Orange County Real Estate Market June 2020

Here are a few FACTS about the Real Estate Market in Orange County for first week of June, 2020

Demand, the number of new pending sales over the prior month, increased from 1,622 to 2,035, an additional 413 pending sales, up an incredible 23% in just two weeks. In the past 4-weeks, demand has added 863 pending sales, a 74% rise. With mortgage rates dropping to 3.15%, an all-time record low, more buyers are entering the market, eager to take advantage of extremely favorable home affordability. Expect demand to continue to increase as more inventory comes on the market.

Last year, there were 611 more pending sales than today, 23% extra. In mid-April, at the low point of the COVID-19 pandemic, demand was off by 60% year over year. The year over year gap is narrowing as the market continues to heat up.

In the past two-weeks the Expected Market Time dropped from 90 to 74 days, a slight Seller’s Market (between 60 and 90 days), where sellers get to call more of the shots during the negotiating process, yet home values are not changing much. Last year the Expected Market Time was at 85 days, slower than today.

  • The active listing inventory increased by 177 homes in the past two-weeks, up 4%, and now totals 5,044. In the past four-weeks, 33% fewer homes were placed on the market compared to the prior 5-year average; thus, COVID-19 is suppressing the inventory. It was 54% fewer four-weeks ago. Last year, there were 7,479 homes on the market, 2,435 more than today, a 48% difference.
  • Demand, the number of pending sales over the prior month, increased by 413 pending sales in the past two-weeks, up 25%, and now totals 2,035. It has grown by 74% in only 4 weeks. COVID-19’s effect on housing is rapidly diminishing. Last year, there were 2,646 pending sales, 23% more than today.
  • The Expected Market Time for all of Orange County decreased from 90 days to 74, a slight Seller’s Market (between 60 and 90 days). The drop was due to the surge in demand outpacing the rise in the supply. It was at 85 days last year, slower than today.
  • For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time of 53 days. This range represents 35% of the active inventory and 50% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 56 days, a hot Seller’s Market. This range represents 19% of the active inventory and 25% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 83 days, a slight Seller’s Market (between 60 and 90 days).
  • For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time decreased from 129 to 98 days. For homes priced between $1.5 million and $2 million, the Expected Market Time decreased from 158 to 116 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time decreased from 368 to 258 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 540 to 455 days.
  • The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 15% of demand.
  • Distressed homes, both short sales and foreclosures combined, made up only 0.8% of all listings and 0.9% of demand. There are only 16 foreclosure s and 22 short sales available to purchase today in all of Orange County, 38 total distressed homes on the active market, down 4 from two-weeks ago. Last year there were 65 total distressed homes on the market, slightly more than today.
  • There were 1,712 closed residential resales in April, 34% fewer than April 2019’s 2,599 closed sales. This is entirely due to COVID-19 suppressing both supply and demand. April marked a 28% drop compared to March 2020. The sales to list price ratio was 98.3% 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.

Open House in Lake Forest Updated Townhome!

Make sure to stop by the first open house of this brand new listing in Lake Forest, Saturday Feb. 1st from 12-4pm.

2122 Summit Hill Drive, Lake Forest

Nicely updated and immaculate, this light-filled townhome features two bedrooms PLUS a big loft that could be a third bedroom. Each bedroom has its own full bath and there is a downstairs guest bath. Lots of updates including all new dual pane windows and sliders, new SS appliances, new lighting fixtures and bath fixtures, deep baseboards, new AC unit and more. Plus the owners has extended the living space by pouring a new concrete patio, installing a cool new custom patio cover, vinyl fencing, all to enjoy the expansive VIEW in ultimate privacy. Home features living space of 1556sf plus direct access two-car garage. Great neighborhood with lots of amenities, close to great schools, parks, shopping and more.

Listed at $599,500!

 

Open House North Tustin Single Level Home

If you are looking for an opportunity to own a beautiful single level home in this desirable area AND at a great price, this is it! Check out the open house Saturday July 27th from 1-4pm at the property located at 1172 Appian Way, North Tustin. List Price $925,000.

Located near Newport Avenue and La Loma Drive, this spacious single level home has a flexible floor plan of four bedrooms and three baths and sits on a large 10,00sf lot with pool, koi pond, patios and more. Lots of updates throughout and very well-maintained by long-time owners. Great price reflects the fact that new owners may still want to make some improvements and updates to the property.

Call for more info or to schedule a private showing 949.525.5905.

Charming Detached Home in Rancho Santa Margarita Under $650,000!

It is a tight market in Orange County right now, especially in the under $750,000 price range. This beauty may be just the right property for you!

Property is located at 6 Paseo Fucsia, Rancho Santa Margarita, CA, and is listed at $649,900. It features an open, light-filled floor plan of almost 1500sf, 2 bedrooms PLUS an optional third bedroom, currently used as loft/office with built-ins, two full baths plus downstairs guest bath and a direct access two-car garage.  Formal living and dining, spacious eat-in kitchen with full-size laundry closet, master bed and bath upstairs with dressing area, walk-in closet, all clean and well-maintained.

One of the best features of the home is the private patio with fountain right off the eat-in kitchen that can also be enjoyed from the living room. with fireplace. Property is well-located within walking distance to schools, shops and entertainment with easy access to toll road. It is so easy to live here!

Call me for more details and a private showing 949.525.5905.