Real Estate Market Update - Market Update - 3/12/2018

Get Estimate Real Estate Market Update - Market Update - 3/12/2018 Below is a Core-Logic recap of our current Orange County Real Estate Marketplace,  versus last year. Source; OC Register, 3/11/2018. Home Prices Resale Homes +5.6%, Resale Condos +12.9% and New Home Sales +3.5% All totaled, OC home values are up +8.1% versus last year Median OC home price is $681,000 up versus one year ago $1,000,000 plus homes represent 47.8% of all OC listings Sales Volume Resale Homes -6.5%, Resale Condos -12.5% and New Home Sales +5.8% All totaled, OC sales volume is up -6.8 versus last year Home sales volume is 2,254 and down versus one year ago Inventory is at 4,178 up from 3,774 just one month ago OC Average days on the market; 51 days (still a seller’s market) Interest Rates 30-year fixed Mortgage rate is 4.46%, up vs. one week ago (highest in 4 years) 15-year fixed rate is 3.94%, up versus one week ago Average Home Payment is $3,139.24 up versus one year ago ARM’s represent 18.1% of all mortgages, up from 17.8% versus last year Did you Know? California led the nation in 2017 with the lowest vacancy rate at 8.3% There were 37,881 homes sold in Orange County in 2016 It takes a $162,950 a year income to buy an OC median-priced home? 649 homes sell every hour in the United States! 177 homes regain POSITIVE equity every hour in the United States! The median home value goes up to $1.86 every hour in the United States! Facts OC/LA home sale prices have risen 171% since 2000, #1 in the nation OC/LA home sale prices have risen 52% since 2012, #5 in the nation OC/LA home sale prices have risen 7.5% versus last year, #4 in the nation San Francisco home sale prices have risen 152% since 2000, #2 in the nation San Diego home sale prices have risen 146% since 2000, #2 in the nation OC property owners will incur a 2% increase in their tax bill this year OC Home ownership is 57.8% First-time homebuyers are now 30% nationwide Millennials represent the largest home buying audience Trends Interest Rates have risen 7 straight weeks! OC home prices have risen 6 consecutive years OC Has 8 zip codes in the top 100 for priciest homes sales in the Nation! Only 1.19% of all OC properties currently listed as distressed Minimum income needed to buy an OC home is now $159,370 Only 21% of all OC earners can purchase a home Foreigners bought 284,455 properties in the US in the last 12 months (+33%) Foreign buyers in CA bought $35 billion worth of property this past year (+22%) Buyers from Asia represented 71% of all CA buyers (+20% versus last year) Forecast 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 forecast a 3.2% in OC for 2018 Working hard to exceed your expectations since 2002  If you're looking to buy or sell contact Grant Loel (949)354-4464! Take a look at delighted past client reviews. Do you know how much your home is worth?  Click here & find out!