Hot, Hot, Hot, Housing Market!
It is the Middle of December, a time that year in and year out proves to be the slowest time of the year with regard to Demand for Housing and New Listings being places on the market (for sale). Yet, this year the market in December is still HOT!
- The active inventory (Homes Listed for Sale) has decreased by 300 homes in the last couple of weeks and now totals a mere 4,123. Expect the inventory to continue to drop over the last couple of weeks of 2017. Last year at this time there were 4,789 Homes for Sale, 766 more than today.
- Today, there are 30% fewer homes on the market below the $500,000 price point than there were at this same time last year. And overall demand is down by 25%. Quite Simply, there are fewer and fewer Homes and Condo's available below the $500,000 price point. This price range, in general, is slowly disappearing.
- Demand, the number of pending sales over the same time the prior month, plunged by 218 over the past two weeks. Down 10% and now totals 1,864. Currently, the average Pending Price in Orange County, CA is $853,151.
- The average Listing Price for all of Orange County, CA remained at $1,800.000, This number is currently high due to the variety of Luxury Homes currently sitting on the market and not moving as quickly as the home for sale in the lower price ranges.
- When it comes to Homes priced under $750,000, the market is very Hot, with an expected Market Time of under 39 days. This price range accounts for 38% of the current active listings in Orange County CA. and 63% of overall demand.
- As for homes priced between $750k and $1 Million, the expected Market Time is just 58 Days, a Hot seller's market (anything under 60 days). This price range currently accounts for 17% of active inventory and 19% of overall demand.
- For homes priced between $1,000,000 and $1,250,000, the expected market time is under 80 Days - A slight seller's market.
- For upper-end Luxury Homes priced between $1,250,000 and $1,500,000, the expected market time has actually decreased from 129 days to 118 days. With regard to the homes priced between $1,500,000 and $2,000,000, the expected market time has increased from 169 days to 207 days. Homes in the $2,000,000 to $4,000,000 range can expect an increased market time of 227 days and the ultra-luxury market above $4,000,000 are now looking at an average market time of 527 days.
- Overall, the current expected Market Time for all Homes in all Price Ranges in Orange County, CA is around 64 days, a tepid seller's market.
All of the information above is current as of December 17th, 2017. We will bring you another update in a couple of weeks :)
Original Post: OCsearch.com