Orange County CA home selling market update shows that buyer demand has decreased since March of this year. Number of homes for sale are up, so buyers have better choices.
Orange County now has 5,882 homes listed for sale – as compared with March 15 this year during the hottest selling time when only 3,199 homes were listed.
Expected market time at Orange County is now about 2.3 months (theoretical average time it would take to sell all homes now on the market at current rate of sale).
Irvine CA is the largest market for home selling at Orange County.
Irvine home sales were lightening fast during March this year, and prices jumped.
While even Irvine home selling has slowed during November, this is probably because of normal market moderation during holiday seasons.
Irvine has sold 173 homes so far during November 2013, and average sold price has been $784,736.
74 percent of the Orange County homes for sale listings are in range of under $1 million where it’s still a market favoring sellers – while only 11 percent of those for sale are above $2 million where sales market time is much slower.
Orange County homes for sale priced between $1 million and $2 million have expected market time of about five months, which is balanced and not favoring sellers or buyers.
Newport Beach has 299 homes now listed for sale – and average market time of 4.82 months, which is balanced.
63 Newport Beach homes have sold so far during November 2013, and average sold price has been $1,845,022.
Orange County home selling markets have softened, and buyer demand is down 20 percent this month November 2013 – as compared with March of this year 2013. However, average market time is 2.56 months, which still favors the sellers.
Source of some information is CRMLS and data image is www.ReportsOnHousing.com.
By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855 – OCHomeValueGuide.com