Orange County Market Update November 2015

Below is a recap of the Orange County market update November 2015, effective 11/30/2015 versus one year ago.

 

Resale Homes +3.1%, Resale Condos +6.4% and New Home Sales 11.1%

All totaled, OC home values are up 2.8% versus last year

 

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

 

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!