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 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.

Maintaining Your Dishwasher

Wow. I just watched a short video on realtor.com that showed me how to quickly clean some of the residue from my dishwasher. Also a good idea to add this to your list of things to do before you put your home on the market.

Now, some of you may already know how to do this, and you may have your own tried and true cleaning methods. Here is what they suggest:

  • Remove any loose debris on the bottom of the dishwasher near the filter.
  • Place a cup of white vinegar in the top rack and run an entire cycle.
  • Sprinkle some baking soda on the bottom of the dishwasher and run through a shorter cycle, making sure it still uses hot water.
  • They also suggest you check the hinges/springs on the door to make sure it closes/seals properly.

And here is the video: maintaining your dishwasher.

I can’t stand a dirty and even slightly smelly dishwasher. Unfortunately, they do get that way over the years with use. Realtor.com suggest cleaning like this every six months. More often if you are finicky like me!