Orange County Housing Report September 2013

Orange County Real Estate – End of summer brings an expected drop in activity

Active Inventory  -slight drop last month

Typically as summer comes to a close we see this type of slight drop in active listings, the next couple months should tell us if supply is meeting demand or not.

The chart below represents single family homes, town homes & condos for all of Orange County.

oc actives

Sales Prices - leveling off

As summer closes prices have leveled off for the past 3 months. This decreased price acceleration is partially because of increasing interest rates. We expect prices to continue at this rate for the rest of the year as long as their isn’t anything sudden to shock the market.

The chart below represents all single family, town homes, and condos in all of Orange County.

oc prices

Months of Inventory - starting to climb as the end of summer slows down buyer demand

Months of Inventory at 3 is often an indication of a normal market. Sellers and buyers can both benefit from this market. Sellers need to be a bit patient and prepare for it to take longer to sell their home, buyers can sniff out those sellers who can’t wait and try to capitalize from the market conditions.

The chart below represents all single family, town homes, and condos in all of Orange County.

oc months

Volume - dropped off as summer ends

Volume fell in the last month of summer. If we can stay above 2,600 the market should provide opportunities for both buyers and sellers.

The chart below represents all single family, town homes, and condos in all of Orange County.

oc volume

Days to Sell - starting to turn upwards. 

Average days to sell a home increased last month and most likely will continue to do so as we enter fall, however we expect this rise to be slow and gradual.

oc days to sell

What all this Means to:

Sellers - based on the statistics and trends we appear to be moving from a seller’s market and entering a normal market. Sellers can still benefit from this market if they are patient, if their property is properly marketed and if they remain somewhat flexible on pricing and terms.

Buyers - while the market may no longer be statistically favoring sellers buyers are now dealing with rising rates. Even if you think the market may swing towards your favor you still may be better off buying now before rates rise any further. Pay extra attention to your mortgage costs as you navigate this market, get estimates that take into account a similar percentage increase as the past couple and see what impact that will have on your monthly payment.

For more information or more details on a specific city please contact me direct at 949 599 6860, thanks Sherry

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