Orange county CA hosing market summary

[Jo-Ann Lapin]

After starting the year at 4,396 homes on the market, the active listing grew to 4,576.

Demand, the number of pending sales over the price month, decreased from 1,629 to 1,593 in the past two weeks, its lowest point since the beginning of January last year

The average list price for all orange County is $1.4 million. For demand, the last 30 days of pending sales, the average pending price is $765,000.

For homes priced below $750,000, the market is HOT with an expected market time of just 59 days. This range represents 49% of the active inventory and 73% of demand.

For luxury homes priced between $1million to $2million, the expected market time decreased from 6.1 months to 5.7 months in the past couple of weeks. For luxury homes priced above $2million, the expected market time dropped from 12.7 months to 10.8 months. The luxury end, all homes above $1 million, accounts for 34% of the inventory and only 14% of demand.

The expected market time for all homes in OC increased from 81 days to 86 days in the past two weeks, a slight seller's market (between 60 and 90 days)

Distressed homes, both short sales and foreclosures combined, make up only 3.3% of all listings and 6.9% of demand. There are 53 foreclosures and 100 short sales available to purchase today, the lowest total since 2007.

There were 2,476 closed sales in December, a 28% from November 2015. There were 2,272 closed sales in December 2014.