- The expected market time for all homes in Orange County dropped in the past couple of weeks from 56 to 50, a solid seller’s market (less than 60 days).
A warning for sellers: do not stretch the asking price much at all. Overpriced, overzealous list prices result in wasted market time and do not generate offers. Pricing at or close to the Fair Market Value is the wisest formula for success.
- The luxury end, all homes above $1 million, accounts for 42% of the inventory and only 17% of demand.
There were 1,905 closed sales in January, a 33% drop from December, but more than the 1,859 closed sales posted in January 2016. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just 0.9% of all closed sales and short sales accounted for 2.3%. That means that 96.8% of all sales were good ol’ fashioned equity sellers.
- Homes priced below $750,000, the market is HOT, an expected market time of 34 days. This represents 39% of the active inventory and 65% of demand.
The only thing holding back current demand is the lack of supply of homes. There are simply not enough new sellers coming on the market. Even with very few choices right now, buyers are pouncing on everything new that hits the market that is reasonably priced and in decent condition.