Housing Report For September 2019
Home Prices
- Resale Homes +0.6%, Resale Condos -2.5% and New Home Sales -1.3%
- All totaled, OC home values are down -0.7% versus last year Median OC home price is $720,000 up versus one year ago
- $1,000,000 plus homes represent 43.5% of all OC listings
Sales Volume
- Resale Homes +10.8%, Resale Condos +2.5% and New Home Sales -39.8%
- All totaled, OC sales volume is down +1.8% versus last year
- Home sales volume is 3,273 up versus one year ago Inventory is at 6,860 down from one month ago
- OC Average days on market 87 days. Over $1,250,000 is 200+ days!
Interest Rates
- 30-year fixed Mortgage rate is 3.65%, up versus last week
- 15-year fixed rate is 3.14%, down versus one week ago
- Average Home Payment is $3,335.09 down versus one year ago
- ARMs represent 12.5% of all mortgages
STAT of THE DAY
- It has been an odd summer with listings only up .05% versus last year but still +6% above the 8-year average for this time of year. New escrows are up 7.6% versus last year but 2.6% below the 8-year norm.
Did you Know?
- There are 14,000,000+ residences in California
- US home ownership is at 64.4%
- California home ownership is 55.2%
- OC/LA home ownership is 47.3%
- California led the nation in 2017 with lowest vacancy rate at 8.3%
- There were 402,705 SFR homes sales in CA in 2018
- There were 35,020 homes sold in Orange County in 2018
- There were 37,881 homes sold in Orange County in 2017
- It takes a $169,850 a year income to buy an OC median-priced home?
- 614 homes sell every hour in the United States!
Facts
Orange County Housing Report For The Month Of July 2019
- Southern California median home price is $541,250
- OC median home price is $738,000
- LA median home price is $618,000
- San Diego median home price is $590,000 (saleHome Prices
- Resale Homes +2.3%, Resale Condos +2.2% and New Home Sales +14.7%
- All totaled, OC home values are up +1.0% versus last year
- Median OC home price is $738,250 up versus one year ago
- $1,000,000 plus homes represent 42.8% of all OC listings
Sales Volume
- Resale Homes +0.0%, Resale Condos -5.0% and New Home Sales -36.3%
- All totaled, OC sales volume is up -5.7% versus last year
- Home sales volume is 3,447 up versus one year ago
- Inventory is at 7,601 up from one month ago
- OC Average days on market 91 days
Interest Rates
- 30-year fixed Mortgage rate is 3.60%, huge drop versus last week
- 15-year fixed rate is 3.05%, down versus one week ago
- Average Home Payment is $3,479.32 down versus one year ago
- ARMs represent 16.0% of all mortgages
STAT of THE DAY
This years sharply falling mortgage rates boosted the number of SoCal households that theoretically could qualify to buy an entry level home to 257,000! Thats a lot of new potential buyers
Did you Know?
Trends
Forecast
- CAR forecasts a -6.9% decline in sales for 2019
- Core-Logic forecasts US home prices will increase 4.8% in 2019
- CAR Forecasts California home prices will rise 3.1% in 2019
- Cal State Fullerton forecasts a 4-5% prices in increase in SoCal in 2019
- Chapman University forecasts a 2.9% price increase for OC in 2019
More About Orange County’s New Builds
Orange County has been steadily growing over the years, bringing tons of homebuyers to the market. This influx of people has spurred growth in the construction industry, and now there are brand new homes popping up all over town. What attracts so many people to new-construction homes for sale in Orange County are their unbeatable luxury features.
Most of the new homes available in this area are built with ultra-modern architecture that represents the pinnacle of splendor and wealth. These homes are so gorgeous, they call for the attention of every eye.
One of the advantages of buying a new home is that you can be sure that you are getting the best of the best. New luxury homes in Orange County typically have all the bells and whistles when it comes to technology and appliances. Smart home systems and energy-efficient programs are just as commonplace in these homes as are fish in the ocean.
Million-dollar estates typically have outstanding outdoor living spaces that make your backyard just as functional as the interiors of your home. Its easy to find new construction homes with outdoor kitchens and eating areas, as well as lounge spaces where you can sit around a firepit on cool nights.
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Other New Home Communities In Orange County:
- CitySquare by Meritage Homes. Single-family homes around 2000 square feet in size.
- Ebb Tide by MBK Homes. Modern homes between $1 million and $1.1 million dollars.
- 17 West The Gallery by Meritage Homes. Attached 3-story homes near downtown Costa Mesa.
- Elderberry at Portola Springs by KB Homes. Homes approaching 3000 square feet northeast of OC Great Park.
- MDL by Intracorp. Townhomes near Uptown Irvine. Larger units are over 2000 square feet.
- Paseo Del Mar by KB Home. Attached single-family, 3 story homes between $600K and $700K.
- Westside Walk by The Olson Company. Townhouses in Westside Costa Mesa between $600K and $700K.
- LUX by Intracorp. Townhomes in Uptown Irvine. Some over 2000 square feet at $900K+
Orange County Real Estate Market Recap May 2020
The Coronavirus pandemic has certainly left a mark on the planet. One positive outcome is the planet seems to be in a state of healing. Less travel has decreased air pollution levels and reduced the seismic vibrations on earth.
May offered 2,940 new listings bringing the total to 6,520. The increase in new listings is up from April by nearly 1000. This is important because we had a lack of inventory and a resurgence in buyer demand. The days on market in May moved to 74 days down from 121 days in April. It is now a sellers market.
A factor fueling the real estate market has to be the low interest rates. We closed a transaction in May with a jumbo loan. Our client locked the rate at 2.99% for a 30 year fixed. We were all shocked.
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Orange County’s Trusted New Home Builders
Based on information from California Regional Multiple Listing Service, Inc. as of December 18th, 2021 at 12:16am CST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Housing Data For January
What does this graph/data tell us? This is One week in January!
At this moment we have less than 3000 homes/condos listed for sale in Orange County. That’s less than two weeks of inventory.
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Price: Up To $17 Million
Central Park West is a modern apartment and condo complex located in southwest Irvine, California. This development is fantastic for those working in the surrounding Irvine Business Complex, and the location is close to both the airport and the University of California campus. Areas within Central Park West are Rockefeller, Tribeca, and Hudson. The Rockefeller section includes large paired homes, over 2,500 square feet in size. The builder is Lennar.
Orange County Ca New Construction Homes For Sale
- Brokered byEmerald Bay Real EstateNew Construction
49$534
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Santa Ana New Construction Homes For Sale
Welcome to your best Santa Ana new construction homes and real estate in Santa Ana resource. Santa Ana is located in Southern California and offers a wide range of amenities for all residents. Browse other Orange County new construction, Orange County luxury homes, Modern Style homes and oceanfront & oceanview homes for sale by location, lot, size, plan or price and let this website be your local new home construction guide. For more information on new home builders in Santa Ana or to schedule a private showing, The Brad Korb Real Estate Group today!
Places And Activities In The Orange County Area
Orange County has it all, from theme parks like Disneyland and Knotts Berry Farm to famous beaches like Crystal Cove State Park and Laguna Beach. Nicknamed “Surf City, U.S.A”, Huntington Beach is home to many surfing competitions, and “The Wedge” is one of the most famous surfing spots in the world. While it’s easy to get wrapped up in the beautiful beaches, O.C. has an incredible food scene with restaurants full of top chefs. Not to mention, you can also find gourmet food vendors in the Anaheim Packing District, 4th Street Market, and Trade Food Hall. When you choose to build your new construction home in Orange County, you’ll find Toll Brothers offers spacious floor plans in the best locations perfect for your lifestyle.
Between Disneyland and Knott’s Berry Farm, keeping the family busy will be a breeze. Located in Buena Park, Knott’s Berry Farm is full of thrilling rides for the whole family. If you ever need a more relaxed day out, O.C. is home to plenty of shopping malls like South Coast Plaza, or the Outlets at Orange if you’re looking to pamper yourself with a shopping day. If you want a complete change of scenery, head to the mountains of Big Bear for some skiing or escape to a cozy cabin in the woods. Search our communities by home type and location and find your dream home in Orange County, CA, today!
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Huntington Beach Market Snapshot For May 18th 2021
In Huntington Beach, the real estate market has been consistent for the past few months. The numbers that stand out, Price Decreased – 20% of the listings. This is still in the record low area. Since that statistic has been tracked the average listings with price decreases is closer to 35%.
We also have immediate sales which alter the days on market. Immediate sales occur when a buyers’ offer is accepted in the first couple of days on the market.
The pandemic has improved a few local businesses. Mountain Mike’s Pizza is an Orange County-owned company. They had a 13% increase in sales in 2020 and continue to grow into one of the top restaurant chains in the county.
Orange County Housing Report July 2nd 2019
Total Active listings: 9,467 we had an increase in inventory from May
- Single Family Homes: 6,169
- Condos and Townhomes: 2,765
Closed Sales: 2,693 which is slightly down from May closings
Supply continues to be on the upswing while closings are slightly down. With the increase in active listings, it becomes more important to price your home correctly. The strategy of “testing the market” on the MLS is costing time and money. It costs more time on the market which statistically reduces the final sale price.
It will be very important to look at all the available data to price your home. Comparable sales, condition of the property, price per square foot can all factor in the price.
We will do the homework and then put together the right marketing strategy for your home.
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The End Of March Housing Report Orange County
The data looks the same…More houses closed, pending and under contract than new listings.
The one indicator that we will focus on is the price reductions. Price reductions are still at an all-time low, 16%. This number has been steady for a couple of months. Analysts expect the price reductions to increase in April which is an indication that demand has decreased. Hopefully, this will be paired with an increase in supply.
This will be an important time for sellers trying to buy at the same time. Many have been waiting on the sidelines due to the lack of supply. If the analysts are correct, your time is coming. We feel like this is good news for our buyer clients and our clients who are ready to move up or downsize.
Logistics are an important factor when trading houses. No one likes to move and moving twice is a sign of poor logistics. We will negotiate the timing to allow for a single move with ample time. One strategy we have used during the pandemic real estate market is the rent back. Sell your house. Rent it back from the new owner. Identify your new house. Close on your new house. In one weekend, move out of your old house and move into your new house. It sounds easy and can be.
Orange County New Homes Directory
The Orange County New Homes Directory is designed to be the most simple, easy to use real estate resource on the web, for finding new homes in Orange County California. You may search new home communities in Orange County by Price, Location, Builder, and by Master Planned Community.
Most people in Orange County consider the city’s climate close to perfect. The weather is tempered by the Pacific Ocean, which results in relatively cool summers and warm winters. Temperatures below freezing are rare, while hot weather, 90 degrees and above, are more frequent. Winter is considered the rainy season however, each winter month averages 1.5 inches of rainfall, hardly enough to qualify for monsoons.
Orange County’s climate makes it one of the best places in the world to live. Investments in Orange County real estate abound, and builders cannot seem to build new homes fast enough. New developments in Orange County, CA are being built rapidly, particularly in the North and South of the county, and these new home communities have proven to be an excellent value. In most cases, demand is high for homes in these areas.
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Top Industries In Orange County
Employment in the thriving Orange County area of California is abundant. This vibrant and strong economy is bolstered by jobs in the tourism and hospitality industries including resorts, theme parks and hotels. With world-class hospitals, schools and higher education institutions there are a wide variety of career paths for healthcare workers and educators. The promise of a beautiful environment, new home and career are your California dream in Orange County.
Fall Marketeven Less Homes For Sale
- Orange County currently has 1,831 homes, condos and townhomes for sale.
- Under contract and pending is 2,931.
- 351 homes switched to under contract or pending within 4 days of being listed .
- The average days on market is 18.
- There is still high demand from qualified buyers.
Essentially zero homes exited the forbearance program and were then listed for sale. We are keeping an eye on this but still believe that homeowners are in good financial positions. We expect these homes to trickle onto the market not affecting the supply or market conditions.
Interest rates are still going to be the biggest factor for market changes. These are the current rates provided by Dave Cashion from Keystone Financial.
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Most Popular Communities In Orange County
Get started on the path to your dream home. Discover our quick move-in option, and explore the ability to move into a new home faster than you think. Quick move-ins are already under construction with flexible options to personalize the final touches. Find quick move-in options in your area by selecting your ideal move-in date and adding your desired location then searching below.
Get the Details
Our Online Sales Consultants stand ready to assist you. Contact us to learn which homes qualify and other important details about this rare opportunity to own a new home at a great value. Complete the “Find Out More” form to schedule an appointment with one of our knowledgeable Sales Consultants to get details about the home, the area, pricing and more.
Two Interesting New Articles Affecting Real Estate
It was exciting to see an inventory increase in the County last week. It has given some hope to our first-time buyer clients.
An article in the Orange County Register “First-time homebuyers are getting outbid by big companies” by Jeff Lazerson, on April 22nd tried to crush our hope. The article explained how buyers are competing against companies, large and small, who invest in Orange County property. These companies can be mom-and-pop shops, investor groups, publicly traded companies, pension funds and even large foreign behemoths. Orange County Investment Properties
The article discusses statistics in Southern California and the entire country. Orange County stands out because 3.5% of the residential 1-4 unit properties are owned by corporate entities. That is the highest in the region. Orange County also has the highest median home value by nearly $200,000. That is one factor that makes Orange County an attractive investment.
The other interesting article, Landsea Homes has bought land in San Juan Capistrano to build 132 homes. Landsea Group is a China real estate company.
This is a snapshot of Laguna Niguel on April 25th, 2021:
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