Fullerton, Placentia, Brea, Yorba Linda, Anaheim Housing Market Summary
A summary of Orange County Real Estate. Even though our market of North Orange County varies, we are talking a few points here and there. It would be easier for me and you to give you directly a market update for Fullerton, Placentia, Brea, or whatever city you call home
- The active listing inventory experienced its second largest drop of the year in the past couple of weeks, shedding 388 homes, or 7%, and now totals 4,789, the lowest level since mid-January. The inventory will continue to drop through the end of the year until it bottoms out on New Year’s Day.
- There are 25% fewer homes on the market below $500,000 compared to last year at this time and demand is down by 10% as well. Fewer and fewer homes and condominiums can now be found priced below $500,000.
- Demand, the number of pending sales over the prior month, experienced its second largest drop of the year in the past couple of weeks, declining by 132 pending sales, or 6%, and now totals 1,984. Demand was at 1,955 pending sales last year. Today’s demand is 1% stronger than last year. The average pending price is $828,266.
- The average list price for all of Orange County is $1.6 million, the highest level ever for the county.
- For homes priced below $750,000, the market is HOT with an expected market time of only 49 days. This range represents 44% of the active inventory and 66% of demand.
- For homes priced between $750,000 and $1 million, the expected market time is 75 days, a slight seller’s market (between 60 and 90 days). This range represents 17% of the active inventory and 17% of demand.
- For luxury homes priced between $1 million to $1.5 million, the expected market time is at 94 days, decreasing by 7 days in the past couple of weeks. For homes priced between $1.5 million to $2 million, the expected market time increased from 188 days to 193 days. For luxury homes priced above $2 million, the expected market time decreased from 296 days to 279 days.
- The luxury end, all homes above $1 million, accounts for 39% of the inventory and only 17% of demand.
- The expected market time for all homes in Orange County decreased slightly in the past couple of weeks from 73 days to 72 days, a slight seller’s market (between 60 and 90 days).
Distressed homes, both short sales and foreclosures combined, make up only 3% of all listings and 3% of demand. There are 44 foreclosures and 82 short sales available to purchase today in all of Orange County, that’s 126 total distressed homes on the active market, up 6 in the past two weeks. Last year there were 182 total distressed sales, 44% more.
There were 2,459 closed sales in November, a 5% drop from October, but up 26% compared to the 1,937 closed sales posted in November 2015. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just .9% of all closed sales and short sales accounted for .8%. That means that 98.3% of all sales were good ol’ fashioned equity sellers.