Midyear Orange County Market Update

Midyear Orange County Market Update

As we are halfway through the year: here is a recap of our current Orange County Real Estate marketplace, effective 6/9/2014 versus one year ago.

Prices:
Resale Homes +7.3%, Resale Condos +9.2% and New Home Sales +9.9%

Sales Volume:
Resale Homes -14.1%, Resale Condos -14.3% and New Home Sales +21.3%

Facts:
Medium Price is $600,000 up from $545,000 a year ago
Sales Volume is down to 3,100 versus 3,492 a year ago
Average Home Payment is $2,850, up from $2,394 a year ago
Inventory is up 7,020 up from 6,369 just one month ago
Mortgage Defaults, 399, up 29.8% versus one year ago
Foreclosures, 106, down 38.7% versus one year ago
Average Days on Market 2.61 months (79 days)

Interest Rates:
30 year fixed Mortgage rate is currently 4.14%, up slightly from last week
15 year fixed rate is 3.23%, up slightly versus one week ago
Down payment remain the #1 obstacle for a first-time homebuyer

Trends:
OC Jobless rate fell to 5% in April, first time since 2008
HARP and Loan Mods are soon to kick in with higher IR
OC days on market has doubled in the year (1.28 to 2.61)
Million dollar inventory is 28.7% of all OC listings
Home ownership at its lowest point in 19 years (64.8%)
Highest price increase; Newport Beach, 92662, +76.2%
2nd Highest price increase; Irvine, 92604, +43.0%
3rd Highest price increase; Huntington Beach, 92649, +39.7%
New home pricing and volume have shown continued growth

Sales Pitch:
If you find the above information useful, then you will like how I can use data in my business model to help my clients with their needs. Better yet, let me show you. If you are interested contact me. It will only be a 30 minute conversation to show you what I have to offer. No pressure, just a friendly conversation.

Malakai Sparks
malakai@tmsg.me
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