Orange County CA Home Selling Market Update shows active listing inventory of homes for sale now totals 5,493 (which number is down as compared with last year) and trend expected to continue through the end of the year.
The average list price for all of Orange County is at $1.7 million, which is high due to the mix of homes in the luxury ranges that stay on the market a long time.
For homes priced below $750,000, the market is still hot with an expected market time of 41 days (This range represents 38% of the active inventory and 62% of demand).
For homes priced between $1 million to $1.25 million, the expected market time is 97 days (balanced market that does not favor a buyer or seller).
For luxury homes priced between $1.25 million and $1.5 million, the expected market time is 99 days and favors buyers. For homes priced between $1.5 million and $2 million, the expected market time decreased from 171 to 169 days and favors buyers. For luxury homes priced between $2 million and $4 million, the expected market time increased from 185 days to 264 days – and favors buyers.
The expected market time for all homes in Orange County is now at average of 90 days, moderate seller’s market.
We expect average market time for most price ranges to get longer, which is normal for Autumn home selling.
3,116 Orange County homes were sold with closed sales during August 2017 (a 12% increase over July 2017 and a 1.3% increase over August 2016).
By Harrison K. Long – Professional real estate representative, REALTOR® and Real estate broker – CALBRE #01410855 – associated with HomeSmart Evergreen Realty. Attorney member of CA State Bar Association #69137. Source of information for this article is Steven Thomas and his ReportsOnHousing.com and CRMLS multiple listing service.
“Orange County CA home selling market update – September 24, 2017”