April 29, 2008
Orange: Real Estate Market Report
Inventory up, prices down — Numbers that make you want to pack up and go home!
The number of homes on the market (per Altos Research) in Orange has increased to 574 homes, up 15 homes (or 3%) since February. However, from the beginning of the year, homes on the market are actually down by 8 homes (or 1%). According to the Jeff Collins on the Lansner OC Register blog, “The California Association of Realtors reports that Orange County’s supply of houses for sale rose in January to an all-time high of 33.4 months, equivalent to requiring 2.8 years to sell all the existing single-family homes on the market at the start of the year.”
The lull between January and April inventory levels is most likely due to sellers taking their homes off the market or losing them in a foreclosure. The sales numbers just don’t support the idea that buyers were buying them up like hotcakes. However, it is surprising that more homes are now on the market… are sellers having more confidence in the market again and listing their homes?
It’s doubtful. The average property in Orange has been on the market for about 110 days, comparable to 99 days in February and 109 days in January. There were less homes on the market in February, with each home being on the market for a less amount of time. In January and April, however, there were more homes on the market with homes having been on the market a little bit longer.
Not all of the stats have returned to the peak levels from January. The median Orange home price has continued to fall. Currently, the median home price is $606,957. This figure is down 6% from two months ago when the median price was $645,403 (and down 10% from three months ago when the median price was $672,843).
Well, if it makes Orange residents feel any better, they’re not alone. The whole golden state of California is right there with them. According to the report from the California Association of Realtor (C.A.R.): “The median price of an existing, single-family detached home in California during March 2008 was $413,980, a 29 percent decrease from the revised $582,930 median for March 2007. . . The March 2008 median price fell 1.3 percent compared with February’s revised $419,640 median price.” C.A.R. cites tougher loan standards and the “lack of available funds for loans, even for qualified buyers” as barriers to market recovery.
(Data and graphs courtesy Altos Research.)
Properties Just Listed
3521 East Berkshire Ct #C, Orange 92869; 3 bed/3 bath townhouse; 1,450 sq ft; $450,000
3312 East Vine Ave, Orange 92869; 7 bed/6 bath house; 3,500 sq ft; $724,900
186 South Cambridge St,Orange 92866; 2 bed/3 bath house; 1,132 sq ft; $750,000
Properties Listed for “Seems like forever”
1245 East Palm Ave, Orange 92866; 3 bed/2 bath house; 1,954 sq ft; $699,900; 760 days on the market
830 East Hoover Ave, Orange 92867; 3 bed/1.75 bath house; 1,640 sq ft; $650,000; 681 days on the market
417 East Jacaranda Ave, Orange 92867; 3 bed/2 bath house; 1,358 sq ft; $589,900; 515 days on the market
