Orange County CA Housing Market Update – November 6, 2017
There are 36% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 16%. Fewer homes and condominiums are now priced below $500,000, and this price range is slowly disappearing.
Demand, the number of pending sales over the prior month, increased by 16 homes in the past couple of weeks, up 1%, and now totals 2,409. The average pending price is $879,146.
The average list price for all of Orange County remained at $1.7 million. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
For homes priced below $750,000, the market is HOT with an expected market time of just 40 days. This range represents 40% of the active inventory and 61% of demand.
For homes priced between $750,000 and $1 million, the expected market time is 51 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.
- For homes priced between $1 million to $1.25 million, the expected market time is 85 days, an extremely slight seller’s market with very slow appreciation.
- For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased from 111 days to 100.
- For homes priced between $1.5 million and $2 million, the expected market time decreased from 173 to 154 days.
- For luxury homes priced between $2 million and $4 million, the expected market time decreased from 218 days to 164 days.
- For luxury homes priced above $4 million, the expected market time increased from 326 to 424 days.
- The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 13% of demand.
The expected market time for all homes in Orange County decreased in the past couple of weeks from 65 days to 61 days, a tepid seller’s market (60 to 90 days).
2,543 homes were sold last month during October 2017, which was down by 1% from October 2016’s 2,575 closed sales – and we are in a normal fall market where number of home sales decline during October.
By Harrison K. Long – Professional real estate representative, REALTOR® and Real estate broker – CALBRE #01410855 – broker 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 Housing Market Update – November 6, 2017”