Orange County Home Sales Volume and Info

Yeah, there has been a trend over the past ten years or so where many fewer sellers list their home for sale. Here are some numbers:

There are 14,000,000+ residences in California

There are 7.5 million single family residences in California

There were 34,900 homes sold in Orange County in 2020

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

Can you imagine what a different market we would be in if we were experiencing the same volume of home sales as we were back in the early 2000’s? We most likely will get there again, but it could take many years to do so.

I, for one, am ready for more properties to be made available for sale!

August Orange County Real Estate Stats and Trends

Home Prices

Resale Homes +15.8%, Resale Condos +18.2% and New Home Sales +9.0%
Median OC home price is $900,000 up versus one year ago
$1,000,000 plus homes represent 50.5% of all OC listings

Sales Volume

Resale Homes +2.8%, Resale Condos +7.8% and New Home Sales +8.2%
Home sales volume is 3,708 up versus one year ago
Inventory is at 2,289 down from one month ago
OC Average days on market: 27 days (Crazy Sellers-Market)

Market Trends

% of OC homes selling at $100k over asking price, 6% (1/2021-9/2021) Last year 1%
% of LA homes selling at $100k over asking price, 10% (1/2021-9/2021) Last year 2%
16.1% of all US home purchases were from investors/institutional buyers, up from 8.4% in 2011
Only 23% of Californian’s can afford to buy a house, down from 35% vs last year (August 2021)
Only 50% nationally can afford to buy a house, down from 59% vs last year
OC home prices are rising $14.73 an hour or $135,000 a year (June 2021)
31 of the 83 Orange County Zip Codes now have a median home price of over $1,000,000

California County Home Pricing Trends

SoCal median home price is $680,000 +13.9% vs last year
OC median home price is $900,000 +12.5% vs last year
LA median home price is $785,000 +13.4% vs last year
Ventura median home price is $740,250 +14.8% vs last year
San Diego median home price is $725,000 +13.3% vs last year
Riverside median home price is $525,000 +19.3% vs last year
San Bernardino median home price is $465,000 +22.4% vs last year

Are you considering a move in the future? Have questions? I am here to help you as you consider your options. Would love to be a part of your “team”!

What to Expect in the Fall Real Estate Market in OC

Many buyers mistake the end of the year as THE best time to purchase. They know that it is no longer the hottest time of the year for real estate, so they believe they can get a “deal” during the slower months. That is not the case. Instead, the market will remain the same until ringing in 2022. With both the inventory and demand dropping at similar rates, the overall feel of the market, will not change. This results is a Market Time that remains almost unchanged.

In looking at the 5-year average from 2015 through 2019 (excluding 2020 due to COVID-19 skewing the data), the supply of homes has decreased by 16% from the end of August to the second week of November. On average, demand dropped by 16%, and the Expected Market Time increased by 1 day. That would be a decrease in the supply of available homes from 2,528 two weeks ago to 2,123 homes by mid-November. Demand would drop from 2,694 pending sales to 2,253. With both supply and demand falling, the Expected Market Time would rise from 28 to 29 days, the highest level since the start of February.

An Expected Market Time below 40 days is nothing short of insanity. It is when there are plenty of showings, sellers get to call the shots during the negotiating process, multiple offers are the norm, and home values are rising rapidly. With the Orange County housing market stuck well below 40 days through the end of the year, what you see is what you get. Even with demand falling along with inventory, the overall feel of the market for buyers will not change much at all. 

For sellers, the only perceivable change will be slightly fewer showings and slightly fewer offers due to a smaller number of buyers in the marketplace. A home that may have garnered 100 showings in a few days back in the Spring Market could see 50 during the Autumn Market, 10 offers compared to 20. The result will still be the same, homes that sell fast with plenty of offers and sales prices above their asking prices.

For buyers, there may be fewer buyers participating in the marketplace, but there are diminished opportunities with not as many homes coming on the market. With fewer choices, the remaining buyers will still be bumping into each other when something new hits the market. Buyers should not expect anything to change anytime soon, especially with interest rates that remain at record low levels.

Now that the Autumn Market is here, there will be fewer homes coming on the market, demand will decrease, and housing will not change much. The calm of autumn means less activity and a cyclical change to housing.

New Listing in Rancho Mission Viejo

Nice! My team leader just listed a super property in Rancho Mission Viejo. Built in 2018, this lovely home has all the bells and whistles a buyer would want. A stylish and functional floor plan, warmth and light and beautifully updated. Many Smart Home features!

Property is located at 30 Ocaso in Rancho Mission Viejo. Check out the Property Video below.

Just Listed in Rancho Mission Viejo

Home features 3 bedrooms plus an office, three full baths and one half bath. One bedroom and the office are downstairs. Two-car direct access garage. Enjoy all the amenities Rancho Mission Viejo has to offer.

Listed at $1,125,000.