Orange County Mid Year Real Estate Report

Dated: 07/14/2014

Views: 223

Good Monday and believe it or not, we are halfway through 2014 and below are my OC Midyear Real Estate findings. Bottom line, supply is up, demand is down, bidding wars are over, home prices are steady, foreclosures and short sales are nearly nonexistent and interest rates are still near historic lows. What we have here are all the signs of a normal market. That being the case, maybe it’s time to get back to the basics of Farming and Marketing. Best yet, I can help on both fronts, I can analyze your Farm area and identify the home owners most likely to sell. Additionally, I can show you how to market consistently, effectively and at a very low cost, does it get any better? Call me today for a meeting and I will show you a road map to new business….   Below is a recap of our current Orange County Real Estate marketplace, effective 7/14/2014 versus one year ago.   Prices Resale Homes +5.8%, Resale Condos +7.2% and New Home Sales +17.6%   Sales Volume Resale Homes -15.1%, Resale Condos -5.5% and New Home Sales +46.9%   Facts Median Home Price is $597,250 up from $548,000 a year ago Sales Volume is down to 3,372 versus 3,639 a year ago Average Home Payment is $2,775.65 up from $2,315.48 a year ago Inventory is up 7,750 up from 7,182 just one month ago Mortgage Defaults, 364, down 36.5% versus one year ago Foreclosures are down 44% versus one year ago Average Days on Market 3.05 months (91 days)   Interest Rates 30 year fixed Mortgage rate is currently 4.15%, up slightly from last week 15 year fixed rate is 3.24%, up slightly versus one week ago A $417,000 conforming 30 year 4.29 rate, you will pay $52 more month VLY   Trends OC DOM up versus last year (1.28 months/44 days to 3.05 months/91 days) Million dollar inventory is 28.8% of all OC listings Cash deals at record pace for retiring Baby Boomers Home ownership at its lowest point in 19 years (64.8%) Highest price increase; Brea, 92823, +58.5% 2nd Highest price increase; Costa Mesa, 92627, +39.0% 3rd Highest price increase; Foothill Ranch, 92610, +37.2% Biggest price decrease; Newport Coast, 92657, -34.8% New home pricing and volume have shown continued growth all year
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Arna Freedman CA BRE#00925320

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