March Orange County Real Estate Market For Property Up To 600k
May 4, 2011 by Ryan Davison · Leave a Comment
The most recent numbers for the Orange County real estate market is for the month of March. Lets take a look at them now.
Lets take a look at numbers for March on homes up to 600k.
For sale is down, but only 0.3% sold is up 32.2% and pended is up 46.6% (pended is all property that is in the final stages of closing in the current month) The median price is $425,000 which is $25,000 higher then February and the highest it has been in the last 5 months. Days on market is at 93. Sellers are getting 91% of there original list price, and 97% of there current list price. Months of inventory is at 4.8 February had 6.3 months of inventory. This tells me the market is beginning to pick up for the spring months.
A neutral or balanced market is where the months of inventory is 5.5 to 6.4 months.
A buyer’s market exists when the months of inventory is equal to or greater than 6.5 months. With a buyer’s market there is numerous properties for sale and the sellers are more flexible with their price or the offer they will accept. Or, supply exceeds the demand. Basically, the buyer is in the driver’s seat.
A seller’s market exists when the months of inventory is equal to or less than 5.4 months. With a seller’s market there are fewer properties for sale and the sellers are less flexible with their price or the offer they will accept. Or, demand exceeds the supply. Basically, the seller is in the driver’s seat.
Keep in mind that the above statements are a general rule and does not always hold true. I believe the city the property is located in, exact location with in the city, condition of the house, days on market, and the type of sale will dictate who is in the driver’s seat and how a buyer should proceed with an offer.
Keep in mind that these numbers are for all of Orange County.
January Orange County Real Estate Market On Property Up To 600k
February 22, 2011 by Ryan Davison · 2 Comments
Housing numbers for January have just come out, lets take a look at them now.
For sale is up 5.3% sold is down 26.8% month over month. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to sell in January. The more accurate stat to look at is Pended, because this is property that went into escrow in the month of January. Pended is up 30.9%. The median price sits at $350,000, the same as December. Days on market is at 88. Sellers are getting about 93% of there original list price.
As far as values, this segment of the market is holding pretty steady.
Bottom line: If you find a house that you love in a neighborhood you want, jump on it. Even though reports are saying prices are going to be coming down a little bit more, interest rates are on the rise. A 1% increase in interest rates means a 10% drop in purchasing power.
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November Orange County Real Estate Market On Property 600k to 1 million
December 17, 2010 by Ryan Davison · Leave a Comment
Lets take a look at numbers for November on homes 600k to 1 million.
For sale is down 8.8% sold is down 5.8% and pended is up 7.3%. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to sell in November. The more accurate stat to look at is Pended, because this is property about to close this month.The median is $720,000, 10,000 dollars higher then last month. Days on market is at 82. Sellers are getting 94% of there original list price.
| Curnt vs. Prev Month | Curnt vs. Same Month 1 Yr Ago | Curnt vs. Same Qtr 1 Yr Ago | |||||||
| Nov. 10 | Oct. 10 | % Change | Nov. 10 | Nov. 09 | % Change | Sep. 10 to Nov. 10 | Sep. 09 to Nov. 09 | % Change | |
| For Sale | 2390 | 2621 | -8.8%  |
2390 | 1889 | 26.5%  |
2608 | 1955 | 33.4% |
| Sold | 372 | 395 | -5.8% |
372 | 452 | -17.7% |
405 | 486 | -16.8% |
| Pended | 497 | 463 | 7.3% |
497 | 467 | 6.4% |
472 | 524 | -10% |
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July Real Estate Market On Homes From 600k To 1 Million
August 30, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County on homes from $600,000 to $1,000,000 is starting to show some signs of slowing. For sale is up 7.5% sold is down 13.3% and pended is down 5.2%. The median is $717,000, 15,000 dollars lower then last month. Average active and average sold price are also both down. Days on market is at 71 which is the average dating back 15 month. Sellers are still getting 94% of there original list price.
This is a classic example of supply and demand. And a perfect time to buy in this price range, with prices lowering and jumbo loans under 6%.
Keep in mind that this is all of Orange County some towns and neighborhoods may be showing signs of improvement. Email me if you would like to know the stats of an area you are considering moving to.
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July OC Real Estate Market For Homes Up to 600k
August 24, 2010 by Ryan Davison · Leave a Comment
Numbers for July have just come out, lets take a look at them now.
For sale is up 9.2% sold is down 22.4% month over month. Now sold means that the property could have been in escrow for 30-90 days or longer and just so happen to sell in July. The more accurate stat to look at is Pended, because this is property about to close this month. Pended is up 2.7%. The median price sits at $365,000, 10,000 dollars higher then last month. There is only one month where that was higher going back 15 months. Days on market is at 72 which is the same as last month and the average going back 15 months. Average active and average sold price are both up as well.
You can see that in Orange County we are still seeing some appreciation in this price range.
I got a cal last week from a couple that wanted to lease a property from me. I asked why they wanted to lease instead of buy. They told me they didnt have the down payment and could not qualify for a loan based on an internet calculator. I mentioned to her the FHA loan where you can put down 3.5%. They had only briefly heard about it because the bank they currently bank with does not offer that type of loan nor do they educate there customers on other low down payment loan options they have available. Well long story short I set up an appointment for them to meet with my loan officer and turns out they can qualify and will have the down payment! They are thrilled and cant wait to start looking at property.
The moral of the story is. Sit down with a loan officer it wont cost you a dime. And not just any loan officer, make sure you ask a friend, co-worker, and relatives for a good referral. Have them look at everything and tell you for sure if you can qualify or not. With all of the loan options available, now might be your best chance to buy a home and take advantage of the low interest rates.
| Month | 1 year | 15 months | |||||||
| Jun 10 | Jul 10 | % Change | Jul 09 | Jul 10 | % Change | May 09 | Jul 10 | % Change | |
| For Sale | 5865 | 6407 | 9.2% |
4161 | 6407 | 54% |
4485 | 6407 | 42.9% |
| Sold | 2056 | 1596 | -22.4% |
2057 | 1596 | -22.4% |
1888 | 1596 | -15.5% |
| Pended | 2184 | 2243 | 2.7% |
2343 | 2243 | -4.3% |
2211 | 2243 | 1.4% |
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April OC Real Estate Market For Homes Over 1 Million
June 3, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County on homes over $1,000,000 was strong for the month of April. As you can see by the graph below, for sale, and pended are all up month over month, however sold is down 2.6% but that’s only 5 houses. Days on market is at 100 which is the lowest it has been dating back 15 months. The average price per Sq. Ft is $492,000 which is the average going back 15 month. Pended ( property that actually sold in that month) is the highest it has been in the last 15 months 57 more then last month. The average active list price is $2,918,000. Sellers are getting about 88% of their original list price.
Historically low interest rates have definitely played a huge part in boosting this market. Take advantage of it!
| 1 month | 1 year | 15 months | |||||||
| Mar 10 | Apr 10 | % Change | Apr 09 | Apr 10 | % Change | Feb 09 | Apr 10 | % Change | |
| For Sale | 2093 | 2197 | 5% |
2732 | 2197 | -19.6% |
2569 | 2197 | -14.5% |
| Sold | 195 | 190 | -2.6% |
133 | 190 | 42.9% |
81 | 190 | 134.6% |
| Pended | 247 | 304 | 23.1% |
196 | 304 | 55.1% |
122 | 304 | 149.2% |
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April OC Real Estate Market On Homes Up To 600k
May 25, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County for homes up to $600,000 was very strong for the month of April. As you can see by the graph below, for sale, and pended are all up month over month, however sold is down 7.4%. Days on market is at 76 which is on the high side by only a week, dating back 15 months. This is because the houses that are for sale have gone up 5.5%. The average price per Sq. Ft is $260, $3 higher then last month and the highest it has been dating back 15 months. Pended ( property that actually sold in that month) is also the highest it has been in the last 15 months. The average active price is $364 the highest it has been in the last 15 months, 2$ higher then last month. Sellers are getting about 97% of their original list price!
If you are a buyer in this price range you only have about 3% negotiation room. Also a lot of times there will be multiple offers on a house and sometimes for more then the asking price. Be patient you may have to write a couple of offers until you get what you want.
When it comes time to write the offer make sure you have everything you need to make a strong offer. Bank statements, credit score, pre-qualification or pre- approval letter, and any special requests the selling agent may have.
FYI: This is the whole Orange County area, each area is different, please contact me if you would like me to run a report on a specific area.
| 1 month | 1 year | 15 months | |||||||
| Mar 10 | Apr 10 | % Change | Apr 09 | Apr 10 | % Change | Feb 09 | Apr 10 | % Change | |
| For Sale | 4824 | 5089 | 5.5% |
5309 | 5089 | -4.1% |
7928 | 5089 | -35.8% |
| Sold | 1813 | 1678 | -7.4% |
1804 | 1678 | -7% |
1382 | 1678 | 21.4% |
| Pended | 2637 | 3113 | 18.1% |
2309 | 3113 | 34.8% |
1763 | 3113 | 76.6% |
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