no signs of an impending crash. Buyer demand continues to steadily absorb the available supply, and with the recent drop in mortgage rates, we expect even more buyers to enter the market. We feel that sellers will outpace buyers, and inventory is likely to keep increasing week by week, defying the usual seasonal trends.

Inventory Data	Today	Last Week
United States Single Family Homes	684,492	677,281
Orange County - All Properties	3,556	3,497
OC Under Contract & Pending	1,905	1,916
OC New Listings Last 7 Days	668	685
OC Sold Last 7 Days	468	493

Orange County Days on Market Statistics

The average days on market for homes in Orange County have remained stable, indicating a balanced pace of sales despite recent increases in inventory and reductions in interest rates. Only 25% of our active properties for sale have been on the market for over 60 days. This means properties are still moving quickly, which underscores the importance of being prepared to act decisively when the right home comes along.

When the days on market are low buyers and sellers are affected differently.

For Buyers:

Quick Decisions Needed: A low DOM generally indicates a strong seller's market where homes are selling quickly due to high demand. Buyers need to make swift decisions and be prepared to offer at or above the asking price to secure a property.

Limited Negotiation Power: In such a market, sellers have the upper hand, reducing buyers' ability to negotiate prices. Buyers should expect fewer opportunities for price reductions or concessions.

For Sellers:

Strong Market Position: A low DOM suggests that the property is priced well and is in demand, potentially leading to multiple offers. This can create a sense of urgency among buyers, often resulting in competitive bidding and favorable terms for the seller.

Effective Pricing and Marketing: It indicates that the property is effectively marketed and priced competitively, reinforcing the seller's confidence in their strategy.

Impact of High Days on Market

For Sellers:

Need for Re-evaluation: A high DOM can signal that a property is overpriced or not marketed effectively, prompting sellers to consider price adjustments or enhanced marketing strategies. Properties lingering on the market may develop a stigma, making buyers wonder if there are hidden issues.

Reduced Appeal: The property may become less attractive to new buyers entering the market, necessitating fresh approaches, such as home staging or repairs, to renew interest.

For Buyers:

Negotiation Leverage: Properties with a high DOM often indicate motivated sellers, providing buyers with the opportunity to negotiate better terms or lower prices. Buyers can use the extended DOM as a bargaining tool, especially if the property hasn't seen recent price reductions.

Caution Advised: A high DOM might suggest potential issues with the property, such as location or condition, which buyers should investigate thoroughly before making an offer. We always discuss the possibilities and potential problems, conduct thorough inspections, and make offers that reflect the property's true value.

OC Days On Market	Today	Last Week
Average Days On Market	50	51
Median Days On Market	30	32
Under $1,000,000	25	25
$1,000,000 - $2,000,000	23	21
Over $2,000,000	47	47

Orange County Key Housing Statistics

For the past two weeks, properties have been selling for under the asking price, a shift that may suggest sellers are becoming more flexible in their pricing strategies. This trend offers buyers an opportunity to negotiate better deals, especially with the support of a knowledgeable agent who understands the local market dynamics. We will continue to follow these statistics to see if the trend continues.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,950,000
OC Median List Price Condo/Townhomes	$875,000	$869,000
Median Closed Price SFR Last 7 Days	$1,400,000	$1,400,000
Median Close Price Condo/Townhomes Last 7 Days	$845,000	$751,495
Sold Price VS List Price	1.08% Under - $6,541	1.08% Under - $16,417

All Cash Purchases in Orange County

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report July 29, 2024: What To Expect In The Fall

Why Trust Orange County Real Estate, Inc.?

Market Trends

The Orange County real estate market continues to show resilience and stability, even as we see small increases in both inventory and days on market. In the spring of 2024 properties under $2 million had days on market in the upper teens. Now, they are averaging around 21 days, demonstrating robust buyer interest in this price range. This remains a quick turnaround compared to national averages, which have increased due to lower demand.

As we look forward to the fall market, there is anticipation of potential adjustments. As we come out of the pandemic market we are hoping to move towards a more balanced market similar to the one prior to 2020. That would require inventory levels to nearly double the current amount. From 2013 to 2019 the high levels of inventory were near 6,000 properties for sale. Prior to that we were closer to 9,000. It’s unlikely that we will reach 6,000 in the near future but we are moving in a upward direction. This will help us reach a balanced market.

While mortgage rates are currently at six-month lows, the upcoming elections and possible rate changes might influence buyer and seller behavior. Typically sellers are slow to adopt a lower list price strategy which will lead to a higher amount of properties with price reductions. Nationwide, about 40% of homes on the market have seen price reductions. Our price reductions remain under 30% of properties listed for sale.

For sellers, the market is still strong. The fall market will see attractive homes sell quickly, while higher-priced homes may take longer. Buyers are particularly drawn to homes that look nice due to the emotional aspect of purchasing a home. Sellers should consider making their property appeal to a wide range of buyers, including different age groups and ethnicities. Kim Kardashian has popularized the "modern farmhouse" interior design, which appeals to all age groups with its earth tones and open spaces.

Buyers need to look beyond the surface and dig into the details of the property. Spend extra time reading disclosures and inspection reports, and ask sellers as many questions as possible to ensure the answers align with the reports. At Orange County Real Estate, Inc., we always assist in this process, helping uncover the facts about the property as an important step in making an informed decision.

Orange County Housing Inventory

Inventory levels in Orange County are gradually increasing. This week, there are 3,497 properties listed, slightly up from last week's 3,480. This rise provides more options for buyers, yet the market remains competitive. With 685 new listings and 493 homes sold in the past week, activity remains strong.

Inventory Data	Today	Last Week
United States Single Family Homes	677,281	668,363
Orange County - All Properties	3,497	3,480
OC Under Contract & Pending	1,916	1,938
OC New Listings Last 7 Days	685	697
OC Sold Last 7 Days	493	480

Orange County Days on Market Statistics

The average days on market in Orange County is now 51 days, up slightly from 50 last week. Median days on market stand at 32, an increase from 31. Homes between $1 million and $2 million sell the fastest, with the median at 21 days. These figures indicate a healthy pace of sales across various price points.

OC Days On Market	Today	Last Week
Average Days On Market	51	50
Median Days On Market	32	31
Under $1,000,000	25	25
$1,000,000 - $2,000,000	21	23
Over $2,000,000	47	47

Orange County Key Housing Statistics

The real estate market in Orange County continues to display strong figures, with the median list price for single-family homes standing at $1,950,000 and condos/townhomes at $869,000. Over the past week, the median closed price for single-family homes was $1,400,000, while condos/townhomes closed at $751,495. Notably, homes sold for 1.08% under their list price, which translates to an average of $16,417 below the asking price. This data highlights a slight decrease in final sale prices compared to the list prices, indicating a market adjustment that could benefit buyers.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,950,000
OC Median List Price Condo/Townhomes	$869,000	$859,900
Median Closed Price SFR Last 7 Days	$1,400,000	$1,357,500
Median Close Price Condo/Townhomes Last 7 Days	$751,495	$815,000
Sold Price VS List Price	1.08% Under - $16,417	.9% Over - $13,252

All Cash Purchases in Orange County

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report July 22, 2024: Demand Coupled With Steady Growth

Why Trust Orange County Real Estate, Inc.?

Market Trends and National News

In contrast to national trends, where 38.6% of properties have had price reductions and homes are taking longer to sell, Orange County sees lower price reductions at only 29.6%. Additionally, half of the current inventory has been on the market for only 30 days, with nearly 80% of properties selling within 60 days. This quick turnover underscores the strong demand in Orange County, driven by a competitive buyer pool. While national news highlights a housing market in flux, with significant price reductions and extended selling times, Orange County's market remains strong, offering opportunities for both buyers and sellers.

Orange County Housing Inventory

Over the past eleven out of twelve weeks, we've observed a steady rise in inventory, reflecting a balanced market in Orange County. After a slight dip during the 4th of July holiday, the market has rebounded robustly. Currently, there are 3,480 properties for sale, marking a 15% increase since mid-June. This incremental growth in inventory is a positive indicator, offering buyers a wider array of choices and contributing to a healthy real estate environment.

Inventory Data	Today	Last Week
United States Single Family Homes	668,363	651,400
Orange County - All Properties	3,480	3,445
OC Under Contract & Pending	1,938	1,910
OC New Listings Last 7 Days	697	811
OC Sold Last 7 Days	480	530

Orange County Days on Market Statistics

The average days on market in Orange County have seen a slight uptick, moving from 47 days last week to 50 days this week. Similarly, the median days on market have increased from 27 to 31 days. This marginal increase suggests a minor slowdown, yet properties are still selling relatively quickly. Specifically, homes under $1,000,000 are on the market for a median of 25 days, those between $1,000,000 and $2,000,000 for 23 days, and homes over $2,000,000 for 47 days. This data indicates a continued strong demand, particularly for mid-range properties.

Additionally, half of the current inventory has been on the market for only 30 days, accounting for around 1,800 properties. Approximately 700 properties have been listed between 30 and 60 days. These figures highlight that new listings are being absorbed quickly, indicating strong buyer demand in the area.

OC Days On Market	Today	Last Week
Average Days On Market	50	47
Median Days On Market	31	27
Under $1,000,000	25	24
$1,000,000 - $2,000,000	23	21
Over $2,000,000	47	45

Orange County Key Housing Statistics

Key statistics this week highlight several noteworthy trends. The median list price for single-family homes has slightly decreased to $1,950,000 from $1,997,500 last week, while the median list price for condos and townhomes has increased to $859,900 from $849,950.

The median closed price for single-family homes over the past seven days has dipped to $1,357,500, whereas condos and townhomes saw an increase to $815,000. Interestingly, the sold price versus list price ratio has shifted to 0.9% over, indicating a competitive market where buyers are often willing to pay slightly above the asking price. These key stats underscore the dynamic nature of the Orange County real estate market, driven by high demand and competitive pricing.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,997,500
OC Median List Price Condo/Townhomes	$859,900	$849,950
Median Closed Price SFR Last 7 Days	$1,357,500	$1,364,400
Median Close Price Condo/Townhomes Last 7 Days	$815,000	$759,500
Sold Price VS List Price	.9%Over - $13,252	.5%Under - $7,407

Orange County Home Sellers and Buyers

Sellers typically have until late August to early September to take full advantage of the summer selling season. Listing a home in early to mid-summer allows enough time to market the property, negotiate offers, and complete the sale process before the fall.

1. High Buyer Demand: Summer often sees increased buyer activity as families seek to settle before the new school year. This heightened demand can lead to competitive bidding and potentially higher sale prices.

2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.

3. Seasonal Advantage: Summer provides longer daylight hours and better weather, making homes more appealing to prospective buyers. Additionally, many buyers prefer to move during this time to minimize disruption to their children's education.

Buyers can generally expect to purchase a home and move before the school year starts if they act quickly. The typical home buying process, from offer acceptance to closing, takes about 30-45 days. Therefore, buyers who secure a home by mid-July should be able to move in before the end of August, just in time for the new school year.

All Cash Purchases in Orange County

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report July 15, 2024: Rebound From The Holiday Week

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, the Orange County real estate market felt the impact of the 4th of July holiday, similar to a momentary pause in a bustling city. Our inventory, which had been increasing for nine consecutive weeks, saw a slight dip. Total activity, including closings, new listings, and pending sales, also slowed down. Many believed this to be the beginning of a seasonal trend where real estate activity typically decreases.

But just like a wave pulling back before it surges forward, this week, the numbers bounced back emphatically. Coming out of the long pandemic market, anything is possible, and historical trends may not predict future market statistics.

Encouraging news about inflation and the bond market led to lower mortgage rates last week and at the start of this week, which is helping to bring buyers back into the market. Our agents on the ground are witnessing a significant uptick in activity for single-family homes priced around a million dollars. We predict the days on market will continue to decrease over the next few weeks, even as inventory grows. Lower mortgage rates will fuel some buyer competition.

National vs. Local Perspectives

National news highlights inventory dropping across the country and home prices dipping. In markets like Florida, Texas, Idaho, and Oklahoma, inventory has actually surpassed pre-pandemic levels. These areas are experiencing price reductions and a drop in immediate sales. Buyers in those markets are being more selective, waiting for the right property and for sellers to negotiate on list prices.

However, Orange County stands apart. This week, inventory in Orange County rose to 3,445 from 3,220 last week. This increase is due to the large number of new listings following the 4th of July week. After last week's rise in the days on market, this week shows a downward trend across all price ranges.

Orange County Housing Inventory

Inventory in Orange County rose to 3,445 this week from 3,220 last week, reflecting a significant influx of 811 new listings post-4th of July. This increase provides more options for buyers, potentially leading to a more competitive and dynamic market.

Inventory Data	Today	Last Week
United States Single Family Homes	651,400	653,319
Orange County - All Properties	3,445	3,220
OC Under Contract & Pending	1,910	1,993
OC New Listings Last 7 Days	811	542
OC Sold Last 7 Days	530	386

Orange County Days on Market Statistics

The days on market for properties in Orange County are showing a downward trend across all price ranges this week. This indicates that homes are selling faster, driven by increased buyer activity and lower mortgage rates.

OC Days On Market	Today	Last Week
Average Days On Market	47	51
Median Days On Market	27	31
Under $1,000,000	24	25
$1,000,000 - $2,000,000	21	24
Over $2,000,000	45	45

Orange County Key Housing Statistics

This week, the Orange County real estate market shows some notable shifts in key statistics. The median list price for single-family residences (SFR) has decreased to $1,997,500 from last week's $2,099,000, while the median list price for condos and townhomes remains stable at $849,950. Over the past seven days, the median closed price for SFRs dropped to $1,364,400 from $1,400,000, and for condos and townhomes, it fell to $759,500 from $810,000. This week also marks a significant change in the sold price versus list price dynamic; homes sold for 0.5% under the list price, a shift from the previous week's 1.7% over the list price. This change suggests a more balanced market where buyers have slightly more leverage in negotiations.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,997,500	$2,099,000
OC Median List Price Condo/Townhomes	$849,950	$849,950
Median Closed Price SFR Last 7 Days	$1,364,400	$1,400,000
Median Close Price Condo/Townhomes Last 7 Days	$759,500	$810,000
Sold Price VS List Price	.5%Under - $7,407	1.7%Over - $27,409

Orange County Home Sellers and Buyers

2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.

Where Are Californians Moving to Now?

Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:

1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.

2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.

3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.

4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report July 8, 2024: July 4th Holiday Muted Data

Why Trust Orange County Real Estate, Inc.?

Market Trends and the Impact of the Holiday Week

The Fourth of July holiday week saw a slowdown in real estate activity in Orange County. This isn't unusual, but after nine weeks of inventory growth and increased sales, it's noteworthy that we experienced decreased inventory, fewer closings, and fewer new listings. We anticipate that inventory and overall activity will pick up this week, despite the usual seasonal slowdown. As we continue to rebound from the pandemic's impact on the real estate market and adjust to high interest rates, we remain prepared for any developments.

Pricing Trends

Median List Price: There was a slight increase in the median list price of single-family homes last week.

Days on Market: Days on market have increased a bit for lower-priced homes. This might be because of the holiday or affordability issues.

Mortgage Rates

Mortgage interest rates have dipped slightly today, which could bring more buyers back into the market.

Orange County Housing Inventory

Note fewer new listings and fewer sold properties for the prior week.

Inventory Data	Today	Last Week
United States Single Family Homes	653,319	646,009
Orange County - All Properties	3,220	3,255
OC Under Contract & Pending	1,993	1,994
OC New Listings Last 7 Days	542	661
OC Sold Last 7 Days	386	503

Orange County Days on Market Statistics

There is a shift in the days on market. If this continues through July we may have a new trend on our hands.

OC Days On Market	Today	Last Week
Average Days On Market	51	49
Median Days On Market	31	26
Under $1,000,000	25	22
$1,000,000 - $2,000,000	24	19
Over $2,000,000	45	46

Orange County Key Housing Statistics

The median list price of single family homes jumped up last week as well as the closed price vs list price.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,099,000	$1,998,944
OC Median List Price Condo/Townhomes	$849,950	$850,000
Median Closed Price SFR Last 7 Days	$1,400,000	$1,400,000
Median Close Price Condo/Townhomes Last 7 Days	$810,000	$865,000
Sold Price VS List Price	1.7%Over - $27,409	.15%Over - $2,363

High Interest Rates

High mortgage rates are pricing some buyers out of the market. This is a key factor in the slight increase in days on market for lower-priced homes. When rates are high, buyers become more selective, and homes can take longer to sell.

Seasonal Trends

Typically, inventory decreases around this time of year. However, we’ve seen nine weeks of rising inventory. The holiday week was a blip, but we expect the upward trend to continue.

Buyer Behavior

With rates slightly lower today, buyers might feel a renewed sense of urgency. If this trend continues, we could see a boost in activity in the coming weeks.

Inventory Expectations

We expect inventory to increase again next week. Keep an eye on this trend, as it will provide more options for buyers and could affect pricing.

Price Adjustments

With the slight rise in median list prices, sellers might feel more confident. However, affordability remains a concern. Watch for potential price adjustments, especially if mortgage rates continue to fluctuate.

Mortgage Rate Watch

Rates dropped a bit today, which is good news for buyers. If this continues, we could see more buyers entering the market, which might lead to quicker sales and possibly higher prices.

Orange County Home Sellers and Buyers

2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.

Where Are Californians Moving to Now?

Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:

1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.

2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.

3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.

4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.

The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter

In the digital age, many industries have been transformed by technology, and real estate is no exception. Companies like Zillow and Redfin promised to revolutionize how we buy and sell homes, aiming to make the process easier, faster, and more efficient. However, the reality has not always met these expectations. Our recent blog post explores how tech companies sometimes fall short in the real estate sector and highlights why local agents are still crucial. From the challenges of data accuracy and oversight, exemplified by the Kansas City case where a million-dollar home was listed for $10,000 due to a scam, to the irreplaceable value of local knowledge and personal connections, this post delves into the limitations of tech-driven approaches and the enduring importance of human expertise. For a detailed discussion on these topics and more, read the full blog here.

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report July 1, 2024: Where Is The Market Heading Now

Why Trust Orange County Real Estate, Inc.?

Market Trends

In recent weeks, we have observed significant inventory gains. Nationwide, single-family home inventory is poised to surpass levels last seen in July 2020, now standing at 646,099 homes—an increase of 39% compared to 2023. Although this rise is notable relative to the recent lows, it still falls short of the levels considered healthy for a stable market.

In Orange County, the number of residential properties for sale has increased to 3,255. Historically, July has been the peak month for inventory, but higher interest rates this year might extend this peak further. Despite robust buyer demand and consistently low days on market, the smaller pool of buyers could lead to continued inventory growth. On the flip side, if interest rates decline slightly, more buyers will enter the market and total inventory will reduce.

Last week, we reported an increase in mortgage applications. Typically, this data translates into a rise in sales within 30-60 days. Our closed sales for the past week have increased by 31 transactions.

Orange County Housing Inventory

Inventory Data	Today	Last Week
United States Single Family Homes	646,009	634,399
Orange County - All Properties	3,255	3,167
OC Under Contract & Pending	1,994	2,031
OC New Listings Last 7 Days	661	697
OC Sold Last 7 Days	503	472

Orange County Days on Market Statistics

While the days on market have remained steady, indicating a strong buyer presence, the increased inventory could potentially slow down the market slightly as more options become available. Don't forget to check out the homes listed for over 90 days. Some of the larger real estate websites like Zillow and Realtor.com make older listings difficult to find. You can view every property that has been on the market for over 90 days at this link.

OC Days On Market	Today	Last Week
Average Days On Market	49	49
Median Days On Market	26	26
Under $1,000,000	22	20
$1,000,000 - $2,000,000	19	20
Over $2,000,000	46	45

Orange County Key Housing Statistics

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,998,944	$1,999,800
OC Median List Price Condo/Townhomes	$850,000	$849,000
Median Closed Price SFR Last 7 Days	$1,400,000	$1,426,000
Median Close Price Condo/Townhomes Last 7 Days	$865,000	$760,000
Sold Price VS List Price	.15%Over - $2,363	.11%Over - $1,673

Orange County Home Sellers and Buyers

2. Favorable Market Conditions: With mortgage rates slightly declining, more buyers will be entering the market, creating favorable conditions for sellers.

Where Are Californians Moving to Now?

Many Californians are relocating to other states for various reasons, including affordability, job opportunities, and lifestyle changes. Popular destinations include:

1. Texas: Cities like Austin, Dallas, and Houston are attractive due to their lower cost of living, strong job markets, and no state income tax.

2. Arizona: Phoenix and its surrounding areas are popular for their affordable housing, warm climate, and growing job opportunities.

3. Nevada: Las Vegas and Reno offer a lower cost of living, no state income tax, and proximity to California.

4. Idaho: Boise has become a popular choice due to its affordable housing, outdoor recreation opportunities, and high quality of life.

The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report June 24, 2024: Mortgage Applications Increase

Why Trust Orange County Real Estate, Inc.?

Market Trends

This week, Orange County has seen a significant increase in inventory, with 84 more properties available than last week, bringing the total to 3,167 properties. This is a notable shift from the previous week's inventory of 3,083. Despite the increased inventory, the days on market (DOM) have remained steady, with an average of 49 days and a median of 26 days.

The past week saw 472 properties sold, slightly down from the 491 properties sold the week before. Interestingly, 35% of these sales involved a price reduction, indicating that sellers are becoming more flexible in negotiations. The median closed price for single-family residences (SFR) increased to $1,426,000, while the median price for condos and townhomes decreased to $760,000, down from $770,000 the previous week.

Mortgage applications have seen a substantial increase. According to the Mortgage Bankers Association (MBA), applications rose by 15.6% for the week ending June 7, 2024. This is the most significant weekly increase since January 2023. Refinance applications jumped by 28%, while purchase applications increased by 9%. This surge is attributed to a decline in mortgage rates, which have averaged below 7% for the past two weeks, with the 30-year fixed-rate mortgage at 6.95%.

Orange County Housing Inventory

Inventory Data	Today	Last Week
United States Single Family Homes	634,399	621,401
Orange County - All Properties	3,167	3,083
OC Under Contract & Pending	2,031	2,008
OC New Listings Last 7 Days	697	767
OC Sold Last 7 Days	472	491

Orange County Days on Market Statistics

OC Days On Market	Today	Last Week
Average Days On Market	49	49
Median Days On Market	26	26
Under $1,000,000	20	20
$1,000,000 - $2,000,000	20	18
Over $2,000,000	45	44

Orange County Key Housing Statistics

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,999,800	$1,999,000
OC Median List Price Condo/Townhomes	$849,000	$845,000
Median Closed Price SFR Last 7 Days	$1,426,000	$1,400,000
Median Close Price Condo/Townhomes Last 7 Days	$760,000	$770,000
Sold Price VS List Price	.11%Over - $1,673	.17%Over - $2,655

Orange County Home Sellers and Buyers

Many sellers who have been sitting on the sidelines are now considering entering the market, spurred by the prospect of a busy summer selling season. With mortgage rates slightly declining and buyer demand remaining strong, the conditions are ripe for selling. Sellers are seeing competitive bids, with multiple offers becoming more common in certain areas of Orange County.

However, some sellers are still hesitant, particularly those locked into lower mortgage rates. Despite this, "life happens" events—such as marriage, divorce, or needing more space—are driving more inventory onto the market. This influx is expected to continue, providing more options for buyers.

While some experts predict a potential drop in home prices nationally due to affordability issues and economic uncertainty, others believe prices will remain stable or even rise slightly, driven by high demand and low supply. In Orange County, the market remains competitive, and sellers are advised to make necessary upgrades to make their homes stand out and attract the best offers.

The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report June 17, 2024: Local Agents Make A Difference

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week we highlighted the inventory increases both nationally and in Orange County. This week, we observed a small increase in inventory. The list price versus close price remains narrow, with properties selling for an average of $2,655 over the asking price. This trend suggests that we are gradually moving toward a buyer's market. Although the days on market for Orange County remain robust, sellers are becoming anxious due to national media reports on high-interest rates and inventory increases, which could potentially lead to a housing downturn.

Philadelphia Federal Reserve President Patrick Harker has noted an "air of uncertainty" surrounding inflation, suggesting the possibility of just one rate cut this year if inflation continues to decelerate as anticipated (Bureau of Labor Statistics). This economic backdrop underscores the importance for buyers to negotiate diligently with sellers and to conduct thorough due diligence when inspecting properties.

Orange County Housing Inventory

This week in Orange County, the inventory statistics have remained stable. For the first time this year, we breached the 3,000 mark, supported by two consecutive weeks of a significant number of new listings and a steady rate of new closings.

Inventory Data	Today	Last Week
United States Single Family Homes	621,401	617,678
Orange County - All Properties	3,083	2,950
OC Under Contract & Pending	2,008	2,042
OC New Listings Last 7 Days	767	925
OC Sold Last 7 Days	491	508

Orange County Days on Market Statistics

OC Days On Market	Today	Last Week
Average Days On Market	49	450
Median Days On Market	26	27
Under $1,000,000	20	20
$1,000,000 - $2,000,000	18	19
Over $2,000,000	44	41

Orange County Key Housing Statistics

Our key housing statistics continue to be stable. The most notable change last week was the median close price of condos and townhomes, which dropped to $770,000 from $818,000. Additionally, the sold price versus list price narrowed to just $2,655 over asking. These trends indicate that sellers are becoming more flexible and willing to negotiate on the final price.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,999,000	$1,999,890
OC Median List Price Condo/Townhomes	$845,000	$849,900
Median Closed Price SFR Last 7 Days	$1,400,000	$1,472,500
Median Close Price Condo/Townhomes Last 7 Days	$770,000	$818,000
Sold Price VS List Price	.17%Over - $2,655	.55%Over - $8,325

The Perils of Tech in Real Estate: Why Local Agents in Orange County Still Matter

New listing in the Mesa Verde neighborhood of Costa Mesa - Single Level and New Build.

Orange County Real Estate Market Report June 10, 2024: Did You Say Inventory?

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we discussed the notable increases in inventory both nationally and in Orange County. We highlighted areas experiencing significant price reductions among listed properties, with Florida seeing a slight loss in value. Despite these trends, sales volumes have been on the rise, indicating robust buyer interest. Inventory remains the main focus, and we noted that the market dynamics are shifting as more properties become available. In Orange County, we saw steady days on market, suggesting balanced buyer demand.

Orange County Housing Inventory

This week, the focus remains on inventory levels, both nationally and in Orange County. Nationally, inventory has shown significant increases, with active single-family inventory up by 2% week-over-week and 37.8% year-over-year.

In Orange County, we had a substantial increase in new listings, with 925 new residential properties listed in the past seven days. This is a record for 2024 and likely the highest weekly total since the pandemic began.

The addition of 925 new listings is a significant increase and indicates a potential shift in the market. This influx could change the market dynamics over the next 30 days as more options become available to buyers.

Inventory Data	Today	Last Week
United States Single Family Homes	617,678	605,052
Orange County - All Properties	2,950	2,897
OC Under Contract & Pending	2,042	2,021
OC New Listings Last 7 Days	925	663
OC Sold Last 7 Days	508	446

Orange County Days on Market Statistics

OC Days On Market	Today	Last Week
Average Days On Market	50	50
Median Days On Market	27	26
Under $1,000,000	20	21
$1,000,000 - $2,000,000	19	18
Over $2,000,000	41	44

Orange County Key Housing Statistics

In Orange County, the median close price for single-family homes dropped to $1,377,000 last week but has rebounded to $1,472,500 this week.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,999,890	$1,997,500
OC Median List Price Condo/Townhomes	$849,900	$850,000
Median Closed Price SFR Last 7 Days	$1,472,500	$1,377,000
Median Close Price Condo/Townhomes Last 7 Days	$818,000	$797,500
Sold Price VS List Price	.55%Over - $8,325	.16% Over - $2,500

The Value of Market Reports

When pricing your home to sell, the value of detailed market reports for your city and neighborhood cannot be overstated. These reports provide essential insights into current market conditions, helping you set a competitive and realistic price for your property. Access all the relevant data and more insights by visiting this link.

Selling a home in a market with less buyer competition can be challenging but manageable with the right strategy. In such conditions, it’s crucial to make your home as attractive as possible to the limited pool of buyers. This involves ensuring that your property is in top condition, which may include making necessary repairs, enhancing curb appeal, and staging the home to highlight its best features. Competitive pricing is also vital; setting a realistic and appealing price can help attract serious buyers quickly. Additionally, effective marketing is essential. Utilizing professional photography, virtual tours, and comprehensive online listings can make a significant difference. Partnering with an experienced real estate agent, like those at Orange County Real Estate, Inc., can provide you with expert advice and access to a broader network of potential buyers, ensuring that your home stands out even in a slower market.

Orange County Real Estate Market Report June 3, 2024: Balancing Act As Sales Volume Increases

Why Trust Orange County Real Estate, Inc.?

Market Trends

The inventory in Orange County continues to grow, partly influenced by steady interest rates near 7%. This trend is observed nationwide, with some states experiencing slight declines in home values. For instance, Florida has seen a definitive decline, while Arizona and Texas hover on the brink. Nationally, the median sales price for single-family homes is $453,000, reflecting a modest 1% increase from the previous two years, indicating reduced annual gains.

In contrast, Orange County's median list price for single-family homes remains robust, hovering around $2,000,000. This is a significant increase from April and May of 2022, when the median list price was approximately $1,750,000, showcasing continued annualized gains.

Interest Rates:

Last week, mortgage rates experienced a brief spike on Tuesday and Wednesday, which has since been corrected. Despite rates hovering near 7%, some institutional lenders are offering "Relationship Pricing Discounts" or "Portfolio Pricing" for clients who bank with them. For example, one of our buyer clients recently secured a 6% fixed rate with deposits through Bank of Montreal/BMO. To learn more about BMO home loans, contact our representative, Traci Schram at this link.

Home Sales Volume:

In recent months, Orange County has witnessed an increase in sales volume as inventory levels rise, providing buyers with more options. This surge in market activity is also attributed to buyers acclimating to the new normal of 7% interest rates. This adjustment period, which began in 2023, has seen buyers gradually accept these higher rates, leading to a recovery in sales volumes. For instance, in May 2024, the total residential sales volume in Orange County reached 2,118 transactions, up from 1,718 homes sold in May 2023.

As of June 2024, Orange County continues to be one of the counties in California with the highest median sales prices for single-family homes. The median close price for existing single-family homes in Orange County reached over $1.4 million in March 2024, reflecting a 12% year-over-year increase. This figure places Orange County among the top regions in terms of property value, ahead of many other counties in the state.

Orange County Housing Inventory

Inventory Data	Today	Last Week
United States Single Family Homes	605,052	595,267
Orange County - All Properties	2,897	2,811
OC Under Contract & Pending	2,021	2,025
OC New Listings Last 7 Days	663	613
OC Sold Last 7 Days	446	486

Orange County Days on Market Statistics

Orange County's DOM statistics continue to indicate a seller's market. It's surprising to see markets like San Francisco and Los Angeles see faster turnover than Orange County.

OC Days On Market	Today	Last Week
Average Days On Market	50	51
Median Days On Market	26	26
Under $1,000,000	21	19
$1,000,000 - $2,000,000	18	19
Over $2,000,000	44	45

Orange County Key Housing Statistics

The recent data presents an intriguing picture of the Orange County real estate market. While we still see some buyer competition for excellent homes, this activity is slowing. Homes are seeing fewer immediate sales and fewer multiple offers, which is why the sold price versus list price has become more stable and equal. Although there is still buyer competition, the number of buyers in the market has decreased. Mortgage applications, a good measurement of buyer participation, have reflected this trend. According to the Mortgage Bankers Association, new loan application activity decreased by 7.2% from the previous month, with purchase applications falling by 11.4% compared to the same period last year. This decline in applications indicates fewer buyers in the market, contributing to the stabilization of home prices and less intense bidding wars.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,997,500	$1,999,995
OC Median List Price Condo/Townhomes	$850,000	$849,000
Median Closed Price SFR Last 7 Days	$1,377,000	$1,450,000
Median Close Price Condo/Townhomes Last 7 Days	$797,500	$760,000
Sold Price VS List Price	.16%Over - $2,500	.6% Over - $9,690

The Value of Market Reports

Orange County Real Estate Market Report May 27, 2024: Much of the same or Inventory Increases

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we highlighted the increase in housing inventory both locally and nationally. This trend continues, driven by high inflation and high mortgage rates. Despite these gains, the market remains challenging for many buyers.

Homeowners in Orange County continue to experience property appreciation as demand outstrips supply. We advise buyers to consider listings over 90 days old for potential opportunities. Currently, only 14.5% of listings are over 90 days, compared to 30% pre-pandemic, indicating high competition and quick property turnover. Take a look at all the properties listed for sale in Orange County over 90 days at this link.

Make sure your property doesn't end up on the 90+ day list. Check out this quick blog for some practical ideas to consider when selling your home.

Orange County Housing Inventory

This week saw slight gains in inventory despite a reduction of 100 new listings compared to last week.

Inventory Data	Today	Last Week
United States Single Family Homes	595,267	578,390
Orange County - All Properties	2,811	2,775
OC Under Contract & Pending	2,025	2,022
OC New Listings Last 7 Days	613	719
OC Sold Last 7 Days	486	509

Orange County Days on Market Statistics

The low inventory in Orange County continues to fuel intense buyer competition, resulting in shorter days on the market for properties. High mortgage rates are deterring some buyers, but the limited supply creates the illusion of strong demand. If inventory levels rise without a decrease in mortgage rates, the market could shift in favor of buyers, potentially leading to lower property values. However, if an increase in inventory is paired with lower interest rates, it would likely attract more buyers, causing a buying frenzy and maintaining the market as a seller's market.

OC Days On Market	Today	Last Week
Average Days On Market	51	48
Median Days On Market	26	24
Under $1,000,000	19	18
$1,000,000 - $2,000,000	19	17
Over $2,000,000	45	40

Orange County Key Housing Statistics

Properties in Orange County continue to sell slightly over asking price, averaging $9,690 above the listed price. Learn more about our strategies for writing successful offers on our blog.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,999,995	$2,000,000
OC Median List Price Condo/Townhomes	$849,000	$824,900
Median Closed Price SFR Last 7 Days	$1,450,000	$1,415,000
Median Close Price Condo/Townhomes Last 7 Days	$760,000	$780,000
Sold Price VS List Price	.6%Over - $9,690	.85% Over - $14,500

The Value of Market Reports

As the population of Orange County ages, we are seeing a higher demand for single-level homes. Visit this link to see single-level homes in Orange County.

Orange County Real Estate Market Report May 20, 2024: Pressure on Home Prices Continues

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we highlighted that buyers and sellers were re-entering the market. However, affordability remains a challenge for Orange County families, as the median closing price of homes has reached $1,400,000. For a deeper analysis, you can read our recent blog post here.

Additionally, last week saw the median closing price for condos and townhomes jump to $894,000, which was due to incorrect data input on the MLS. We apologize for not catching this error before last week's report.

This week, we are focusing on inventory gains both in Orange County and across the country. Currently, the U.S. housing inventory of single-family homes stands at 578,390, which is 36% higher than this time last year. Notably, every state has more inventory than this time last year.

The median sales price of single-family homes in the U.S. is $450,000, matching the previous highs of 2022 and 2023. There are still no signs of significant value loss for residential real estate as a whole. Some areas, like Florida and Texas, may see small dips due to the quick supply increase.

Orange County Housing Inventory

In Orange County, there is now 21% more inventory for all residential real estate compared to the same time last year, although it remains significantly below pre-pandemic levels.

Property values in Orange County continue to outperform the rest of the country.

With approximately 1.1 million residential units, the county's limited housing supply compared to neighboring counties is a significant factor driving continued appreciation. For comparison, Los Angeles County has about 3.6 million residential units, and San Diego County has around 1.2 million units, highlighting the regional differences in housing stock and market dynamics.

Inventory Data	Today	Last Week
United States Single Family Homes	578,390	568,471
Orange County - All Properties	2,775	2,629
OC Under Contract & Pending	2,022	2,115
OC New Listings Last 7 Days	719	663
OC Sold Last 7 Days	509	462

Orange County Days on Market Statistics

Buyer competition remains high due to low inventory, keeping days on market low. However, we anticipate that competition may intensify if mortgage rates decrease slightly. Conversely, a significant increase in inventory and stable high rates might cool the market.

OC Days On Market	Today	Last Week
Average Days On Market	48	49
Median Days On Market	24	25
Under $1,000,000	18	18
$1,000,000 - $2,000,000	17	19
Over $2,000,000	40	40

Orange County Key Housing Statistics

Properties in Orange County continue to sell slightly over asking, averaging $14,500 above the listed price. Despite lower overall buyer participation compared to pandemic levels, buyer competition is putting pressure on closing prices and offer strategies. Read our blog post about our strategy for writing successful offers and winning in this competitive market at this link.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,000,000	$2,095,000
OC Median List Price Condo/Townhomes	$824,900	$830,000
Median Closed Price SFR Last 7 Days	$1,415,000	$1,375,000
Median Close Price Condo/Townhomes Last 7 Days	$780,000	$898,000
Sold Price VS List Price	.85%Over - $14,500	.8% Over - $12,150

The Value of Market Reports

As the population of Orange County ages, we are seeing a higher demand for single-level homes. Visit this link to see single-level homes in Orange County.

Orange County Real Estate Market Report May 13, 2024: Buyer's or Seller's Market

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we highlighted a slight increase in inventory in Orange County, with new listings reaching a weekly high of 711 over those 7 days. We discussed how first-time homebuyers are struggling to enter the market due to high mortgage payments on properties priced around $1,000,000 and we took a look at the numbers. Our recent blog post expands on the affordability challenges in Orange County compared to national averages, which you can read here.

Recent economic reports have slightly reduced mortgage rates, potentially enticing both sellers and buyers back into the market. Despite this, the median monthly housing payment in the U.S. reached a record $2,894 for the four weeks ending May 5, up 14% from the previous year, with home prices also rising by 4.5% to record levels. Today, a typical Orange County homebuyer faces monthly payments of $8,730, including taxes and insurance, marking a 39% increase from two years ago.

Buyer's Market or Seller's Market

The current market conditions in Orange County distinctly favor sellers, as evidenced by the consistently low days on market and robust buyer competition. These factors place sellers in a commanding position. With buyers eagerly competing for limited inventory, sellers are often able to achieve favorable sale terms, including higher selling prices and quicker closings. Read our blog post about crafting winning offers in a competitive market and what home sellers should look for at this link.

Orange County Housing Inventory

Inventory levels have continued to rise this week now sitting at 2,629 residential units for sale. Although the number of homes going under contract has stabilized at around 2,000 for the past two months, both new and closed listings have experienced a slight downturn.

Inventory Data	Today	Last Week
United States Single Family Homes	568,471	559,744
Orange County - All Properties	2,629	2,584
OC Under Contract & Pending	2,115	2,113
OC New Listings Last 7 Days	663	711
OC Sold Last 7 Days	462	505

Orange County Days on Market Statistics

OC Days On Market	Today	Last Week
Average Days On Market	49	49
Median Days On Market	25	24
Under $1,000,000	18	18
$1,000,000 - $2,000,000	19	18
Over $2,000,000	40	39

Orange County Key Housing Statistics

This week, we've observed a significant increase in the median closing price for condos and townhomes, now at $898,000, up from $720,000 at the start of the year. This price surge reflects the high demand for the most affordable housing options in Orange County, significantly affecting current homeowners and potential new buyers alike.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,095,000	$2,000,000
OC Median List Price Condo/Townhomes	$830,000	$822,495
Median Closed Price SFR Last 7 Days	$1,375,000	$1,405,000
Median Close Price Condo/Townhomes Last 7 Days	$898,000	$842,500
Sold Price VS List Price	.8% Over - $12,150	1% Over - $15,294

The Value of Market Reports

Orange County Real Estate Market Report May 6, 2024: The Cost Of A Million Dollar House

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we highlighted a 32% increase in national home listings, with Orange County trailing slightly behind this trend. Notably, states like Florida and Texas have seen significant rises in housing inventory, potentially due to increases in insurance costs and real estate taxes prompting second homeowners to sell amidst fears of a market downturn.

However, buyer participation remains subdued, largely due to the affordability challenges in Orange County's robust market. For instance, a typical 10% down payment on a $1 million home with a 7% interest rate would lead to a monthly mortgage payment of $6,906, including taxes and insurance. This requires buyers to earn a minimum monthly income of $15,500, not accounting for any additional financial obligations. To navigate these high costs, many buyers are turning to family support for help with down payments and income qualification.

Opportunities may arise from homes listed for over 90 days. Currently, 340 properties fit this category, and they can be viewed at this link.

Orange County Housing Inventory

In Orange County, the inventory of homes for sale rose to 2,584 this week, up from 2,455 last week, accompanied by increases in homes sold and new listings—a promising sign for prospective buyers. The cost to move or downsize continues to be prohibitive unless considering an upgrade in lifestyle to properties like ocean view homes. Learn more about strategic downsizing on our blog at this link.

Inventory Data	Today	Last Week
United States Single Family Homes	559,744	556,492
Orange County - All Properties	2,584	2,455
OC Under Contract & Pending	2,113	2,148
OC New Listings Last 7 Days	711	613
OC Sold Last 7 Days	505	461

Orange County Days on Market Statistics

The days on market statistics have remained consistent over the past month, indicating a continued high demand coupled with limited inventory. Should interest rates experience even a slight decrease, we expect an influx of buyers into the market. This could lead to rapid sales of newly listed inventory, further propelling home values upward.

OC Days On Market	Today	Last Week
Average Days On Market	49	50
Median Days On Market	24	24
Under $1,000,000	18	19
$1,000,000 - $2,000,000	18	17
Over $2,000,000	39	40

Orange County Key Housing Statistics

This week's key statistics show a rise in the closing prices for single-family homes, as well as for condos and townhomes. This trend of gradual increases has been consistent. As of May 2023, the median closing price for single-family homes was $1,245,000, and for condos and townhomes, it was $740,000. While these figures may vary weekly, they clearly demonstrate a sustained upward trend over the past year and, more broadly, since 2009.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,000,000	$2,060,000
OC Median List Price Condo/Townhomes	$822,495	$824,9950
Median Closed Price SFR Last 7 Days	$1,405,000	$1,360,000
Median Close Price Condo/Townhomes Last 7 Days	$842,500	$790,000
Sold Price VS List Price	1% Over - $15,294	.7% Over - $10,430

The Value of Market Reports

Orange County Real Estate Market Report April 29, 2024: Orange County Homes Up In Value

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week we discussed the low buyer participation and perceived high demand, driven by limited inventory in Orange County. We reviewed ongoing appreciation trends in home values and the mortgage rate outlook, which suggests no significant decrease this year.

This week's data show no notable fluctuations. Although seller growth in Orange County trails behind the national average, there is a significant 32% increase in single-family homes for sale in the United States compared to last year, now totaling 556,492. In contrast, Orange County saw a slight dip in total inventory over the past week. Notably, states like Florida and Texas are experiencing significant inventory increases, particularly in second homes and vacation properties, as soaring insurance costs prompt homeowners to sell.

The U.S. market is witnessing an increase in homes with price reductions; 32% of homes listed now show a price cut, the highest in April over the past decade. In Orange County, where inventory remains low, fewer than 20% of homes have reduced prices.

Opportunities may arise from homes listed for over 90 days. Currently, 340 properties fit this category, and they can be viewed at this link.

Orange County Housing Inventory

This week, Orange County has seen a reduction in overall inventory, new listings, and sales, yet there's been a notable increase in properties going under contract. A significant factor contributing to our low inventory is that 60% of homeowners have interest rates locked under 4%, making the cost to move or downsize prohibitive unless considering an upgrade in lifestyle to properties like ocean view homes. Learn more about strategic downsizing on our blog at this link.

Inventory Data	Today	Last Week
United States Single Family Homes	556,492	543,300
Orange County - All Properties	2,455	2,512
OC Under Contract & Pending	2,148	2,039
OC New Listings Last 7 Days	613	664
OC Sold Last 7 Days	461	497

Orange County Days on Market Statistics

Despite fewer buyers, the demand still outstrips supply, as evidenced by the low days on market across all price ranges. Luxury homes that sell in under two months are quickly snapped up. When the days on market numbers increase to 45 and 60 days, we typically see a rise in the number of homes with price reductions, which generally occurs during the fall and winter months. This is why it's surprising to see so many homes with price reductions in the U.S. market at this time.

OC Days On Market	Today	Last Week
Average Days On Market	50	49
Median Days On Market	24	22
Under $1,000,000	19	18
$1,000,000 - $2,000,000	17	14
Over $2,000,000	40	40

Orange County Key Housing Statistics

There are only slight changes in key statistics. It’s surprising to see homes selling so close to their listing prices, with our buyer clients often competing with multiple offers and overbidding. On average, homes sold for $10,000 above the asking price, a 0.7% increase. If inventory in Orange County rises, we may see homes selling below the asking price.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,060,000	$1,950,000
OC Median List Price Condo/Townhomes	$824,995	$820,000
Median Closed Price SFR Last 7 Days	$1,360,000	$1,390,000
Median Close Price Condo/Townhomes Last 7 Days	$790,000	$798,000
Sold Price VS List Price	.7% Over - $10,430	.1% Over - $1,500

The Value of Market Reports

Orange County Real Estate Market Report April 22, 2024: Assessing Buyer Demand

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, homes continued to sell above list price. This week, they sold for an average of .1% over, or approximately $1,500 above list price. With the recent surge in inventory, it is increasingly likely that this modest over-list selling will not persist, and we may see homes selling closer to, or even at, their listed prices in the coming months.

In our previous discussion, we addressed the home buyer demand dilemma, noting that demand is typically measured by days on market. Orange County consistently exhibits very low days on market across all price segments, suggesting high demand. However, we have observed that buyer participation is somewhat subdued compared to previous years, and the low days on market primarily result from the very limited inventory. As inventory increases, while mortgage rates remain stable and buyer participation stays constant, the days on market are expected to rise, aligning more closely with actual buyer participation/demand. Currently, buyers are fiercely competing to secure the limited inventory available, creating the impression of high demand driven primarily by low supply.

Home Values Outlook In Orange County

Do I think home values will decline in Orange County? I do not. The region consistently demonstrates sufficient buyer interest to maintain upward pressure on prices. While there may be occasional weeks when homes sell below asking price, typically this occurs when sellers set their prices too high. In a recent blog post, I analyzed statistics that showed sellers were increasing their net gains by listing their homes above market value. For more details, please read that blog here.

Mortgage Rate Outlook

Analysts indicate that although there's been a slight ease in inflation, it remains stubbornly high, which affects mortgage rates. The Federal Reserve's cautious stance on adjusting interest rates further implies that substantial drops in mortgage rates aren't likely in the immediate future. The next Fed meeting is not expected to result in a rate cut, with more significant changes possibly not occurring until mid-year.

Orange County Housing Inventory

This week, the Orange County real estate market has experienced a significant increase in available housing inventory. For the first time in recent memory, the number of residential units listed for sale has surpassed 2,500. This uptick is not isolated to our region alone; a similar trend is observed nationwide, signaling a potential shift in the market dynamics.

Inventory Data	Today	Last Week
United States Single Family Homes	543,300	526,411
Orange County - All Properties	2,512	2,384
OC Under Contract & Pending	2,039	2,050
OC New Listings Last 7 Days	664	668
OC Sold Last 7 Days	497	419

Orange County Days on Market Statistics

From last week: In real estate, a shorter duration of days on market typically signals stronger demand. This week, we've observed low days on market stats across all price ranges in Orange County, further underscoring this relationship.

Despite this apparent high demand, the situation raises a critical question: Are there more buyers than usual, or is the inventory simply lower? The intense competition and the low days on market may give the impression of high demand. However, the reality is that there are actually fewer buyers participating in the market now than in both pre-pandemic and during-pandemic levels.

OC Days On Market	Today	Last Week
Average Days On Market	49	50
Median Days On Market	22	24
Under $1,000,000	18	18
$1,000,000 - $2,000,000	14	14
Over $2,000,000	40	39

Orange County Key Housing Statistics

This week, we've observed a downward shift in the median list price in Orange County from $1,990,000 to $1,950,000. We will continue to monitor this trend closely in the upcoming reports to determine if sellers are indeed starting to price their homes nearer to market value, which could influence both the speed of sales and the overall market dynamics.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,950,000	$1,995,000
OC Median List Price Condo/Townhomes	$820,000	$818,000
Median Closed Price SFR Last 7 Days	$1,390,000	$1,460,000
Median Close Price Condo/Townhomes Last 7 Days	$798,000	$775,000
Sold Price VS List Price	.1% Over - $1,500	.88% Over - $14k

The Value of Market Reports

Orange County Real Estate Market Report April 15, 2024: Housing Inventory And Mortgage Rates Increase

Why Trust Orange County Real Estate, Inc.?

Market Trends

Last week, we observed homes selling for under the asking price. This appears to have been a minor anomaly in the data. This week, homes sold for nearly 1% above the asking price, marking the sixth occurrence in the past seven weeks. Although we anticipate this trend to continue, the recent unexpected rise in both mortgage rates and inventory levels could prompt a shift in market dynamics. This may lead to a period where buyers and sellers are more inclined to negotiate, ultimately finding common ground.

In real estate, demand is often gauged by the number of days properties stay on the market. Typically, fewer days on the market signifies higher demand. Currently, our market in Orange County is experiencing record-low levels of inventory, which has coincided with the days on market that are near historical lows. This trend of low days on the market persists not necessarily due to high demand, but because of the exceptionally low inventory levels.

Despite the low supply, it appears there are fewer buyers compared to pre-pandemic levels. This suggests that while there are still more buyers than sellers, the number of potential buyers has decreased from what was seen before the pandemic. As inventory levels begin to rise in Orange County, it will be crucial to observe whether the number of potential buyers increases, remains stable, or decreases. Each of these scenarios will differently impact the market dynamics.

Orange County Housing Inventory

This week’s report reveals a notable increase in housing inventory both in Orange County and across the United States. In Orange County alone, we observed a significant rise, with inventory levels increasing to 2,384 properties for sale. Additionally, the number of new listings has surged, with over 668 new properties hitting the market in the past seven days. This uptick suggests a more dynamic market, potentially offering more options for buyers and influencing future pricing trends.

Inventory Data	Today	Last Week
United States Single Family Homes	526,411	513,163
Orange County - All Properties	2,384	2,300
OC Under Contract & Pending	2,050	1,991
OC New Listings Last 7 Days	668	706
OC Sold Last 7 Days	419	461

Orange County Days on Market Statistics

In real estate, a shorter duration of days on market typically signals stronger demand. This week, we've observed low days on market stats across all price ranges in Orange County, further underscoring this relationship.

Given the low inventory levels, the quick sales may not necessarily reflect an increase in buyer activity but rather the limited availability of homes. As inventory starts to increase, it will be crucial to monitor whether this leads to a corresponding rise in the number of potential buyers, which could significantly alter these dynamics.

OC Days On Market	Today	Last Week
Average Days On Market	50	47
Median Days On Market	24	19
Under $1,000,000	18	18
$1,000,000 - $2,000,000	14	14
Over $2,000,000	39	41

Orange County Key Housing Statistics

Turning to key housing statistics, the median closing price for single-family homes in Orange County remains elevated, currently standing at $1,460,000 down $15,000 from last week. To provide context, back in January, the median closing price was $1,260,000. This substantial increase over just a few months highlights the significant growth in the market value of properties. Such a rapid rise underscores the competitive nature of the local real estate market despite the fluctuations in buyer participation and inventory levels.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,995,000	$1,995,000
OC Median List Price Condo/Townhomes	$818,000	$799,000
Median Closed Price SFR Last 7 Days	$1,460,000	$1,475,000
Median Close Price Condo/Townhomes Last 7 Days	$775,000	$830,000
Sold Price VS List Price	.88% Over-$14,000	.09% Under

Orange County Real Estate Market Report April 8, 2024: Housing Inventory Increases

Why Trust Orange County Real Estate, Inc.?

Market Trends

In our previous update, we highlighted a trend of homes selling above their asking prices for five consecutive weeks. This trend was anticipated to persist throughout the summer months. Contrary to expectations, however, this week observed homes selling below their asking prices by an average of $1,400—a minor but surprising deviation, given the intense buyer competition, as indicated by the brief days on market.

Given these dynamics, it's imperative for buyers to approach their home search with vigilance and to employ strategies that include securing rate locks and aiming for shorter escrow periods. Similarly, sellers must exercise caution, meticulously reviewing all offers and verifying buyers' genuine intentions to proceed with their purchases. While the highest offer may seem attractive, it's crucial to remember that its value is moot if the transaction does not ultimately close. The capacity to close is a critical factor, often outweighing the appeal of the highest bid.

Orange County Housing Inventory

This week's report highlights a significant uptick in inventory, with such a considerable increase that we have surpassed last year's mark. Additionally, the market welcomed 706 new listings in the past seven days.

Inventory Data	Today	Last Week
United States Single Family Homes	513,163	517,250
Orange County - All Properties	2,300	2,154
OC Under Contract & Pending	1,991	1,986
OC New Listings Last 7 Days	706	529
OC Sold Last 7 Days	461	503

Orange County Days on Market Statistics

Across all price ranges, the days on market have decreased, notably in the $1 million to $2 million price range, where it now stands at only 14 days, down from last week's low of 17 days.

OC Days On Market	Today	Last Week
Average Days On Market	47	54
Median Days On Market	19	26
Under $1,000,000	18	20
$1,000,000 - $2,000,000	14	17
Over $2,000,000	41	44

Orange County Key Housing Statistics

Turning to key housing statistics, the median closing price for single-family homes remains high at $1,475,000. To put this into perspective, in January, the median closing price for single-family homes was $1,260,000, indicating substantial growth in the market value of properties within just a few months.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,995,000	$2,095,000
OC Median List Price Condo/Townhomes	$799,000	$799,000
Median Closed Price SFR Last 7 Days	$1,475,000	$1,444,595
Median Close Price Condo/Townhomes Last 7 Days	$830,000	$740,000
Sold Price VS List Price	.09% Under-$1,400	1% Over

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

Orange County Real Estate Market Report April 1, 2024: Orange County's Unique Housing Trends, Standing Apart From National Averages

Why Trust Orange County Real Estate, Inc.?

Market Trends

For the fifth consecutive week, homes in Orange County have sold for above the asking price, this week the increase is 1% over asking. This trend is expected to persist. We observed a notable rise in the median closing price of single-family homes to $1,470,000 from $1,311,250 last week. This week, the median closing price has stabilized at $1,444,595. For those interested, the average closing price for single-family homes in Orange County, California, over the past seven days was $1,911,916, with a total of 319 closings. The average close price can have major swings week to week so we focus on the median close price.

Contrary to the national housing news highlighting a year-over-year 18% increase in inventory across all markets, Orange County's situation is slightly different. We have 4.5% fewer listings compared to last year. For the last week of March 2023, there were 2,253 properties for sale in Orange County with 1,946 properties having accepted an offer. This week, the number stands at 1,986 properties that have accepted an offer. The statistics remain very similar to those of March 2023, but with less inventory, while the rest of the country has seen a significant increase in inventory levels.

The Orange County real estate market often displays statistical differences from the rest of the country due to several compelling factors that make it a uniquely desirable place to live. These factors not only contribute to a high demand for housing in the area but also influence the market's resilience and distinct trends compared to national averages. Here are the contributing factors to our housing market:

Desirable Location and Lifestyle
Proximity to Major Economic Centers
High-quality Education Systems
Safety and Community Well-being
Quality of Life

Here are this week's statistics

Orange County Housing Inventory

This week's inventory statistics reveal a slight downturn across all categories, yet we anticipate a gradual increase in inventory moving forward. A significant trend contributing to this inventory growth is the movement of individuals opting to downsize. In Orange County, the concept of downsizing offers a unique perspective that doesn’t necessarily equate to a compromise in lifestyle or quality of living. On the contrary, downsizing in this region can open up new opportunities for luxury and comfort.

For many, downsizing presents an opportunity to transition into ocean-view homes that offer breathtaking views and a serene lifestyle, allowing homeowners to enjoy the beauty of coastal living without the maintenance demands of larger properties.

Orange County is home to several prestigious retirement communities that are designed to cater to a vibrant lifestyle, offering amenities such as golf courses, clubhouses, fitness centers, and social clubs. These communities are not just about downsizing in terms of space; they are about upgrading the quality of life. They offer a secure, maintenance-free lifestyle with plenty of opportunities for social engagement, physical activity, and leisure, making them an attractive option for those looking to downsize.

Inventory Data	Today	Last Week
United States Single Family Homes	517,250	513,522
Orange County - All Properties	2,154	2,208
OC Under Contract & Pending	1,986	1,996
OC New Listings Last 7 Days	529	591
OC Sold Last 7 Days	503	414

Orange County Days on Market Statistics

The recent days on market (DOM) statistics indicate an uptick across all price categories, except for properties priced between $1 million and $2 million. This specific segment of the Orange County real estate market is more swiftly compared to other price ranges.

OC Days On Market	Today	Last Week
Average Days On Market	54	52
Median Days On Market	26	24
Under $1,000,000	20	17
$1,000,000 - $2,000,000	17	18
Over $2,000,000	44	40

Orange County Key Housing Statistics

The recent movement in the median list price in Orange County, where it surged to $2,095,000, presents a noteworthy trend in the local real estate market. Initially perceived as a potential anomaly when it first spiked two weeks ago, before dropping back down, this rebound in median list price suggests a stronger undercurrent that might indicate its persistence. Also, note the median close price holding over $1,400,000.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$2,095,000	$1,999,000
OC Median List Price Condo/Townhomes	$799,000	$796,994
Median Closed Price SFR Last 7 Days	$1,444,595	$1,470,000
Median Close Price Condo/Townhomes Last 7 Days	$740,000	$805,000
Sold Price VS List Price	1% Over - $15,000	2% Over

Given these considerations, the observed increase in median list prices may indeed reflect a more lasting adjustment rather than a temporary fluctuation. It underscores the importance of closely monitoring market indicators, supply and demand dynamics, and broader economic conditions to understand future movements in the real estate market. For buyers, sellers, and investors in Orange County, staying informed and agile in response to these trends will be key to navigating the market effectively.

A newly listed luxury home at 1119 Dolphin Terrace in Corona Del Mar tests the market. Priced at $43,500,000, this brand-new construction spans 10,255 square feet, offering expansive living spaces that include 5 bedrooms and 8 bathrooms. Take a look at all the photos in the link.

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.

Orange County Real Estate Market Report March 25, 2024: Median List Price Falls Back In Place As Median Close Price Makes Significant Jump

Why Trust Orange County Real Estate, Inc.?

Market Trends

The Orange County real estate market remains competitive. For the fourth consecutive week, homes have sold above the asking price, with the price spread making a significant leap from 0.3% to 2%, equivalent to an increase of $33,000. We have anticipated this increase because our buyers our competing in the market and our sellers are receiving multiple offers. Our recent blog post delves into strategies for crafting winning offers in such a competitive landscape.

In our discussions with clients, we weigh the advantages and disadvantages of offering above the asking price. Each situation is unique, necessitating a careful consideration of the long-term implications of paying over the current market value. For those in search of their next home, the drive to secure the ideal property in the perfect neighborhood might justify going above and beyond financially. However, potential pitfalls, such as overpaying and the risk of a financial loss, should not be overlooked. For example, in the event of a job transfer necessitating a move, there's a real possibility of selling the property for less than its purchase price.

The future of the housing market is uncertain, yet the upcoming spring season is expected to introduce more listings alongside increased buyer demand.

Despite expectations of low interest rates, we anticipate that demand will continue to exceed supply, maintaining pressure on housing affordability. It's a complex market, and navigating it requires careful consideration and strategic planning.

Orange County Housing Inventory

We've observed modest increases across all key data metrics, signaling that the spring real estate market is in full swing. We have noticed a significant number of baby boomers cashing out and relocating out of California. For those contemplating a move or considering downsizing, we highly recommend our informative blog post on the topic of downsizing in Orange County. It's packed with valuable insights and tips to navigate this important decision.

Inventory Data	Today	Last Week
United States Single Family Homes	513,522	507,036
Orange County - All Properties	2,208	2,189
OC Under Contract & Pending	1,996	1,958
OC New Listings Last 7 Days	591	584
OC Sold Last 7 Days	414	397

Orange County Days on Market Statistics

The statistics for days on market have remained very low, further emphasizing the competitive nature of Orange County's real estate market. This metric is a clear indicator of the demand in our market.

OC Days On Market	Today	Last Week
Average Days On Market	52	54
Median Days On Market	24	24
Under $1,000,000	17	17
$1,000,000 - $2,000,000	18	18
Over $2,000,000	40	44

Orange County Key Housing Statistics

This week's key statistics reveal a noteworthy adjustment in the median list price, which has realigned to $1,999,000, down from the previous week's peak of $2,099,000. While last week's figure appears to have been an outlier, this week we've observed a significant surge in the median closing price, leaping to $1,470,000 from $1,311,250. Although this increase could also be momentary, it seems to reflect the ongoing competitive nature characterizing Orange County's real estate market.

Furthermore, it's important to highlight homes selling above the asking price, now reaching a 2% premium.

Key Stats - Orange County	Today	Last Week
OC Median List Price SFR	$1,999,000	$2,099,000
OC Median List Price Condo/Townhomes	$796,994	$779,900
Median Closed Price SFR Last 7 Days	$1,470,000	$1,311,250
Median Close Price Condo/Townhomes Last 7 Days	$805,000	$830,000
Sold Price VS List Price	2% Over - $33,640	.3% Over

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.

Orange County Real Estate Market Report March 18, 2024: Median List Price Makes Significant Jump

Why Trust Orange County Real Estate, Inc.?

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:

Inflation to work downward towards 2%
Consumer Price Index and Producer Price Index to have positive data.
Labor market data to be positive.

This Week’s Highlights

The median list price for single-family homes has surged to $2,099,000.
The median closed price of condos and townhomes has made a significant jump to $830,000.

With home prices on the rise, we're closely monitoring the market to see if this trend will adjust to a more sustainable level.

For Home Sellers

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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.

Orange County Real Estate Market Report March 11, 2024: The Right Real Estate Agent Will Make The Difference In This Competetive Market

Why Choose Us?

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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.

Orange County Real Estate Market Report March 4, 2024: Properties Sell For Over List Price

Why Choose Us?

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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.

Orange County Real Estate Market Report February 26th, 2024: Interest Rates Remain Over 7%

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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

Aliso Viejo House For Sale

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

Orange County Real Estate Market Report February 19th, 2024: Buyer Demand Continues

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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.

Orange County Real Estate Market Report February 12th, 2024: Sales Volume

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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

Orange County Real Estate Market Report February 5th, 2024: Where Are The Sellers?

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.

Orange County Housing Inventory

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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

Call or text 949-430-7500

Orange County Real Estate Market Report January 29, 2024: Housing Demand

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.

Orange County Housing Inventory:

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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

Personalized Approach To Real Estate

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.

Orange County Real Estate Market Report January 22, 2024: Where Is The Value?

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.

Orange County Housing Inventory:

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

Orange County Days on Market Statistics

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

Orange County Key Housing Statistics

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

Downsizing in Orange County

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.

Orange County Real Estate Market Report January 15, 2024: A New Year With High Expectations

Mid-January Housing Statistics and Forecast:

Inventory:

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

Days on Market:

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

Key Statistics:

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

Orange County Real Estate Market Report January 4, 2024: A Comprehensive Outlook

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

Orange County Real Estate Market Report December 4, 2023 - Navigating The Holiday Real Estate Landscape

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 Unveiled

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.

Orange County Real Estate Market Report November 27, 2023 - Navigating Current Real Estate Dynamics and Anticipating Market Trends

By Eric Engelbert

Inventory Decline During Thanksgiving Week:

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

Opportunities in Removed Listings:

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.

Median Home Price and Market Predictions:

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?

Orange County Days On Market:

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.

Orange County Real Estate Market Report November 20, 2023 - Navigating Varied Trends and Seasonal Nuances

By Eric Engelbert

National Real Estate Landscape:

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

Days on Market: A Delicate Adjustment in Buyer Dynamics

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

Key Stats: The Symphony of Negotiations Continues

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

Highlighted Sale: Newport Beach's Unique Transaction

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.

Orange County Real Estate Market Report November 13, 2023 - Trends, Withdrawals, and Noteworthy Closings

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.

Orange County Real Estate Market Report

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.

Orange County Housing Report

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.

Orange County Real Estate

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.

Orange County Real Estate Market Report November 6, 2023 - Inventory Trends, Key Insights, and Opportunities Ahead

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.

Orange County Housing Report

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.

Orange County Real Estate Market Report

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.

Orange County market report

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.

Real Estate In Orange County

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.

Orange County Holiday Real Estate 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.

Orange County Real Estate Market Report October 30, 2023

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.

Orange County Housing Report

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.

Inventory Data for Orange County and the US

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.

all cash home purchases in Orange County, CA

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

Orange County days on market are 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.

Orange County Real Estate Market Report October 24, 2023

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.

orange county housing 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.

Orange County Real Estate, Inc. market report

Orange County real estate market report

Orange County Real Estate Market Report October 16, 2023

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.

orange county real estate market report

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.

orange county real estate

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.

orange county housing report

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.

Orange County Real Estate Market Report October 9, 2023

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.

orange county housing report

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.

orange county housing market report

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.

Orange County Real Estate Market Report October 2, 2023

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.

orange county housing report

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.

orange county market report

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.

Orange County Housing Market Report

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.

Orange County Real Estate Market Report September 18th, 2023

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 housing report

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.

Orange County Real Estate Market Report

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.

Orange County Real Estate

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.

Orange County Real Estate Market Report September 5th, 2023

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.

orange county housing report

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.

orange county real estate market stats

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.

orange county housing report

Orange County Real Estate Market Report August 21, 2023

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.

Orange County Inventory

The days on market statistic continues to exhibit stability, remaining relatively unchanged.

days on market data for orange county

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.

Key statistics for the orange county real estate market

Orange County Real Estate Market Report August 14, 2023

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.

orange county real estate market report

The days on market statistics are basically unchanged, further illustrating the market's stability and steady trajectory.

orange county housing report

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.

orange county housing report

The remaining market statistics have demonstrated relative stability over the course of the year, maintaining a balanced and consistent performance.

Orange County Real Estate Market Report August 7, 2023

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. Orange County Real Estate Housing Inventory

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/) Orange County Market Report Days On Market

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. Orange County Real Estate Key Stats

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.

Orange County Real Estate Market Report July 31, 2023

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.

Orange County Real Estate Market Recap July 24, 2023

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.

What Will Cause The Orange County Real Estate Market To Crash? - July 19, 2023

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:

What are the current supply levels of residential properties for sale in Orange County, compared to pre-pandemic levels?
How long does it typically take for properties to sell in Orange County, based on the median days on market?
Despite the strong market and real estate values holding, what remains the biggest challenge in the Orange County real estate market?
Is the issue of affordability likely to lead to a decrease in home values?
What are the major industries driving the economy in Orange County, and how do they impact the stability of the real estate market?
Have mortgage rates played a significant role in affecting property values in Orange County in the past?

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. orange county market report

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

It's Tough To Be A Home Buyer Right Now - June 13, 2023

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.

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.

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 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.

Median Sales Price, still increasing
Price Reductions, price reductions have slightly increased to 17% which is well under the average of 25%
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:

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.
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.
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.
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.
30% of homes listed for sale had immediately accepted an offer.
18% of homes listed for sale had a price reduction. The normal pattern would be 30%.

Orange County real estate market, past 7 days:

628 new listings or coming soon listings
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:

laguna niguel market report

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

huntington beach real estate market report 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.

houses in orange county ca

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 real estate market

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!

Between Coming Soon, New Listings and Back on Market we have 719 "new" listings available in Orange County
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.

Have you been employed during the pandemic? Do you have an essential job?
How much savings do you have to put down for the purchase and how much will you have left for reserves?
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.

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
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.
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
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!
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
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

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 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 Timing the real estate market, Is now the right time to buy or sell?

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.