Orange County Real Estate Market Recap

By Kurt Real Estate Jan 7, 2020

The market remains in a neutral position, look for the market to pick up in the next coming months.

Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the month of November 2019. Source; OC Register, 1/5/2020.

Home Prices
Resale Homes +3.5%, Resale Condos -1.6% and New Home Sales +8.0%

All totaled, OC home values are down +2.5% versus last year
Median OC home price is $735,500 up versus one year ago (-$4.5k from peak)
$1,000,000 plus homes represent 46.4% of all OC listings

Sales Volume
Resale Homes +10.8%, Resale Condos +3.1% and New Home Sales -9.4%
All totaled, OC sales volume is down +5.1% versus last year
Home sales volume is 2,800 up versus one year ago
Inventory is at 4,546 down from one month ago
OC Average days on market; 69 days.
Interest Rates
30-year fixed Mortgage rate is 3.72%, down versus last week
15-year fixed rate is 3.16%, down versus one week ago
Average Home Payment is $3,409.28 down versus one year ago
ARM’s represent 12.5% of all mortgages
STAT of THE DAY
67 million homeowners are over the age of 55! Time to market to BABY BOOMERS!

Did you Know?
There are 14,000,000+ residences in California
There were 35,100 homes sold in Orange County in 2018
There were 38,400 homes sold in Orange County in 2017
There were 37,900 homes sold in Orange County in 2016
There were 38,400 homes sold in Orange County in 2017
There were 53,900 homes sold in Orange County in 2003
614 homes sell every hour in the United States!

Market Trends
Southern California median home price is $549,000 +5.6% VLY
OC median home price is $735,500 +2.5 VLY
LA median home price is $625,000 +4.2% VLY
Ventura median home price is $580,000 +.9% VLY
San Diego median home price is $594,455 +5.2% VLY
Riverside median home price is $409,500 +5% VLY
San Bernardino median home price is $350,000 +6.1% VLY

Let’s Connect
If you find the above information useful, let’s connect for coffee and discuss your real estate or property management need. The Kurt Galitski Real Estate Group is a full-service team of agents specializing in Buy | Sell | Property Management. www.kurtrealestate.com