Below is a Core-Logic recap of our current Orange County Real Estate Marketplace.  Source: OC Register, 11/25/2018.

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Home Prices

Resale Homes +3.3%, Resale Condos +5.2% and New Home Sales +22.0%
All totaled, OC home values are up +4.1% versus last year
Median OC home price is $729,000 up versus one year ago
$1,000,000 plus homes represent 37.5% of all OC listings (24% drop in 6 months
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Sales Volume

Resale Homes -12.5%, Resale Condos -4.5% and New Home Sales -13.4%
All totaled, OC sales volume is up -10.7% versus last year
Home sales volume is 3,078 down slightly versus one year ago
Inventory is at 7,231 up from one month ago
OC Average days on market; 117 days (67 days just 1 year ago)

Interest Rates

The 30-year fixed Mortgage rate is 4.81% down big versus last week
A 15-year fixed rate is 4.24%, up versus one week ago
Average Home Payment is $3,447.75 up versus one year ago
ARM’s represent 21.1% of all mortgages
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Statistics

US home ownership is at 64.4% (up versus last year)
California home ownership is 55.2% (up versus last year)
OC/LA home ownership is 47.3% (down from last year)
California led the nation in 2017 with the lowest vacancy rate at 8.3%
There were 37,881 homes sold in Orange County in 2017
It takes a $169,850 a year income to buy an OC median-priced home?
614 homes sell every hour in the United States!

Facts

California median home price is $530,000
Southern California median home price is $532,000
OC median home price is $729,000
LA median home price is $609,000
Ventura median home price is $582,000
San Diego median home price is $581,000
Riverside median home price is $377,000
San Bernardino median home price is $321,000
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Trends

OC time on market is up 53% versus last year (61 days vs 122 days)
LA time on market is up 42% versus last year (44 days vs 105 days)
RS time on market is up 24% versus last year (42 days vs 134 days)
SB time on market is up 60% versus last year (45 days vs 117 days)
OC Rental prices average $1,939 a month! +29% versus 2010
LA Rental prices average $1,940 a month! +39% versus 2010
IE Rental prices average $1,334 a month! +29% versus 2010
Only 1.19% of all OC properties currently listed as distressed
Only 21% of all OC earners can purchase a home

Forecast

California Association of Realtors Forecasts a -3.3% in sales for 2019
Chapman University forecasts a 5.6% price increase for OC in 2018
Fullerton University forecasts a 5.6% price increase for OC in 2018
Metro-study and other research companies forecasts 3.2% in OC for 2018
Use Real Estate data to make good decisions.  Don’t be afraid to reach out to us with questions.

Let’s Connect

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