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Orange County Real Estate Market Report
In purchasing a home, buyers tend to focus a bit too much on the price of a home and do not consider enough the monthly payment.
As a buyer, you must be concerned not about price but instead about the monthly payment of the home. The price no longer matters after closing. It is the payment that is withdrawn from the checking account every single month for 30 years.
Homes are not appreciating much at all in 2019. However home values have yet peaked. Housing is in a very good spot right now and it has everything to do with interest rates. Prior to the Great Recession, mortgage rates were at 6.35% in 2007. A $625,000 home with 20% down had a monthly payment of $3,111 back then. Today at 3.5%, the monthly mortgage payment is only $2,245, an $866 per month savings! And rates are not going go change much anytime soon.
In Orange County, demand is up 13% year over year and the active inventory is down 8%.
Buyers, do not wait on the sidelines. Instead, cash in on these incredible rates now. Remember, buyers do NOT have to put 20% down to purchase a home. FHA financing allows buyers to buy a home with as little as 3.5% down.
The current active inventory dropped by 4% in the past two-years. There are fewer and fewer choices for buyers as fewer and fewer homes enter the fray.
Demand for homes above $1.25 million decreased by 25 pending sales, an 8% drop in the past two-weeks.
ORANGE COUNTY REAL ESTATE MARKET SUMMARY
The active listings inventory dropped by 4% and now total 6,616.
The Expected Market Time for all of Orange County remained at 86 days, a slight Seller's Market, it was at 105 days last year.
For homes priced below $750,000., the market is a hot Seller's Market with an expected market time of 56 days.
For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 278 to 332 days. For luxury homes priced above $4 million, the Expected Market Time increased from 555 to 557 days.
Luxury end accounts for 34% of the inventory and only 13% of demand
There were 2,823 closed residential resales in August, 0.6% more than August 2018. The sales to list price ratio was 97.2% for all of Orange County. Foreclosures accounted for just 0.2% of all closed sales. And short sales accounted for 0.3%. That means that 99.5% of all sales were good ol' fashioned sellers with equity.
Michael has over 40 years in the Real Estate industry. He developed one of the top producing Teams in the Palm Springs area, ranking in the top 25 Teams in Keller Williams International. Michael is cu....
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