John Alesi, REALTOR,with Century 21 Award, discusses the current real estate market in Orange County California.
Whether you're considering buying, selling or investing, John Alesi can help you find the perfect solution in Orange County cities such as Mission Viejo, Rancho Santa Margarita, Rancho Mission VIejo, Coto De Caza, Laguna Niguel, Lake Forest, Aliso Viejo, San Juan Capistrano, San Clemente, Dana Point and other cities in the area.
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John Alesi - REALTOR - 949-510-2154
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John Alesi - REALTOR® CENTURY 21 Award
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CalBRE 01730187
"Hi, I'm John Alesi with Century 21 Award here with your orange county real estate market report for mid-March 2018. So to begin with, lets talk a little bit about inventory. Our inventory has increased a little bit over the past month to about 4,400 units which is a pretty good number although significantly under the number of 8,000 which would be a balance market which will bring sellers and buyers on an even keel, so at this point sellers have a bit of an advantage because of low inventory. The critical part of the market that’s really disappear quickly are units under $500,000; those are quickly disappearing in the market and are really tough to find. If you find one they get snapped up right away.
Our typical demand right now in the low price range, I mean none in the $750,000 range and under those houses typically sell in about 30 to 35 days as there is a lot of velocity in that end of the market. In the $750,000 to $1 million dollar range, days on market tend to be higher in the 45 day range so just a little bit more than the $750,000 and under range.
Next, I want to talk about homes in the one million to 1.2 million range those homes typically spend a little more time on the market, as much as 82 days and then when you get in the 1.2 to 1.5 million dollar range, those market times even increase little bit more. For homes priced in the $1.5M to $2M range, the expected market time is about 150 days. In the 2-4 million dollar price range those days on market jump up to nearly 200 DOM. And once you hit over $4 million, the marketing time is 338 days so nearly a year to market one of those properties.
But in general the Orange County market is very healthy and moving rapidly with the average expect the time on market down for all homes in Orange County averages out to only 51 days, so the market is pretty hot with a lot of velocity due to the fact that we have a low inventory. As I mentioned we have about 4400 homes on the market and we need about 8000 to be balanced between sellers and buyers.
So that’s a report for mid-March the 2018. If you have any questions feel free to reach out by phone text or email and if you like the video give it a thumbs up and subscribe to this channel for more videos about real estate in Orange County."
