Below is a recap of the Orange County market update November 2015, effective 11/30/2015 versus one year ago.
Orange County Market Update November 2015
Resale Homes +6.7%, Resale Condos +4.8% and New Home Sales -32.8%
All totaled, OC sales volume is up 1.2% versus last year
30 year fixed Mortgage rate is currently 3.95%, down slightly vrs one week ago
15 year fixed rate is 3.18%, unchanged versus one week ago
Average Home Payment is $2,916.21 up from $2,738.68 a year ago
ARM’s represent 14.8% of all mortgages, down from 19.5% versus last year
The 10 year ARM’s seems to be the hot lender product of choice
Nationwide, 10.1% of mortgage homes are underwater
Only 3% of OC mortgaged homes are underwater
A December Rate hike seems very likely…
Median OC home price is $608,500 up from $592,000 a year ago
Median OC home sales are only 5.5% off 2007 peak of $645,000
Home sales volume is up at 2,868 versus 2,835 versus one year ago
Inventory is at 5,885 down from 6,509 just one month ago
$1,000,000 plus homes represent 33.4% of all OC listings
Average Days on Market 2.4 months (74 days)
OC Median home prices are 3.2 times the nationwide average!
Real Estate in OC accounts for 1 of every 4 new jobs…
There are now 38,917 Real Estate Agents in OC (lots of competition)
Pocket listings on the rise nationally, going mainstream?
Medium income to afford a typical OC home is $141,000
Medium income to afford a typical OC rental is $66,000
Median OC household income is $75,400
Median price per square foot is $364.01, that’s $2.17 higher versus last year
Globally, US housing was up 17%, after inflation,
October was the 41st consecutive month in year over year house gains!
In the 27 priciest OC Zip codes, pricing was up 16.3%
OC new homes sales have declined for the past 10 months
Short Sales/Foreclosures; 196, down from 205 versus two weeks ago
Home ownership nationwide at its lowest point in 19 years (63.6%)
Home ownership in LA/OC at 47.2% thru 3rd Quarter 2015
Highest price increase; Newport Beach 92663, +68.9% versus last year
2nd Highest price increase; CDM, 92602, +61.5% versus last year
3rd Highest price increase; Orange, 92868, +35.9%, versus last year
Largest price decrease: Newport Beach, 92662, -51.6% versus last year
Data Courtesy of USA Title
Thoughts on Orange County Market Update November 2015:
Here’s the story for the Orange County Market Update November 2015: ALL signs are pointing to real estate continuing it’s upswing over the next year.
Do we see any type of slowdown coming? Not really. Inventory is down a bit again as of late November which will fuel new demand this coming spring.
Scary trend: over 33% of the Orange County market is now more than $1,000,000. Wow!! Is some of that in Costa Mesa? You bet! So far, year to date in Costa Mesa we have had more than 88 sales of more than a million dollars.
Looking for help with a real estate decision either buying or selling? Or just a simple question? Call Colin at 714-743-9882! I would love to help!