Dana Point, CA
949.412.8472
Jen@DanaPointRealtor.com

Orange County Housing Market Summary (May 16, 2019)

RE/MAX Fine Homes

real estate content post

Orange County Housing Market Summary Week of May 16, 2019

  • The active listing inventory increased by 228 homes in the past two weeks, up 3%, and now totals 7,413, the highest level since September 2014. Last year, there were 5,730 homes on the market, 1,683 fewer than today. There are 29% more homes than last year.

 

  • The Expected Market Time for all of Orange County increased from 81 days two weeks ago to 84 days today, a slight Seller’s Market (between 60 to 90 days) and the highest level for this time of the year since 2011. It was at 63 days last year.

 

  • For homes priced below $750,000, the market is a slight Seller’s Market (between 60 and 90 days) with an expected market time of 61 days. This range represents 39% of the active inventory and 54% of demand.

 

  • For homes priced between $750,000 and $1 million, the expected market time is 63 days, a slight Seller’s Market. This range represents 18% of the active inventory and 24% of demand.

 

  • For homes priced between $1 million to $1.25 million, the expected market time is 93 days, a Balanced Market.

 

  • For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the expected market time decreased from 128 to 125 days. For homes priced between $1.5 million and $2 million, the expected market time increased from 134 to 174 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 228 to 262 days. For luxury homes priced above $4 million, the expected market time increased from 463 to 568 days.

 

  • The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 14% of demand.

 

  • Distressed homes, both short sales and foreclosures combined, made up only 0.8% of all listings and 1.4% of demand. There are only 22 foreclosures and 41 short sales available to purchase today in all of Orange County, 63 total distressed homes on the active market, down 5 in the last two-weeks. Last year there were 42 total distressed homes on the market, fewer than today.
  • There were 2,558 closed residential resales in April, 2% fewer than April 2018’s 2,614 closed sales. April marked a 13% increase from March 2019. The sales to list price ratio was 97.9% for all of Orange County. Foreclosures accounted for just 0.3% of all closed sales, and short sales accounted for 0.4%. That means that 99.3% of all sales were good ol’ fashioned sellers with equity.

If you would like more information regarding the Housing Market in Orange County, California contact Jennifer LaCharite HERE

Jennifer LaCharite, REALTOR®

Pacific Sotheby's International Realty

Direct: 949.412.8472

Email: Jen@danapointrealtor.com

DRE# 02077390